Meal Replacement Products Market Size, Share & Growth [2031]

Segments - Meal Replacement Products Market by Product Types (Ready-to-drink Products, Nutritional Bars, Powdered Products, and Others), Distribution Channels (Convenience Stores, Hypermarkets/Supermarkets, Specialty Stores, Online Retailers, and Others), and Regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Anuradha B. More

Fact-checked by : Vaibhav Chandola

Editor : Shruti Bhat

Report Description

The Global Meal Replacement Products Market size was valued at USD 12.54 Billion in 2022 and is expected to surpass USD 20.13 Billion by 2031, expanding at a CAGR of 5.4% during the forecast period, 2023 – 2031. 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 Products Market Outlook

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.

Market Trends, Drivers, Restraints, and Opportunities:

Busy lifestyle, and hectic work schedules are encouraging consumers to include nutritious products over conventional snacks, which is one of the major drivers that is contributing to the growth of the global meal replacement products market.
Meal replacement products such as nutritional bars cost less than conventional meals, which in turn, is expected to augment the market growth.
Lack of awareness about the health benefits that meal replacement products offer can restrain the growth of the market.
Limited studies on meat replacement products, if it offers weight loss benefits in long-term can hinder the market growth.
The outbreak of COVID-19 has positively impacted the meal replacement products market. Increasing adoption of nutritional products to improve the immune system admit the pandemic is persuading people to adopt in their daily diet.

Scope of Meal replacement Products Market Report

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.

Attributes	Details
Report Title	Meal Replacement Products Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
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

Meal Replacement Products Market Segment Insights:

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.

Meal Replacement Products Market Product Types

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.

Meal Replacement Products Market Regions

Segments

The global meal replacement products have been segmented on the basis of

Product Types

Ready-to-drink Products
Nutritional Bars
Powdered Products
Others

Distribution Channels

Convenience Stores
Hypermarkets/Supermarkets
Specialty Stores
Online Retailers
Others

Regions

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

Key Players

Abbott Laboratories
Bob’s Red Mill Natural Foods
Herbalife International of America, Inc.
Glanbia Plc
The Kellogg Company

Competitive Landscape

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.

Meal Replacement Products Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Meal Replacement Products Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Meal Replacement Products Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Meal Replacement Products Market - Supply Chain
  4.5. Global Meal Replacement Products Market Forecast
     4.5.1. Meal Replacement Products Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Meal Replacement Products Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Meal Replacement Products Market Absolute $ Opportunity
5. Global Meal Replacement Products Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Meal Replacement Products Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Meal Replacement Products Demand Share Forecast, 2019-2026
6. North America Meal Replacement Products Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Meal Replacement Products Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Meal Replacement Products Demand Share Forecast, 2019-2026
7. Latin America Meal Replacement Products Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Meal Replacement Products Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Meal Replacement Products Demand Share Forecast, 2019-2026
8. Europe Meal Replacement Products Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Meal Replacement Products Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Meal Replacement Products Demand Share Forecast, 2019-2026
9. Asia Pacific Meal Replacement Products Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Meal Replacement Products Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Meal Replacement Products Demand Share Forecast, 2019-2026
10. Middle East & Africa Meal Replacement Products Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Meal Replacement Products Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Meal Replacement Products Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Meal Replacement Products Market: Market Share Analysis
  11.2. Meal Replacement Products Distributors and Customers
  11.3. Meal Replacement Products Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Abbott Laboratories
     11.4.2. Bob’s Red Mill Natural Foods
     11.4.3. Herbalife International of America, Inc.
     11.4.4. Glanbia Plc
     11.4.5. The Kellogg Company
     11.4.6.