Newark, Aug. 19, 2024 (GLOBE NEWSWIRE) -- The global meal replacement market has experienced significant growth in recent years, driven by changing consumer lifestyles, increasing health consciousness, and technological advancements in food science. This report provides a comprehensive analysis of the market, focusing on size and growth trends, consumer behavior, competitive dynamics, and product innovation.
The global meal replacement market is expected to reach USD 26.64 billion by 2033, at a CAGR of 6.3% during the forecast period 2024-2033. Long working hours and a sedentary lifestyle is expected to drive the market for meal replacements as they are ready-to-eat meals that can be eaten to get rid of hunger instantly. Rising awareness among consumers for a healthy meal is expected to drive market growth.
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Consumer Trends
Several key trends are shaping consumer behavior in the meal replacement market:
Health and Wellness Focus: Consumers are increasingly seeking nutritionally balanced meal options that support their health goals.
Convenience Factor: The fast-paced modern lifestyle has fueled demand for quick, easy-to-prepare meal solutions.
Personalization: There's a growing preference for customized meal replacement products tailored to individual nutritional needs and preferences.
Plant-based Options: The rise of veganism and plant-based diets has led to increased demand for plant-based meal replacements.
Clean Label Movement: Consumers are showing a strong preference for products with natural, recognizable ingredients.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 6.3% |
| 2033 Value Projection | USD 26.64 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Product Type, Distribution Channel, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Meal Replacement Market Growth Drivers | The increasing population of health-conscious people |
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Key Insight of the Meal Replacement Market
The powder segment dominated the market with a market share of around 38.99% in 2023.
The product type segment is divided into ready-to-drink, bars & powder. The powder segment dominated the market with a market share of around 38.99% in 2023. The powder meal replacements are easy to use and store which makes it a convenient drink for replacing regular meals. It is also highly used in weight loss diets and has several nutritional values.
The offline segment is expected to grow at the fastest CAGR of 6.6%.
The distribution channel segment is divided into the online and offline segments. Over the forecast period, the offline segment is expected to grow at the fastest CAGR of 6.6%. There is huge network for offline distribution which boosts the growth of the market. The manufacturers decide where their products must be kept in the store so that it gets the attention of the customer easily, because of this strategic placement of products in offline stores the market is expected to witness the highest market growth.
Regional Segmentation Analysis:
The market is analyzed based on five regions namely North America, Europe, Asia Pacific, South America, and the Middle East and Africa. During the forecast period, North America is expected to be the largest market. The meal replacement market in the Asia Pacific region has been expanding rapidly. Asia Pacific region has the highest obesity rates in the world, however on the contrary to this, a large population in the Asia Pacific is health and fitness conscious and is opting for a healthy diet for a healthy life. The trend for weight management in Australia is boosting the growth of the market in Australia.
Competitive Analysis:
The major players of the market include Abbott Laboratories, Amway, Trinkkost GmbH, Saturo Foods GmbH, Futricio, Orgain Inc., Atlantic Essentials Products, Inc., Herbalife International of America, Inc., Sklew Biotech, and RITS Health Care Products among others.
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