The meal replacement products market is poised to hit $23.2 billion by 2032, driven by rising health consciousness amid escalating chronic diseases, fueling demand for healthier eating options worldwide.
The global meal replacement products market is estimated to reach US$ 12.5 Billion in 2022 and is projected to be valued at US$ 23.2 Billion by 2032. The market is expected to showcase growth at a CAGR of 6.4% in the forecast period from 2022 to 2032.
Consumer awareness of healthy eating and weight management has increased as chronic diseases including diabetes, obesity, cardiovascular disease, and high cholesterol become more prevalent. This factor is anticipated to significantly increase demand for meal replacement products over the projection period (2022–2032).
Meal replacement products are rich in protein and fibre and include 200–400 calories per serving. Meal replacements like shakes and bars are quick, nourishing, and brimming with wholesome ingredients. Given that meal replacement products provide essential nutrients, it is anticipated that the market for these products would grow during the evaluation period.
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2017-2021 Meal Replacement Products Demand Outlook Compared to 2022-2032 Forecast
The busy lifestyles and hectic schedules of consumers, along with the rising consumer demand for healthful, delicious, and high-quality food products, are expected to drive market growth. Due to their longer workdays and more sedentary lifestyles, consumers are driving the demand for quick meals that can sate their appetites. Since they provide extra nutrients and energy, ready-to-eat meal replacement products are therefore quite popular among those who work.
Ready-to-eat foods can be prepared fast and provide a balanced meal with all the essential nutrients, including calories, proteins, and fats. Over the past few years, there has been an increase in demand for organic and natural meal replacement products as a result of consumers’ rising awareness of the ingredient list and nutritional content, as reported by the clean label movement.
The most practical meal replacement options are protein bars and shakes that are ready to consume. Additionally, this increases their shelf life and makes them portable, enabling consumption while on the road. The aforementioned reasons (2022-2032) are expected to significantly boost meal replacement product sales over the evaluation period.
The global market for meal replacement products is expected to grow at a CAGR of 6.4 percent between 2022 and 2032, up from the 4.1 percent seen between 2017 and 2021, according to Future Market Insights.
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.
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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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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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