Asia-Pacific Plant-based Bars Market Outlook, 2028

The Asia-Pacific region showcases an escalating interest in plant-based nutrition and healthier snacking options. Asia Pacific has a large and growing population of vegetarians and vegans. In many countries in the region such as India, vegetarianism and veganism are linked to religious or cultural practices. India, with its longstanding tradition of vegetarianism, presents a substantial market for plant-based bars. As a result, there is a strong demand for plant-based products, including plant-based bars, among these populations. The availability of plant-based bars in the Asia Pacific region has increased in recent years. Many health food stores and supermarkets now stock a wide variety of plant-based bars, making it easier for consumers to find and purchase these products. Additionally, the region has a large and growing market for healthy and natural food products. Many plant-based bars are made with natural and organic ingredients and are marketed as a healthier snack option. This has led to increased demand for these products among health-conscious consumers in the region. Hinduism and Buddhism have impacted vegetarianism in Asia for a long time, and that impact has spread, there are presently 1.1 billion Hindus and about 500 million Buddhists comprehensively. Around 90% of the Hindu population lives in India, and half of the world's Buddhist populace lives in China. Aside from this, the developing mindfulness towards animal protection and supportable dietary patterns among the twenty to thirty-year-olds is boosting market development. Nations are likewise receiving veggie-lover mode as a methodology to draw in more voyagers to the area, countries like Singapore, Thailand, and so forth are among those. India speaks to a developing and massive market for plant proteins, but on the other hand is tormented by a few issues, for example, low awareness levels, low per-capita pay, and constraint of wellbeing mindfulness in urban territories. The pre-suspicion towards anything named 'plant-based' is useful for wellbeing is additionally a viable factor impacting the market. The absence of an unbending administrative procedure demonstrates hard for new market players. Despite these difficulties, the sheer volume of the market offers an impressive income hop each year. Late legislative activities, (for example, the FDI in retail and shrewd urban communities' business) are relied upon to drive the market's development. According to the research report, “Asia-Pacific Plant-based Bars Market Outlook, 2028” published by Bonafide Research, the market is anticipated to grow during the forecast period. Food companies are continually innovating in the plant-based sector, creating new flavors, textures, and ingredient combinations to appeal to a wider audience. This innovation drives consumer interest and diversifies product offerings. Effective marketing and branding strategies have been employed by companies to promote plant-based bars, emphasizing their health benefits, sustainability, and ethical considerations. Celebrity endorsements and social media influence also play a role in raising awareness. Some governments in the Asia-Pacific region have implemented policies to promote plant-based diets and reduce the consumption of animal products for health and environmental reasons. Such initiatives can encourage the growth of the plant-based food industry. Asia-Pacific is a diverse region with various cultures and dietary preferences. Plant-based bars can cater to a wide range of tastes and dietary restrictions, making them appealing to a broad audience. Consumer concerns about food safety and quality have led to a preference for transparent and clean-label products. Plant-based bars are often perceived as having fewer artificial additives and preservatives, which can attract health-conscious consumers. Collaboration between food manufacturers, retailers, and restaurants to introduce and promote plant-based products can boost market penetration. This can lead to a wider variety of plant-based bar offerings across different channels. As the demand for plant-based products grows globally, manufacturers in the Asia-Pacific region have opportunities to export their products to international markets, further expanding their customer base and revenue streams.

