Chicago, May 19, 2023 (GLOBE NEWSWIRE) -- The meal replacement market was valued at USD 11.9 billion in 2021. The market is estimated to expand USD 15.5 billion by 2026, exhibiting a CAGR of 5.4% over the projected period. 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. MarketsandMarkets™ provides this information in its research report, titled “Meal Replacement Market Global Forecast, 2021-2026”.
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Key Industry Development:
Meal replacement products are no longer limited to traditional powdered shakes. The market has expanded to include a wide range of formats, including ready-to-drink beverages, protein bars, snacks, and even complete meal replacement options. This diversification caters to different consumer preferences and dietary needs.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2026 |
| Forecast Period 2021 to 2026 CAGR | 5.4% |
| 2026 Value Projection | USD 15.5 billion |
| Segments covered | Product type, distribution channel, and region |
| Regions covered | North America, Europe, Asia Pacific, South America, RoW |
| Largest Market | North America |
Key Takeaways:
- Meal replacement market size is expected to grow to 15.5 billion by 2026.
- The market for meal replacement is set to expand owing to the increasing demand for healthy and delicious food options, especially among individuals leading a busy and hectic lifestyle. Ready-to-eat meal replacements are becoming popular due to their convenience and balanced nutritional content, providing an optimal combination of proteins, calories, and fats without requiring significant cooking time.
- The powder segment is the largest market for meal replacement market globally.
- The meal replacement market is highly competitive, with numerous players operating in the industry. Key players include Abbott Laboratories, Glanbia, Global Bugs, Amway, Herbalife Nutrition, Nestle etc.
- North America dominated the meal replacement market and is projected to grow with a CAGR of 4.3% during the forecast period (2021- 2026).
Drivers and Restraints:
Changing Lifestyles and Busy Schedules
The modern lifestyle, characterized by hectic schedules and time constraints, has increased the demand for convenient and on-the-go food options. Meal replacements offer a quick and easy solution for individuals who are seeking a nutritious meal but lack the time for traditional meal preparation.
Health and Wellness Consciousness
Growing awareness about the importance of maintaining a healthy diet and lifestyle has driven the demand for meal replacements. These products often provide balanced nutrition, controlled portion sizes, and are formulated to meet specific dietary requirements, making them appealing to health-conscious consumers.
Taste and Texture Challenges
Despite significant improvements in taste and texture, some consumers may still find meal replacements less appealing compared to traditional meals. The perceived taste and texture limitations of certain products may hinder their adoption and restrict market growth.
Limited Variety and Food Experience
Meal replacements, by their nature, provide a controlled and standardized nutrition profile. However, some consumers may prefer the sensory experience and variety of traditional meals, including the enjoyment of cooking, exploring different flavors, and consuming whole foods.
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Segments:
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 a 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
The 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 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.
Regional Insights:
North America is a prominent market for meal replacements. The region has a large population of health-conscious individuals seeking convenient and nutritious meal options. Meal replacement products, such as ready-to-drink shakes, bars, and powders, are widely available across retail stores and online platforms. The market is driven by factors such as busy lifestyles, a strong fitness culture, and the presence of established meal replacement brands.
Europe is another significant market for meal replacements. Countries like the United Kingdom, Germany, and France have a growing health and wellness trend, contributing to the increased adoption of meal replacement products. Europe also has a significant vegan and vegetarian population, driving the demand for plant-based meal replacements. The market is characterized by a diverse range of products, including both mainstream and niche brands.
The Asia Pacific region is experiencing a rising demand for meal replacements due to changing dietary patterns, urbanization, and a growing awareness of health and wellness. Countries like China, Japan, and South Korea are witnessing increased adoption of meal replacement products, especially among busy urban populations. The market is driven by a combination of convenience-seeking consumers, rising disposable incomes, and the influence of Western dietary trends.
The meal replacement market in Latin America is gradually gaining traction. Countries like Brazil, Mexico, and Argentina are witnessing an increased awareness of meal replacements as a convenient and nutritious option. The market growth is driven by factors such as urbanization, rising health consciousness, and an expanding middle-class population.
The Middle East and Africa region exhibit a growing interest in meal replacements, particularly in urban areas. The market is driven by factors such as increasing disposable incomes, a growing focus on health and wellness, and the adoption of Western dietary habits. However, cultural preferences for traditional meals and limited consumer awareness about meal replacement options pose challenges to market growth in some countries.
List of Key Players Mentioned in the Report:
- Abbott Laboratories (US)
- Glanbia (Ireland)
- Amway (US)
- Herbalife Nutrition (US)
- Nestle (Switzerland)
- Atkins (US)
- Huel (UK)
- Kellogg Co. (US)
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Frequently Asked Questions (FAQs):
What is the projected market value of the global meal replacement market?
The global meal replacement market size is projected to reach USD 15.5 billion by 2026.
What is the estimated growth rate (CAGR) of the global meal replacement market for the next five years?
The global meal replacement market is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2021 to 2026.
What are the major revenue pockets in the meal replacement market currently?
North America accounted for the largest market share of 29.5% in 2020 and is expected to grow at a CAGR of 4.6% during the forecast period.
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