Newark, June 08, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global meal replacement market is expected to grow from USD 12.8 billion in 2021 to USD 22.18 billion by 2030, at a CAGR of 6.3% during the forecast period 2022-2030.
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Meal replacements act as a substitute for whole meal food with fortified food products. With the increasing prevalence of diabetes, obesity, and cardiovascular diseases, awareness regarding weight loss and weight management has gained momentum which propels the growth of the market. These meal replacements are efficient in controlling hunger and providing nutrients such as fibers, vitamins, minerals, and proteins. Meals replacements in powder, ready-to-drink, and bars form can help with unhealthy or high-calorie meals. This helps in boosting the immune system and managing weight and providing sufficient nutrients to the body. The busy lifestyle of people and the increasing need for adopting a healthy lifestyle are driving the growth of the market. All these factors increased the demand for these meal replacements as they are delicious and healthy options for replacing your regular meals.
The increasing awareness regarding a healthy lifestyle and the importance of having meals on time is boosting the growth of the market. There is a rise in the adoption of a healthy diet among users from all age groups and the urge to replace their regular meals with nutritious diets which are easy to make is fueling the growth of the market. New product developments and strategic collaborations amongst top companies striving to expand are some of the factors that are predicted to drive global market growth in the future.
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Key players operating in the global meal replacement market are 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. To enhance their market position in the global meal replacement market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● A meal replacement shake and protein drink was introduced by Herbalife and formulated with pea, rice proteins, and quinoa.
● A new line of plant-based nutritional booster protein powders was launched by Bob's Red Mills which is vegan, gluten-free, and soy-free powder. These protein booster powders contain 20 grams of protein per serving and have heart-healthy omega, beneficial probiotics, and prebiotic fiber.
● In June 2019, ZonePerfect Keto was introduced by Abbott which is a product line made with 75% fat, 5% carbs, and 20% protein. Zone perfect Keto products offer a combination of macronutrients, which is balanced in a way that helps the body enter ketosis for fat burning.
The powder segment dominated the market with a market share of around 41% and a market value of around 21.3 billion in 2021.
The product type segment is divided into ready-to-drink, bars & powder. The powder segment dominated the market with a market share of around 41% and a market value of around 21.3 billion in 2021.
The offline segment is expected to grow at the fastest CAGR of 7.2% over the forecast period.
The distribution channel segment is divided into online & offline. Over the forecast period, the offline segment is expected to grow at the fastest CAGR of 7.2%.
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Regional Segment Analysis of the Meal Replacement Market
● North America (U.S. Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan India, Rest of APAC)
● South America (Brazil and Rest of South America)
● Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global meal replacement market with a market share of around 36.6% in 2021.
During the forecast period, Asia Pacific is expected to be the largest market. The meal replacement market in the Asia Pacific has been expanding rapidly. The trend of any time snacks is very much prominent in regions like Australia, China, and India. Meal replacement products that are organic and plant-based such as bars, snacks, and powder supplements are becoming increasingly popular among the health-conscious people which is offering growth opportunities in this region. Furthermore, the rapid expansion of online retail stores plays an important role in making these products easily accessible to consumers.
About the report:
The global meal replacement market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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