BURLINGAME, Calif.,
June 26, 2024 /PRNewswire/ -- The
global Meal Replacement Market, valued at $14.01 billion in 2024, is on a trajectory of
rapid expansion, with projections indicating it will soar to
$20.52 billion by 2031, growing at a
compound annual growth rate (CAGR) of 5.6% from 2024 to 2031, as
per a recent report by Coherent Market Insights. Increased health
consciousness and busy lifestures are driving demand for convenient
yet nutritious meal options. Meal replacement products fit this
need well by providing balanced macronutrients and
vitamins/minerals without the hassle of conventional meal
preparation. Furthermore, rising obesity rates are prompting more
people to opt for portion-controlled meal replacements as part of a
weight management regimen. The market is also witnessing rising
popularity of plant-based options that cater to shifting dietary
preferences.
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Market Dynamics:
The growth of the meal replacement market is attributed to
growing health consciousness among consumers and rising prevalence
of obesity. Consumers are increasingly opting for meal replacement
products to manage their weight and stay fit. Moreover, busy
lifestyles have led to increased demand for convenient nutritional
food options that can substitute regular meals. Meal replacement
products are easy to prepare and consume, providing better
nutrition and weight management support.
Meal Replacement Market Report Coverage
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$14.01 billion
|
Estimated Value by
2031
|
$20.52 billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 5.6%
|
Historical
Data
|
2019–2023
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Product Type, By
Distribution Channel
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Growth
Drivers
|
- Sustainable Production Practices
- New Application Development
|
Restraints &
Challenges
|
- Changing Consumer Preferences
- Side Effects Associated with Certain
Ingredients
|
Market Trends:
Rise in Demand for Plant-Based Meal Replacements: With rising
awareness about environmental and health benefits of plant-based
diet, demand for vegan and gluten-free meal replacement products is
increasing significantly. Key players are focusing on launching new
plant-based products developed from ingredients such as soy, wheat
and peas to cater to the changing preferences.
Growing Popularity of Organic Meal Replacements: Consumers are
increasingly opting for organic meal replacement products owing to
rising health consciousness and concerns regarding effects of
pesticides and chemicals on the body. To tap into this lucrative
segment, companies are offering organic meal replacement shakes,
powders and bars developed from organic vegetables, fruits and
grains.
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Market Opportunities:
Powder meal replacements are gaining popularity among health
conscious consumers owing to their versatility and easy storage.
Being powder form, they can be easily mixed with water or milk and
consumed. The powder form allows for longer shelf life and
portability. Product innovation with various flavors and customized
nutrients is also fueling the growth of powder meal
replacements.
With rising internet and smartphone penetration, online platform
is emerging as an important medium for purchasing meal
replacements. The convenience of home delivery and easy
accessibility on e-commerce websites especially against the
backdrop of COVID-19 pandemic is driving more consumers to purchase
meal replacements online. Manufacturers are also focusing on
partnering with online retailers to increase their reach.
Key Market Takeaways:
The global meal replacement market is anticipated to witness a
CAGR of 5.6% during the forecast period 2024-2031, owing to rising
health consciousness among consumers and busy lifestyle.
On the basis of product, powder segment is expected to hold a
dominant position, accounting for around 40% of market share in
2024 owing to longer shelf life and easy storage.
On the basis of distribution channel, offline segment is
expected to dominate over the forecast period accounting for over
60% share in 2024 due to wider product availability. However,
online segment is expected to witness higher growth during the
period owing to rising e-commerce penetration.
On the basis of region, North
America is expected to hold a dominant position over the
forecast period, with around 35% share in 2024 due to higher health
awareness.
Key players operating in the meal replacement market include
Abbott Laboratories, Amway, Atkins, Blue Diamond Growers among
others who are focusing on new product launches.
Recent Developments:
In November 2022, Levana
Nourishment introduced a line of plant-based meal replacement
shakes in vanilla bean, mixed berry, and cocoa-coffee
varieties.
In March 2022, Southern Charm
Nutrition opened its outlet in downtown Fairmont. The store will
serve loaded tea and coffee bombs, as well as full meal replacement
shakes. All their shakes have 17 to 24 g of protein, are under 270
calories, and are available in a wide range of flavors.
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Market Segmentation:
By Product Type:
- Nutritional Bars
- Powdered Products
- Ready-to-drink Products
- Other Product Types
By Distribution Channel:
- Convenience Stores
- Hypermarkets/Supermarkets
- Specialty Stores
- Online Retailers
- Other Distribution Channels
By Region:
North America:
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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