India Meal Replacement Products Market

The India meal replacement products market was estimated to be over XX Million in 2020 and is anticipated to reach over xx Million by the end of 2028, while increasing at a CAGR of 10 to 15% during the forecast period (2021-2028)

Introduction of the India Meal Replacement Products Market Report

Meal-Replacement Products include ready-to-eat food meals, beverages, and edible bars, which is a replacement for the food meals. Meal-Replacement Products maintains the calories and provides a subset of nutrients in a prescribed manner. Meal-Replacement Products provide labelling information on its packaging which helps the consumer to understand their nutritional benefits. Meal-Replacement Products contains additional Indian flavours with herbs and condiments for a traditional taste and aroma.

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Market Dynamic

Key Drivers and Emerging Trends

The rising consciousness among Indian consumers on food quality, nutrition and health aspects is a significant factor driving the growth of the meal replacement products market in India. For instance, according to a research paper, in 2019, 50% of all Indian adults in the 25-34 age group and 60% of those in the 35-44 age group make conscious attempts to eat healthy. In addition, the COVID-19 pandemic has made people more conscious about the need for healthier lifestyles and nutrition. Demand for meal replacement products is rising in the post pandemic world as these meal replacements are a rich source of micronutrients such as vitamin and minerals which are responsible for boosting metabolism and aid the immune system.

The changing lifestyle of the consumer and easy accessibility of healthy food due to the presence of various distribution channels will further boost the demand of the India Meal-Replacement Products market. In addition to this, launch of new product offerings by key players will also enhance the market growth. There are meal replacements products for people who have allergic reactions to certain ingredients or for the diabetic people, thereby providing customer specific products. For instance, Keva Kaipo Industries Pvt Ltd introduced the Keva Meal Replacement Powder designed specifically for the Indian market, to provide a great nutrition within a defined number of calories and is available in mango flavor for weight management. Similarly, Jyrona International Pvt Ltd. introduced the Jyorana Diabetes Nutritional Meal. It comprises of high protein meal replacement shake with added ayurvedic herbs for the diabetic people.

Restraint in the India Meal Replacement Products Market

However, high cost of meal replacement products stands to act as a major barrier in the market. 70% of the Indian population belongs to middle-class segment and hence cannot afford the high price tag associated with these products. For instance, GNC Holdings Ltd. launched a GNC Total Lean Lean Shake 25 comprising 207 calories, 25g protein, 8g fiber for Rs 2450, which is high for middle class consumers to spend money on such products as compared to traditional meals.

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Product – Segment Analysis

Based on product, the powdered products segment stands as the largest segment for meal replacement products market in India. The factors propelling the growth of the market in this segment includes the rising number of product launches of such powdered products with different flavours for the consumers.

Distribution Channel – Segment Analysis

In terms of distribution channel, the supermarkets and hypermarkets segment dominated the India meal replacement products market in 2020. The major factor fuelling the growth of the market in this segment includes the presence of diverse varieties of meal replacements products with consumer specific choices at one place.

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Key Developments:

• • In 2020, Incredio launched Incredio Shake-A-Meal which not only helps to manage calories intake but also gives better nutrition.
  • In 2020, Marico’s Saffola Fiffity launched the Hi-Protein Soup that claims to offer upto 4X the protein compared to the regular powdered soup

Segments covered in the Report:

The India Meal Replacement Products Market has been segmented on the basis of product and distribution channel. Based on product, the market is segmented into beverages, edible bars, powdered products and others. Based on distribution channel, the market is segmented into online, supermarkets and hypermarkets, convenience stores and others. 

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Key questions answered in this research report:

• • At what pace is India Meal Replacement Products Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in India Meal Replacement Products market? What will be the impact of drivers and restraints in the future?
  • Which product category generated maximum revenues in 2020 and identify the most promising product during the forecast period?
  • What are the various distribution channels in India Meal Replacement Products Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

India Meal Replacement Products Market by Product

• • Beverages
  • Edible Bars
  • Powdered Products
  • Others

India Meal Replacement Products Market by Distribution Channel

• • Online
  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Others