The Meal Replacement Products market has an estimated market valuation of USD 14.1 Billion in 2024 and is projected to grow at a CAGR of 6.4% to reach a market valuation of USD 23.12 Billion by 2034.
The emerging market trend indicates a growing consumer focus on healthier eating, driven by concerns over obesity, lifestyle-related diseases, and the desire to maintain a healthy weight. Health-conscious individuals are increasingly opting for meal replacement products tailored to meet their dietary needs while minimizing caloric intake. Additionally, heightened awareness of nutrition and wellness is prompting consumers to integrate meal replacements into their balanced diets.
This shift is largely attributed to busier lifestyles, which leave little time for meal preparation, thereby fueling the demand for meal replacement options. These products offer quick preparation and consumption, making them ideal for professionals with demanding schedules who may not have the time to cook traditional meals. Convenience has become a significant factor, especially in urban areas, where individuals seek nutritious snacks that can be consumed on the go.
To address diverse consumer needs, manufacturers in the meal replacement market are consistently innovating. This includes creating options that cater to various dietary preferences, such as gluten-free, lactose-free, and vegan diets. Innovations also focus on enhancing taste, texture, and nutritional value to ensure acceptance and satisfaction among all consumers.
Moreover, the rise of online retail channels has greatly expanded the market’s potential by increasing visibility and accessibility for meal replacement products. Online platforms enable manufacturers to reach a global audience beyond physical store limitations. Additionally, direct-to-consumer models and subscription services simplify product delivery and enhance customer engagement.
Increasing prevalence of various chronic diseases such as diabetes, obesity, cardiovascular diseases, and high cholesterol is resulting in growing consumer awareness about weight management and healthy diets. This factor is expected to lead to surging demand for meal replacement products during the forecast period (2024 to 2034).
Key takeaways from the meal replacement products market study:
— The meal replacement product market is projected to grow at a CAGR of 6.4% during the forecast period (2024-2034) — The United States meal replacement product is expected to grow by 28.5% to reach a market share during the forecast period. — Based on product type, the ready-to-eat food segment is expected to dominate the meal replacement product industry with a 44.5% market share in 2024 however
“The meal replacement products market shows promising growth driven by health-conscious consumer trends, convenience, and innovation in nutritional formulations. Expansion in online retail and busy lifestyles further propels market demand.” says Nandini Roy Choudhury, Client Partner at Future Market Insights
Which is the Most Preferred Meal Replacement Product Type?
“Meal Replacement Powder to Gain Immense Popularity”
By product type, the powdered meal replacement products segment is expected to remain at the forefront in the next decade with their increasing consumption by a large number of fitness enthusiasts across the globe.
Rising need to follow a healthy diet in day-to-day lives is also expected to encourage gyms to promote the adoption of powdered meal replacement products. Apart from that, ready-to-drink beverages, including energy drinks are expected to show steady growth in the upcoming decade.
Which is the Leading Distribution Channel in Meal Replacement Products Market?
“Meal Replacement Products Suppliers Are Launching Online Shopping Sites”
In terms of distribution channel, the online retailers sub-segment under the indirect segment is projected to dominate the global meal replacement products market. Increasing penetration of the internet and rising adoption of e-commerce sites as a shopping medium among consumers are compelling meal replacement products suppliers to introduce their products on online portals for business expansion.
Who is winning?
The global market for meal replacement products is highly competitive with numerous players including Abbott Laboratories, Amway Corporation, Kellogg Co., Nestle S.A., Atkins Nutritionals Inc., Glanbia plc., Herbalife Nutrition Ltd among others being prominent brands in this market space. To enhance their product portfolios’ appeal on wider consumer bases thereby creating deeper brand loyalty; these leading businesses are pursuing expansion strategies and innovative ideas.
Some of these industry leaders are partnering with start-ups or smaller companies to develop unique flavors that can help increase their shares in the sector.
for example, The “Yes! Plant Protein Bars” were launched by Nestle in 2020 to include natural ingredients like nuts and peas. This launch aimed at providing consumers with a nutrition-packed meal option full of essential nutrients exemplifying Nestlés’ dedication to product innovation and fulfilling changing customer needs in the meal replacement market.
Get valuable insights into the Meal Replacement Products Market:
Future Market Insights, in its new offering, provides a thorough, detailed, and unbiased analysis of the Meal Replacement Product market, presenting Historical Demand data for the years 2019-2023 and Forecast statistics for the years 2024-2034. The study categorizes valuable insights into the Meal Replacement Product market based on Product Type, Source, Distribution Channel, and Region. As per product type, the segment has been categorized into, the segment has been categorized into Ready-to-eat Food, Ready-to-drink Beverages, Powder, Fruits, Plant Protein Shakes, Protein Bars, and Others This segment is further categorized into Plant-based and Synthetic and application segment include Direct and Indirect (Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Independent Retailers, and Online Retailers) in key Regions of North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa.
Key Segments of Market Report
By Product Type:
As per Product Type, the segment has been categorized into Ready-to-eat Food, Ready-to-drink Beverages, Powder, Fruits, Plant Protein Shakes, Protein Bars and Others
By Source:
This segment is further categorized into Plant-based and Synthetic
By Application:
Direct and Indirect (Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Independent Retailers, and Online Retailers)
By Region:
Industry analysis has been carried out in key countries of North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa.
About the Food & Beverage Division at Future Market Insights:
Expert analysis, actionable insights, and strategic recommendations — the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 Billion+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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