Meal Replacement Market Share, Size, Trends, Industry Analysis Report, By Product (Powder, Ready-to-Drink, Protein Bar); By Distribution Channel (Online, Offline); By Region; Segment Forecast, 2022 - 2030
- Published Date:Mar-2022
- Pages: 116
- Format: PDF
- Report ID: PM2356
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global meal replacement market was valued at USD 11.85 billion in 2021 and is expected to grow at a CAGR of 5.5% during the forecast period. The growth of the meal replacement market is driven by the increased demand for prepackaged and portion-controlled food products that are easily available in a variety of forms such as shakes, liquids, powders, soups, protein bars, and shelf-stable or frozen meals.
Know more about this report: request for sample pages
The demand for the industry is projected to be stimulated by the rising consumer's health awareness as meal replacements contain 200-400 calories along with a substantial amount of protein, fiber, and other vital vitamins and minerals. A paradigm shift from unhealthy food consumption to a healthy diet plan is likely to accelerate the growth of the industry.
However, the rising preference for unhealthy food over healthy food among the younger population and taste satisfaction rather than the nutritional quality of the food is expected to have a significant impact on the growth of the market over the forecast period. The trend of unhealthy lifestyles puts the younger generation at risk for developing health issues like diabetes, blood pressure, obesity, and cardiac arrest.
The COVID-19 pandemic has had a positive impact on the market. The outbreak of deadly virus constrained consumers across the globe to adopt a healthy living lifestyle. The demand for the industry during the period intensified owing to the increased consumer awareness regarding a healthy diet.
Restricted movement of people due to worldwide lockdown along with the decrease in activity level, led to the increased level of stress, anxiety, and even depression among consumers, further resulting in excessive eating and ultimately falling for weight gains. The concept of eating healthy food witnessed immense support during this pandemic, and consumers’ determination to keep themselves self-immune had become of utmost importance. This accelerated the growth of meal replacements in the global industry.
Industry Dynamics
Growth Drivers
Unhealthy dietary changes, increasing sedentary lifestyle, rising availability of high caloric density convenience foods, and growing portion sizes are the factors responsible for the high prevalence of obesity epidemic and diabetes, which in turn, is expected to augment the growth of the meal replacement market. These replacements are enriched with vitamins and minerals and designed to serve with a balanced, low-calorie, low-fat diet when combined with other meals or snacks.
Packaged and convenient food replacement products have been gaining popularity among consumers over the years. An increase in the number and variety of portable and processed food replacement snacks, bars, and drinks, along with their easy availability and accessibility both in grocery stores as well as restaurants and convenience store, is fueling the growth of the industry.
Know more about this report: request for sample pages
Report Segmentation
The market is primarily segmented based on product, distribution channel, and region.
|
By Product |
By Distribution Channel |
By Region |
|
|
|
Know more about this report: request for sample pages
Insight by Product
On the basis of product, the market is categorized into powder, ready-to-drink, and a protein bar. The meal replacement powder segment is expected to account for the largest share over the forecasts period. Easy accessibility and availability of a variety of flavors of powders on the e-commerce platform, supermarkets, convenience stores, etc., is anticipated to drive the growth of the industry.
Meal replacement powder is a delicious and healthy alternative to conventional meals that provides energy & strength. It supports the proper functioning of the metabolism as it contains dietary fiber, which aids in maintaining healthy digestion and causes a low glycemic response.
The ready-to-drink segment is estimated to witness a significant share. The segment is expected to gain traction during the forecast period owing to the good nutritional properties that it offers. Consumption of ready-to-drink meal replacement boosts energy levels and also assists in weight management by reducing daily calorie intake.
Insight by Distribution Channel
On the basis of distribution channels, the industry is bifurcated into online and offline channels. The offline channel is projected to account for the largest share in the near future. The growth of the segment is largely driven by the increasing number of convenience stores, retail stores, supermarkets, and hypermarkets. Meal replacements are easily available in these stores in a variety of forms for consumers.
The online channel is likely to hold a significant share owing to the rising penetration of e-commerce channels across the globe. The busy and hectic lifestyle of people has facilitated the adoption of online shopping with ease of convenience for consumers.
Geographic Overview
Asia Pacific is expected to dominate the industry over the forecast period. The increased proportion of population, busy and hectic lifestyles, rising health consciousness, the prevalence of high obesity rates, growing trend of weight management are the factors contributing to the growth of the industry. In addition, with the increased consumption of convenience food among the younger population along with the impact of western dietary consumption patterns, the demand for the industry is projected to expand.
North America is expected to witness a significant share in the global industry. Meal replacement products are emerging as a healthy alternative among consumers as industry players present across the region are introducing meal replacement protein bars, ready-to-drink shakes, and powder that are healthy and contain low calories.
Furthermore, the increasing prevalence of health-related issues such as cardiovascular diseases, high blood pressure, high cholesterol levels, obesity, diabetes, etc., among people across the region is likely to push the demand for the meal replacement market.
Competitive Insight
Some of the major players operating in the global market include Abbott Laboratories, Amway, Atkins, Blue Diamond Growers, General Mills, Glanbia Plc, Herbalife Nutrition, Huel, Kellogg Co., Nestle, Nu Skin Enterprises, Inc., Slimfast, Soylent, Unilever, Usana Health Sciences Inc., and Wild Oats Markets.
Meal Replacement Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2021 |
USD 11.85 Billion |
|
Revenue forecast in 2030 |
USD 18.91 Billion |
|
CAGR |
5.5% from 2022 - 2030 |
|
Base year |
2021 |
|
Historical data |
2018 - 2020 |
|
Forecast period |
2022 - 2030 |
|
Quantitative units |
Revenue in USD Million/Billion and CAGR from 2022 to 2030 |
|
Segments covered |
By Product, By Distribution Channel, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key Companies |
Abbott Laboratories, Amway, Atkins, Blue Diamond Growers, General Mills, Glanbia Plc, Herbalife Nutrition, Huel, Kellogg Co., Nestle, Nu Skin Enterprises, Inc., Slimfast, Soylent, Unilever, Usana Health Sciences Inc., and Wild Oats Markets. |
