Chicago, Nov. 04, 2022 (GLOBE NEWSWIRE) -- According to a report published by MarketsandMarkets™, The global meal replacement market size is estimated to be valued at USD 11.9 billion in 2021 and is projected to reach USD 15.5 billion by 2026, recording a CAGR of 5.4% during the forecast period in terms of value. It is driven by increasing prevalence of obesity and diabetes coupled with the increasing population of health-conscious consumers and changing consumer lifestyle and availability of convenient nutritious meals in the form of meal replacement.
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Meal replacement products are an alternative to meals, which contain all the required nutrients, with low calories and high protein. Meal replacement products are also developed to help consumers with busy lifestyles and less time to get a meal’s worth of nutrients with less effort and more convenience.
Powder segment is the largest market for meal replacement market globally.
Powders are consumed in the form of shakes with the addition of water or low-calorie milk. The rapid adoption of meal replacement powder as a part of weight management will drive the market for meal replacements products. Meal replacement powder is mixed with water or milk of choice (low-calorie, plant-based, low-fat, toned milk, flavored milk, among others) for consumption. These are available in various flavors, the most popular being chocolate, vanilla, and strawberry. Various companies are into the manufacturing of powder form meal replacement products such as Nestle and Huel. Nestle offers meal replacement chocolate cacao powder and has presence in various regions such as Middle East, Africa, North America, Asia Pacific, and Europe.
Online segment is witnessing a high growth rate for the meal replacement products during the forecast period.
Online segment is witnessing a high growth rate owing to the rising smartphone and internet penetration, which is increasing the sales of online meal replacement products. COVID-19 has changed the purchasing pattern of the consumers globally. Consumers are now purchasing products online and choosing the health safety and convenience over the offline purchasing experience globally. In addition to this, increasing internet penetration in underdeveloped countries will also drive the online segment growth.
North America holds the largest market share for meal replacements products in 2021
In 2021, North America accounted for a market share of 29.28% in the global meal replacement market. The market in the region is highly diversified, and manufacturers are strongly focusing on the development of new meal replacement products to cater to the demand from end users. Although North America holds the largest share, the meal replacement market is matured and is projected to grow at a steady CAGR of 4.6% during the forecast period.
The meal replacement market has a high potential in emerging markets, such as Asia Pacific. Although the consumption of meal replacement products in Asia remains lower than in the US and Europe, the westernization of food habits of the Asian population coupled with a rise in awareness regarding health and wellness has led to an increase in demand, especially from the young and millennial population.
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Key Players:
The key players in this market include Abbott Laboratories (US), Amway (US), Glanbia PLC (Ireland), Herbalife Nutrition (US), and Nestle (Switzerland).
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https://www.marketsandmarkets.com/Market-Reports/dietary-supplements-market-973.html
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