Meal Replacement Market

Meal Replacement Products Market registered a revenue of USD 20,302 Million in 2019 and is forecast to witness a strong CAGR of 6.3% over the forecast period. The meal replacement products are rich in all the essential macro and micronutrients, that replaces unhealthy or high-calorie meals and suppresses subsequent food cravings, which is one of the major factors driving the market growth.

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Key Drivers

The key factors supporting the growth of the global meal replacement products market include the growing demand for tasty & healthy food products, rising health concerns among consumers, rapid urbanization, and the increasing disposable income of people across the globe. Change in the eating habits of consumers driven by the hectic and busy lifestyle of the working population will boost the demand of the global meal replacement products market. Growing health consciousness, along with the increasing incidence of diseases such as diabetes, obesity, and cardiovascular diseases, has created awareness among consumers regarding weight loss and weight management diets, thereby driving the growth of the meal replacement products market. Furthermore, with the increasing awareness regarding weight management, the demand for various meal replacement products has increased, as consumers are seeking for weight management and diet programs which includes ready-to-eat nutritional products, driving the market growth. Additionally, ongoing advancements in products which include the advent of plant-based and organic meal replacement shakes free of gluten, artificial colors, sweeteners and preservatives, will offer enormous opportunities to the market. The growing traction of meal replacement products among consumers looking for special diets, mainly those monitoring their blood sugar levels due to diabetes and consumers with time constraints, hectic work schedules as it has helped them in substituting their meals with healthier and nutritious products over traditional snack

Moreover, the rising demand for convenient and healthy food options with high nutritional value is creating opportunities for market growth. Furthermore, the rising adoption of meal replacement bars and shake as a healthy alternative as compared to fast food is expected to propel the global However, the availability of alternatives food products and high production & marketing cost may hinder the global meal-replacement products market in upcoming years.

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Product Segment Analysis

Based on the Product, Ready to drink segment is expected to grow at a higher CAGR in the global Meal Replacement Products market during the forecast period owing to the growing consumer preference for ready to drink products. In addition to this, the increasing popularity of bottled energy drinks is creating numerous opportunities for the growth of the segment. Increasing inclination towards digital marketing, captivating packaging, and celebrity endorsements have inclined consumers towards ready-to-drink foods. Moreover, the easy availability of products with a clear label mentioning with all the nutritional facts is estimated to strengthen the market growth. The growing inclination of producers to produce foods with flavored ingredients to fulfil the food regulations set by the government is forecast to expand the market growth.

Distribution Channel Segment Analysis

Based on the Distribution Channel, Online segment is projected to grow at a higher CAGR rate due to the rising penetration of e-commerce and the increasing manufacturer’s focus to target a wider audience on e-commerce platforms. Moreover, key players are investing on various digital marketing strategies to attract consumers towards the purchase of their products through online channels. This factor will contribute towards the growth of the online segment in the global meal replacement products market. Additionally, the accelerating internet penetration and growing adoption of e-commerce sites as a shopping medium among consumers are fueling the meal replacement products suppliers to launch their products on online portals for business expansion.

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Regional Analysis

On the basis of region, the North America region is predicted to dominate meal-replacement products market over the forecast period due to the growing health-conscious population and the high consumption of healthy food substitutes among consumers. Also, the growing health problems related to high blood pressure, obesity, diabetes, among other health problems, will shift consumers towards meal-replacement products, thus further driving the market growth. Various manufacturers are focusing on developing products to meet the nutritional and quality standards of the FDA to increase their sales in the market.

Asia Pacific is anticipated to expand at a higher CAGR over the forecast period, because of the busy and hectic lifestyles, growing health awareness and increasing incidences of high obesity rates. In addition, increasing consumption of ready-to-eat food among the millennials along with the growing trend of western dietary consumption patterns, have bolstered the market growth.

Top Market Players

Various notable players operating in the market, Abbott Labs, Amway Corporation, Bariatrix Europe, General Mills Inc., Glaxo Smith Kline, Mianxian Jintai Industrial Co. Ltd., Sara Lee Foodservice, Campbell Food Service Company, Blue Diamond Growers, Herbalife Inc., among others.

The global meal replacement market has been segmented on the basis of product type, application, end users, and key geographies. Based on product type, the market is segmented into beverages, bars, powder and others. Based on application, the market is segmented into weight gain, weight loss, wound healing, physical fitness and others. Based on end users, the market is segmented into online stores, supermarkets, specialized stores and others.

Key Development

• • In 2021, Glanbia Plc introduced PLNT Burger, which is a plant-based fast-casual restaurant increasing rapidly during the pandemic. Despite serving chef-crafted plant-based cuisine the clever model includes setting up restaurants inside Whole Foods stores.
  • In 2020, Huel introduced a latest Huel Black Edition, a nutritious meal replacement shake from the brand that increases 33% more protein than Huel Powder, and 50% fewer carbs and a formula that is naturally gluten-free and made without artificial sweeteners.
  • In 2020, Nestle introduced the meal replacement snack product “YES Plant Protein bars,” powered by nuts and peas. The new protein bar is composed of wholesome ingredients which are high in fiber and do not use any artificial colors or preservatives, are gluten-free, making them suitable for vegetarians.

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Key questions answered in this research report:

1- At what pace is global meal replacement market growing? What will be the growth trend in the future?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global meal replacement market?
4- What are the various application areas and how they are poised to grow?

Market Segmentation

By Product Type

• Beverages
• Bars
• Powder
• Others

By Application

• Weight Gain
• Weight Loss
• Wound Healing
• Physical Fitness
• Others

By End User

• Online Stores
• Supermarkets
• Specialized Stores
• Others

By Geography

• North America
As a part of the customization

o By Product Type
o By Application
o By End User
o US
o Canada
o Mexico

• Europe
As a part of the customization

o By Product Type
o By Application
o By End User
o UK
o Germany
o Spain
o Rest of Europe

• Asia-Pacific
As a part of the customization

o By Product Type
o By Application
o By End User
o China
o Australia
o India
o Rest of APAC

• ROW
As a part of the customization

o By Product Type
o By Application
o By End User
o Brazil
o South Africa
o GCC countries
o Rest of world (remaining countries of the LAMEA region)

Leading market players

• General Mills Inc.
• Abbott Labs
• Amway Corporation
• Bariatrix Europe
• Glaxo Smith Kline
• Mianxian Jintai Industrial Co. Ltd.
• Sara Lee Foodservice
• Campbell Food Service Company
• Blue Diamond Growers
• Herbalife Inc.