The global meal replacement products market is estimated to reach US$ 12.5 Bn in 2022 and is projected to be valued at US$ 23.2 Bn by 2032. The market is expected to showcase growth at a CAGR of 6.4% in the forecast period from 2022 to 2032.
Growing consumer awareness of weight management and healthy diets is a result of the rising prevalence of different chronic conditions such as diabetes, obesity, cardiovascular diseases, and high cholesterol. During the forecast period, this factor is anticipated to cause a surge in the demand for meal replacement products (2022-2032).
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Meal replacement products include calories in the range of 200 to 400 and are high in protein and fibre. Additionally having a high nutritional content, meal replacement shakes and bars are convenient and healthier dietary options. The market for meal replacement products is expected to develop throughout the assessment period since these goods contain necessary nutrients.
2017-2021 Meal Replacement Products Demand Outlook Compared to 2022-2032 Forecast
Consumers’ hectic schedules and busy lifestyles, together with growing consumer desire for high-quality, wholesome, and delectable food products, are projected to fuel market demand. Consumers are increasingly adopting sedentary lifestyles and extended workdays, which is motivating them to seek out quick meals that can satisfy their appetite. Thus, ready-to-eat meal replacement items are hugely popular among those who work since they offer extra nutrients and energy.
Food items that are ready to eat can be cooked quickly and offer a balanced meal that includes calories, proteins, fats, and all other necessary components. Due to growing consumer awareness of the ingredient list and nutritional value according to the clean label movement, demand for organic and natural meal replacement products has increased over the past few years.
Most convenient meal replacement products come in the shape of protein bars and shakes that are ready to drink. Additionally, this gives them a longer shelf life and makes them portable, allowing for on-the-go consumption. Sales of meal replacement products are anticipated to increase significantly over the assessment period, driven by the aforementioned factors (2022-2032).
According to Future Market Insights, the global market for meal replacement products is anticipated to increase at a CAGR of 6.4 percent between 2022 and 2032, up from the 4.1 percent seen between 2017 and 2021.
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Competition Landscape
The global meal replacement products market consists of a large number of competitors. Some of the top meal replacement products market participants such as Abbott Laboratories, Amway, Kellogg Co., Nestle S.A., Atkins, Glanbia plc, and Herbalife Nutrition among others are focusing on introducing and innovating their product portfolios to attract a large consumer base and enhance brand loyalty.
Some of the leading manufacturers of meal replacement products are simultaneously attempting to work with and collaborate with start-up businesses in order to co-create distinctive flavours and increase market share.
Meal Replacement Products Market Outlook by Category
By Product Type:
- Ready-to-eat Food
- Ready-to-drink Beverages
- Powder
- Fruits
- Plant Protein Shakes
- Protein Bars
- Others
By Source:
- Plant-based
- Synthetic
By Distribution Channel:
- Direct
- Indirect
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Independent Retailers
- Online Retailers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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