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Meal Replacement Products Market Size, Share, Forecast, & Trends Analysis by Product Type (Powdered Products, Ready-to-Drink, Bars), Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Stores) and Geography - Global Forecast to 2031
Report ID: MRFB - 1041381 Pages: 130 Oct-2024 Formats*: PDF Category: Food and Beverages Delivery: 24 to 72 Hours Download Free Sample ReportKey factors driving the growth of this market include the growing demand for convenience and smaller meal options, the rising incidence of lifestyle-related diseases, and increasing urbanization. Additionally, the increase in vegan and plant-based meal replacement options and the rise in e-commerce create significant opportunities for market players. Furthermore, the rising focus on functional nutrition is a prominent trend in the meal replacement products market.
Fast-paced lifestyles have become common in the modern era, leading to the incidence of chronic health problems such as obesity, diabetes, heart disease, and hypertension. These concerns are often linked to poor dietary habits, sedentary behavior, and inadequate nutrition, leading to the need for convenient and healthy dietary solutions. According to the World Health Organization (WHO) data 2023, NCDs account for approximately 41 million deaths annually, representing 71% of global mortality, with lifestyle diseases as a major concern.
Furthermore, the rise in lifestyle-related diseases highlights the need for public health initiatives aimed at promoting healthier eating habits and physical activity. Many national and international governments and health organizations are increasingly recognizing the importance of preventive measures, such as nutritional education and accessible health resources.
As awareness of these health issues grows, consumers are seeking convenient solutions to manage their diets. Meal replacement products have emerged as a popular choice for individuals looking to maintain a balanced diet while managing their weight or health conditions. Meal replacement products can be formulated to meet specific dietary needs, such as high protein for muscle recovery, low carbs for weight loss, or fortified with vitamins and minerals for overall wellness. These products offer controlled caloric intake and are often fortified with essential nutrients, suitable for diet seekers.
Therefore, the rising prevalence of lifestyle-related diseases is reshaping consumer preferences towards meal replacement products. As public awareness increases and health concerns increase, the demand for meal replacement products is expected to rise.
Consumer demand for convenience foods has been increasing significantly over the last few years. The hectic lifestyles, time constraints, and individuals seeking convenient solutions to maintain a healthy diet are driving the demand for convenience foods. The rising demand for convenience and smaller meal options in today’s fast-paced lifestyle is significantly driving the demand for meal replacement products. Meal replacement products are efficient to meet nutritional needs without the time and effort associated with traditional meals.
Meal replacement products, which often come in the form of shakes, bars, or ready-to-eat meals, offer a quick and convenient alternative. They provide essential nutrients in a portable format, making it easy for consumers to maintain a balanced diet, even when they’re on the go. Moreover, the trend toward smaller portion sizes aligns with growing health consciousness among consumers. Many are becoming increasingly aware of the importance of portion control and balanced nutrition in managing weight and overall health. Meal replacement products cater to this need by providing controlled calorie counts and well-rounded macronutrient profiles. This caters not only to consumers seeking weight loss but also to individuals seeking to maintain a healthy lifestyle.
Furthermore, technological advancements in food processing and packaging have further driven the demand for convenience foods. The preservation techniques allow longer shelf lives and better quality, making ready-to-eat meals more accessible and appealing. Additionally, the increasing prevalence of fitness culture and health-oriented diets has prompted consumers to seek convenient ways to integrate protein, fiber, vitamins, and minerals into their diets.
Therefore, the growing demand for convenience and smaller meal options is propelling the growth of the meal replacement product market.
Over the past few years, there has been a growing consumer preference for online shopping due to its convenience, time savings, high discounts compared to other channels, and wide range of product availability. These are the factors boosting the growth of e-commerce. Moreover, the convenience of online shopping aligns perfectly with the needs of health-conscious consumers seeking meal replacements that fit their busy lifestyles.
Many brands, such as Herbalife, The Simply Good Foods Company, and Amway, are now offering personalized meal replacement products, allowing consumers to customize their products based on dietary preferences and health goals. Additionally, some companies offer subscription-based services for multiple or single-time purchases of meal replacement products. These subscription-based services provide convenience and reliability to consumers. Therefore, these factors are expected to provide growth opportunities for the players operating in the market.
Based on product type, the meal replacement products market is segmented into powdered products, ready-to-drink products, bars, and other products. In 2024, the powdered products segment is expected to account for the largest share of the meal replacement products market. The large market share of this segment is attributed to their long shelf life, ease of use, lower cost compared to ready-to-drink (RTD) options, and the growing emphasis on health and wellness, particularly among fitness enthusiasts. Powdered meal replacements are convenient to consume, requiring only a simple mix with water or milk, which makes them ideal for on-the-go consumption. Additionally, powdered products often contain functional ingredients such as protein, fiber, and vitamins, enhancing their nutritional profile and making them appealing to health-conscious consumers.