The Asia-Pacific plant-based bars market offers a wide variety of product types to cater to diverse consumer preferences. Protein bars are designed to provide high protein content, making them popular among fitness enthusiasts and individuals looking to increase their protein intake. They often contain plant-based protein sources such as pea protein, soy protein, or brown rice protein. Energy bars are formulated to provide a quick source of energy, making them suitable for athletes, hikers, and people with active lifestyles. They typically contain ingredients like oats, nuts, dried fruits, and natural sweeteners. Nutrition bars are generally well-balanced in terms of macronutrients, providing a combination of protein, carbohydrates, and healthy fats. They often include a variety of ingredients like nuts, seeds, whole grains, and dried fruits. In addition to that, fruit bars are made primarily from dried fruits, such as dates, figs, apricots, and berries. These bars are naturally sweet and offer a convenient way to consume fruit-based snacks on the go. Many plant-based bars are specifically formulated to cater to vegan and gluten-free diets. They exclude all animal-derived ingredients and gluten-containing grains, making them suitable for individuals with dietary restrictions. Breakfast bars are designed as a quick and convenient breakfast option. They often include ingredients like oats, nuts, seeds, and natural sweeteners to provide sustained energy throughout the morning. These bars incorporate nut butter (e.g., almond butter, peanut butter) as a primary ingredient, providing a creamy and rich texture. They are a source of healthy fats and protein. The availability of plant-based bars in both traditional retail outlets and online platforms has expanded, making it easier for consumers to access these products. E-commerce platforms, in particular, have played a significant role in reaching a broader customer base. The online store's platform has established itself as a convenient marketplace, offering a wide range of protein bars, ranging from meal-replacement options to indulgent ones. The primary reason behind the rise in sales, through internet retailing, is the level of convenience it provides for consumers. The consumers find it easy to choose their preferred brands and get vast varieties of flavors and product choices. The robust growth of the e-commerce landscape has offered unprecedented opportunities for protein bar manufacturers. Moreover, the ease of shipping has been further strengthened by the portability factor of protein bars. Furthermore, companies in the market are adopting online retail strategies to reduce costs and increase their margins, which is likely to benefit the market during the forecast period. Prominent online channels, such as Amazon, have reportedly witnessed a surge in the sales of protein bars, contributed by packaging design, label claims, and a repetitive pattern of consumption. Technology is driving the development of new plant-based ingredients, including protein isolates, texturizers, and flavor enhancers. These innovations are crucial in improving the taste, texture, and nutritional profiles of plant-based bars. Advanced processing techniques, such as extrusion and high-pressure processing, are being employed to create plant-based bars with desirable textures and longer shelf lives. These technologies help maintain the quality and safety of the products. While still emerging, 3D printing technology is being explored for customized and personalized plant-based bar production. It allows for precise ingredient placement and can cater to specific dietary requirements. Sustainable sourcing of plant-based ingredients is becoming increasingly important. Technologies like precision agriculture, data analytics, and IoT sensors are used to optimize crop yields and reduce the environmental impact of agriculture. Blockchain and traceability technologies are being used to enhance supply chain transparency. Consumers are increasingly interested in knowing the source of their food, and these technologies provide real-time information about the origin of ingredients. In addition to that, smart packaging solutions, incorporating QR codes, NFC tags, or RFID labels, allow consumers to access detailed product information, including ingredient lists, allergen warnings, and sustainability certifications. The rise of e-commerce platforms and direct-to-consumer (D2C) sales channels is facilitated by digital technologies. Brands can reach consumers directly, providing them with a wider range of plant-based bar options and personalized shopping experiences. Also, Artificial Intelligence (AI) and Machine Learning are used in product development, quality control, and consumer analytics. These technologies help optimize recipes, predict consumer preferences, and improve production efficiency. Mobile apps and software tools are available to help consumers analyze the nutritional content of plant-based bars by scanning barcodes or inputting product information. This information assists consumers in making informed dietary choices. Key company developments: • Nestle S.A., a Swiss multinational food and drink company, launched its new line of Yes! Bars in Asia-Pacific in 2020. The Yes! Bars are wholly made from a combination of plant-based protein sources such as nuts and peas. • Mars, Incorporated, an American multinational manufacturer of confectionery, food, and pet care products, launched its new line of Kind bars in Asia-Pacific in 2021. The Kind bars are made with plant-based ingredients such as nuts, fruits, and seeds. • Unilever Group, a British-Dutch multinational consumer goods company, acquired Halo Foods, a US-based manufacturer of plant-based snacks, in 2021. This acquisition gives Unilever a stronger presence in the plant-based bars market in Asia-Pacific, where Halo Foods has a growing presence. • CP Foods, a Thai multinational food company, launched its new line of plant-based meat products under the brand name Meat Zero in 2022. The Meat Zero products include plant-based chicken nuggets, chicken burgers, and meatballs. CP Foods also plans to launch a line of plant-based bars in the near future. • Perfect Food Company, a Chinese plant-based food company, launched its new line of plant-based bars in China in 2023. The Perfect Food Company bars are made with plant-based ingredients such as oats, nuts, seeds, and fruits. Considered in this report • Geography: Asia-Pacific • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Asia-Pacific Plant-based Bars with its value and forecast along with its segments • Country-wise Plant-based Bars market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

Countries covered in the report • China • Japan • India • Australia • South Korea By Product Type • Protein Bars • Energy Bars • Cereal Bars • Fruit and Nuts Bars • Others By Distribution Channel • Hypermarkets and Supermarkets • Convenience Stores • E-Commerce • Others The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations and organizations related to the Plant-based Bars industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.