Portland, Jan. 29, 2024 (GLOBE NEWSWIRE) --
Allied Market Research published a report, titled, “Meal Replacement Shakes Market by Form (Liquid, Powder), by Flavor (Vanilla Date, Chocolate, Strawberry, Banana, Others), by Distribution Channel (Supermarkets/Hypermarkets, Drug Stores, Convenience Stores, Online Sales Channel, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global Meal replacement shakes industry generated $3.0 billion in 2022 and is anticipated to generate $7.0 billion by 2032, witnessing a CAGR of 9.1% from 2023 to 2032.
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Prime determinants of growth
The surge in health and wellness consciousness stands as a pivotal driver propelling the meal replacement shakes market into a realm of unprecedented growth. In addition, meal replacement shakes become a nutritional link for those on a journey for balanced living. The general awareness of the complex relationship between nutrition and health catalyzes the demand for convenient, yet nutritionally comprehensive, options. However, the meal replacement shakes market faces the challenge of consumer skepticism regarding the long-term sustainability and effectiveness of these products as complete meal substitutes, with some questioning the ability of shakes to provide the same satiety and nutritional benefits as whole foods. The increasing demand for personalized nutrition presents an opportunity for the meal replacement shakes market to innovate and create tailored solutions, catering to specific dietary preferences, allergies, and individual health goals.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $3 billion |
| Market Size in 2032 | $7 billion |
| CAGR | 9.1% |
| No. of Pages in Report | 250 |
| Segments covered | Form, Flavor, Sales channel, and Region |
| Drivers |
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| Opportunities |
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| Restraints |
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The powder segment to maintain its leadership status throughout the forecast period
On the basis of form, the powder segment held the highest market share in 2022, accounting for more than two-fifth of the global Meal replacement shakes market revenue and is estimated to maintain its leadership status throughout the forecast period. Also it is the fastest growing segment during the forecast period. Powder meal replacement shakes have witnessed a surge in demand as health-conscious consumers seek convenient, nutrition-packed alternatives. Key trends include a growth in focus on plant-based formulations, catering to vegan and lactose-intolerant demographics.
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The chocolate segment to maintain its lead position throughout the forecast period
On the basis of flavor, the chocolate segment held the highest market share in 2022, accounting for about one third of the global Meal replacement shakes market revenue and is estimated to maintain its leadership status throughout the forecast period. Chocolate was renowned as the elixir of life since the Aztec culture due to its incredible health advantages. Chocolate is rich in nutrients such as iron, magnesium, copper, manganese, and is also high in antioxidants, which assist to lower blood pressure and increase healthy high-density lipoprotein (HDL) cholesterol, and possesses a smooth and silky texture that attracts consumers. However, the strawberry segment is the fastest-growing segment and is projected to manifest the highest CAGR of 11.1% from 2023 to 2032. Strawberry is a popular fruit with nutritional properties, health benefits, and its production has gradually grown over recent decades. Strawberry assists in maintaining HDL cholesterol, lower blood pressure, and protects against cancer. The fruity and acidic taste of strawberry is popular among consumers, as it provides an enhanced flavor to meal replacement shakes.
The supermarkets/hypermarkets segment to witness the fastest growth throughout the forecast period
On the basis of sales channel, the hypermarkets/supermarkets segment held the highest market share in 2022, accounting for more than three-fifth of the global Meal replacement shakes market revenue and is estimated to maintain its leadership status throughout the forecast period. Hypermarkets/supermarkets feature a separate area for meal replacement products, making it easier for consumers to identify and purchase the product. Hypermarkets/supermarkets provide consumers with premium advantages such as availability of different brands of meal replacement shakes, discounts on certain brands, the assistance of sales representatives, and easy checkouts. However, the online sales channel segment is projected to manifest the highest CAGR of 11.1% from 2023 to 2032. This is attributed to the increasing demand for plant-based alternatives from consumers. Consumers currently prefer to purchase meal replacement products online since it is easy and offers a wide variety of brands that are not accessible in stores. Consumers have become aware of different purchasing trends that exist in society with the improvement in technology and internet services becoming more readily available.
North America to maintain its dominance by 2032
The North America region held the highest market share in 2022, accounting for half of the global Meal replacement shakes market revenue and is estimated to maintain its leadership status throughout the forecast period. The demand for meal replacement shakes has increased in the North America market due to the associated health advantages and enhanced new tastes. However, However, the Asia-Pacific region is projected to manifest the highest CAGR of 10.5% from 2023 to 2032. The Asia-Pacific region is home to a large and growing population of vegans and lactose-intolerant consumers, who are driving demand for meal replacement shakes. The Meal replacement shakes market for Asia-Pacific is expected to grow as the population becomes interested in new flavored meal replacement products. Meal replacement manufacturers use unique and sustainable packaging to encourage consumers to use the product.
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Leading Market Players: -
- UPFIELD B.V.
- KITE HILL
- MIYOKO’S CREAMERY
- TOFUTTI BRANDS, INC.
- TREELINE TREENUT CHEESE COMPANY, LLC.
- VTOPIAN ARTISAN CHEESES, LLC
- SAPUTO INC.
- PARMELA CREAMERY
- GOOD PLANET FOODS INC.
- NUTS FOR CHEESE
- ABOVE FOOD INC.
- TYNE CHEASE LIMITED
- BEL SA
- DANONE S.A.
- MAPLE LEAF FOODS, INC.
The report provides a detailed analysis of these key players in the global Meal replacement shakes market. These players have adopted different strategies such as new product launches, business expansion, partnerships, mergers, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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