Meal Replacement Products Market

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.

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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.

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.

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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.                     

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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.