The global meal replacement products market size is anticipated to expand at a robust CAGR during the forecast period, 2021-2028. The growth of the market is attributed to increasing awareness about the various health benefits associated with the consumption of meal replacement products. Moreover, consumers with sedentary lifestyle are driving the market growth.
Meal replacement products constitute drink, bar, and soup, which are intended to substitute a solid food meal. The products usually have controlled quantities of calories and nutrients. For instance, medically prescribed meal replacement drinks include required vitamins and minerals. Other meal alternatives include fruits, natural fruit juice, low-fat cheese, crackers, bagels, yogurts, peanut butter, nuts, dry cereal, graham crackers, cereal, or granola bars.
Meal replacement shakes can help one feel sufficed by consuming fewer calories. Several studies suggest that replacing one or two meals per day with a healthy meal replacement shake may speed up weight loss. A protein shake diet encourages weight loss by curbing appetite and reducing the total calories consumed in a day. Although these diets can be effective in the short term, healthcare professionals do not recommend living solely or primarily on meal replacement shakes.
The report on the global meal replacement products market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|Report Title||Meal Replacement Products Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast|
|Segmentation||Product Types (Ready-to-drink Products, Nutritional Bars, Powdered Products, and Others) and Distribution Channels (Convenience Stores, Hypermarkets/Supermarkets, Specialty Stores, Online Retailers, and Others)|
|Regional scope||North America, Latin America, Europe, Asia Pacific and Middle East & Africa|
|Report Coverage||Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast|
|Key Players Covered in the Report||Abbott Laboratories, Bob’s Red Mill Natural Foods, Herbalife International of America, Inc., Glanbia Plc, and The Kellogg Company|
Nutritional bar segment to grow at a rapid pace
Based on product types, the market is divided into ready-to-drink products, nutritional bars, powdered products, and others. The nutritional bars segment is anticipated to account for a key market share and is expected to grow at a steady rate during the forecast period. Nutritional bars offer a convenient, and often healthier choice for a quick, on-the-go meal, or an immediate consumption choice. The availability of various types and flavors is further driving the market segment. Moreover, increasing preference for nutritional bars among working-class population and teenagers are spurring the segment growth.
Conveniences store segment to account a major market share
Based on distribution channels, the market is divided into convenience stores, hypermarkets/supermarkets, specialty stores, online retailers, others. The convenience stores segment is anticipated to account for a major market share due to the increasing number of retail outlets that are suitable for convenient foods, which benefit from both planned and impulse purchases. On the other hand, the hypermarkets/supermarkets segment is expected to exhibit a high CAGR in the projected timeline.
North America accounts a significant market share
On the basis of regions, the market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is anticipated to account for a significant market share market owing to the presence of local players that are increasingly introducing meal replacement products, such as protein shakes. This, in turn, has increased the adoption of meal replacement products in the region. Moreover, market players in the region are focusing on introducing all-organic meal replacement shakes to cater to the requirements of consumers.
Segments Covered in the Report
The global meal replacement products have been segmented on the basis of
The major players of the market are Abbott Laboratories, Bob’s Red Mill Natural Foods, Herbalife International of America, Inc., Glanbia Plc, and The Kellogg Company
Companies are investing in research and development and also focusing on joint ventures and acquisitions to expand their market share.
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