However, the ready-to-drink products segment is projected to register the highest CAGR during the forecast period of 2024–2031. This growth is primarily driven by the increasing demand for on-the-go nutrition, the easy portability of RTD drinks, a rising interest in functional beverages, and consumers’ willingness to try new products. Additionally, growing awareness of nutrition and wellness has spurred demand for RTD meal replacements that provide balanced nutrition in a convenient format.
Based on geography, the meal replacement products market is majorly segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the meal replacement products market, followed by Europe and Asia-Pacific. North America’s significant market share can be attributed to several key factors, including the fast-paced lifestyles of the working population, the presence of major industry players, ongoing product innovations, established retail networks, increasing consumer awareness of health and wellness, the prevalence of lifestyle diseases, and a growing preference for convenience foods. Furthermore, in 2024, the U.S. is expected to account for a larger share of the meal replacement products market in North America.
However, the market in Asia-Pacific is expected to record the highest CAGR during the forecast period driven by rapid urbanization, rising disposable incomes, and the growth of e-commerce. Additionally, increasing disposable incomes and the adoption of healthier lifestyles in countries like China and India, where consumers are more willing to invest in nutritious meal alternatives, are expected to further support the growth of this market.
The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios and geographic presence and the key growth strategies adopted by them over the past three to four years. Some of the key players operating in the meal replacement products market are Glanbia Plc (Ireland), Abbott Laboratories (U.S.), Herbalife International of America, Inc. (U.S.), Bob’s Red Mill Natural Foods (U.S.), Kellanova (U.S.), Amway Corp. (U.S.), The Simply Good Foods Company (U.S.), Nestlé SA (Switzerland), Unilever plc (U.K.), USANA Health Sciences, Inc. (U.S.), Ripple Foods PBC (U.S.), and Soylent Nutrition, Inc. (U.S.).
Particulars |
Details |
Number of Pages |
130 |
Format |
|
Forecast Period |
2024–2031 |
Base Year |
2023 |
CAGR (Value) |
8.4% |
Market Size (Value) |
USD 32.2 Billion by 2031 |
Segments Covered |
By Product Type
By Distribution Channel
|
Countries Covered |
North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle East & Africa (South Africa, Saudi Arabia, UAE, and the Rest of Middle East & Africa). |
Key Companies |
Glanbia Plc (Ireland), Abbott Laboratories (U.S.), Herbalife International of America, Inc. (U.S.), Bob’s Red Mill Natural Foods (U.S.), Kellanova (U.S.), Amway Corp. (U.S.), The Simply Good Foods Company (U.S.), Nestlé SA (Switzerland), Unilever plc (U.K.), USANA Health Sciences, Inc. (U.S.), Ripple Foods PBC (U.S.), and Soylent Nutrition, Inc. (U.S.). |
The global meal replacement products market size was valued at $17.1 billion in 2023.
The market is projected to grow from $18.3 billion in 2024 to $32.2 billion by 2031.
The meal replacement products market analysis indicates substantial growth, with projections indicating that the market will reach $32.2 billion by 2031 at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.
The key companies operating in this market include Glanbia Plc (Ireland), Abbott Laboratories (U.S.), Herbalife International of America, Inc. (U.S.), Bob’s Red Mill Natural Foods (U.S.), Kellanova (U.S.), Amway Corp. (U.S.), The Simply Good Foods Company (U.S.), Nestlé SA (Switzerland), Unilever plc (U.K.), USANA Health Sciences, Inc. (U.S.), Ripple Foods PBC (U.S.), and Soylent Nutrition, Inc. (U.S.).
The increase in vegan and plant-based meal replacement options and the expansion of e-commerce create significant opportunities for market players.
By product type, the powdered products segment is forecasted to hold the largest market share during 2024-2031.
By distribution channel: the supermarkets and hypermarkets segment is expected to dominate the market during 2024-2031.
By geography, the North America segment is slated to register the largest market share during 2024-2031.
By region, North America holds the largest meal replacement products market share in 2024. However, the market in Asia-Pacific is expected to witness the fastest growth, driven by rapid urbanization, rising disposable incomes, and e-commerce growth.
Key factors driving the growth of this market include the growing demand for convenience and smaller meal options, the rising incidence of lifestyle-related diseases, and increasing urbanization.
Published Date: Oct-2024
Published Date: Oct-2024
Published Date: Jan-2024
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Published Date: Oct-2022
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