Hyderabad, Aug. 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Asia-Pacific Meal Replacement Products Market Report (2023-2028)," the market is estimated at USD 3.73 billion in 2023. It is expected to register a CAGR of 6.40% during the forecast period.
Meal replacement products provide the nutrition of a full meal. Meal replacement supplements primarily contain 200 to 400 calories, contain high fibers, low carbs, and are infused with vitamins and minerals.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 3.73 billion |
| Market Size (2028) | USD 5.08 billion |
| CAGR (2023-2028) | 6.40% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The growing consumer awareness of healthy diets. |
| The increasingly busy lifestyle of consumers. |
Who are the Top Companies in the Asia-Pacific Meal Replacement Products Market?
The Asia-Pacific meal replacement products market is gradually emerging and is led by various local and international players. The players are adopting strategies like innovating new products to cater to the varied taste preferences of consumers and gain a competitive advantage.
Significant players in the Asia-Pacific meal replacement products market are,
- Amway Corp.
- Herballife Nutrition
- Glanbia PLC
- Nestlé SA
- Formulite Pty Ltd
- Bulk Nutrients
- Abbott Laboratories
- Danone SA
- Sun Pharmaceutical Industries Limited
- MusclePharm
- WonderLab
- Sustyfoods Group
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- North America Energy Bar Market Report - The North American energy bar market is expected to register a CAGR of 4.20% during the forecast period (2023-2028).
Key Highlights from the Asia-Pacific Meal Replacement Products Market Report:
Demand for Meal Replacement Products to Manage Diets
- Consumers are increasingly monitoring their regular diets and nutrition intake due to the rising prevalence of obesity and diabetes. Therefore, various companies are offering customized meals like shakes and drinks for consumers willing to manage their healthy diets.
- The sales of nutritional bars in the region is increasing, as consumers like consuming snacks that have low added sugar and offer other health benefits.
Australia is Among the Fastest-growing region in the Market
- The convenience of cereal bars is leading to consumer demand due to the nutritional benefits they provide. In Australia, specialty and online retail stores are expanding rapidly to make these products accessible to consumers easily.
- As per the Australian Bureau of Statistics National Health Survey, almost 67% of Australians are obese. Therefore, the rising prevalence of obesity is increasing the demand for meal replacement bars.
What are the Latest Developments in the Asia-Pacific Meal Replacement Products Market?
- In January 2023, Herbalife Nutrition India Private Limited partnered with Smriti Mandhana, an international woman cricketer, to promote its healthy snack bars.
- In May 2022, Holland & Barrett collaborated with Huelto to launch a vegan meal replacement shake under the brand Nu26.
Mordor Intelligence has Segmented the Asia-Pacific Meal Replacement Products Market Based on Product Type, Distribution Channel, and Geography:
- By Product Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Ready-to-drink Products
- Nutritional Bars
- Powdered Supplements
- Other Product Types
- By Distribution Channel (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Retail Stores
- Other Distribution Channels
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Asia-Pacific Meal Replacement Products Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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