The meal replacement market comprises of ready-to-drink beverages, powders, energy bars, and other substitutes that are meant to replace regular meals. Meal replacement products are convenient, nutritionally balanced substitutes that are useful for weight management and meeting daily nutrition requirements. They contain vitamins, minerals, protein, carbohydrates and healthy fats in controlled proportions. Growing prevalence of obesity and busy lifestyles have increased the demand for convenient yet healthy substitutes to regular meals.
The meal replacement market is estimated to be valued at US$ 14.01 Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Meal Replacement market are Abbott Laboratories, Amway, Atkins, Blue Diamond Growers, General Mills, Glanbia Plc, Herbalife Nutrition, Huel, Kellogg Co., Nestle, Nu Skin Enterprises, Inc., Slimfast, Soylent, Unilever, Usana Health Sciences Inc., Wild Oats Markets., Zoic Pharmaceuticals, Laboratoire PYC, Bariatrix Europe, and Kisan Products. These players are focusing on developing innovative products and expanding their presence globally through strategic partnerships and acquisitions.
The meal replacement market offers significant opportunities owing to the growing demand for healthy, convenient and sustainable food options. Emerging economies with increasing health awareness are expected to drive high demand. In addition, the popularity of vegan, vegetarian, gluten free and organic meal replacement products is surging globally.
Key players are actively investing in expanding their global footprint through partnerships, acquisitions and new product launches tailored to regional preferences. Abbott Laboratories entered the Asian market by acquiring the nutrition business of SK Holdings in 2019. Herbalife acquired Chinese supplement company LiftOff in 2021 to strengthen its position in China.
Market Drivers
Increased health consciousness, growing number of fitness enthusiasts and busy lifestyles have increased the demand for convenient yet nutritious substitutes for regular meals. Meal replacements are considered effective for weight management which is another major driver.
Market Restraints
Higher prices compared to regular meals can negatively impact the volumes demanded. Additionally, changing tastes and preferences present challenges to retain customers interested in different flavors, formats and ingredients over time. Dependence on discretionary purchases can make these susceptible to economic slowdowns when customers may cut back on such spend.
Segment Analysis
The meal replacement market can be segmented into powder and bars sub-segments. The powder sub-segment currently dominates the market owing to its high protein and low calorie content which makes it popular among health-conscious consumers. Powder meal replacements can easily be mixed with milk or water to form a nutritious shake without much effort. Hence, the powder sub-segment is projected to retain its leading position in the market during the forecast period.
Global Analysis
Regionally, North America holds the major share of the global meal replacement market and is expected to continue dominating during the forecast years. Early adoption of healthy eating habits and increasing obesity rates are key factors driving demand in the region. Asia Pacific is anticipated to be the fastest growing market owing to rising health awareness and changing lifestyles in developing nations like India and China. Rapid urbanization coupled with increasing disposable incomes has boosted the consumption of convenient healthy food options like meal replacements in the region.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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