The meal replacement market
comprises products that replace at least one daily meal. These include powdered
drink mixes and edible bars that provide adequate nutrition to fulfil daily
nutritional requirements. Meal replacements have gained popularity due to
hectic lifestyles that leave little time for proper meals. They offer
convenience and nutrition along with benefits such as weight management,
appetite control, and reduced cholesterol and sugar levels.
The global meal replacement market
is estimated to be valued at US$ 14.01
Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 To 2031.
Key
Takeaways
Key players operating in the meal
replacement market are 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., Wild Oats Markets., Zoic Pharmaceuticals, Laboratoire PYC,
Bariatrix Europe, and Kisan Products. These players dominate the market with
their widespread distribution networks and diverse product portfolios meeting
varied consumer demands and nutritional requirements.
The key opportunities in the Meal
Replacement Market Growth include new product launches catering to
specific nutritional needs of consumers. For instance, plant-based, organic,
sugar-free, gluten-free, keto-friendly variants. The increasing focus on
personalization is paving the way for customized meal replacement solutions.
Emerging economies with growing health awareness and disposable incomes offer
lucrative expansion prospects.
Global expansion remains a top priority for major players to enhance their
geographical footprint. Increasing investments in emerging Asian and Latin
American countries will further augment the market reach. Partnerships with
local distributors assist new market entry. The digitization wave is enabling
online product availability, influencing virtual consumption patterns and
transforming the meal replacement landscape.
Market drivers:
Growing health consciousness coupled
with busy lifestyles drives the demand for convenient yet nutritious
substitutes like meal replacements. Rising obesity prevalence is prompting
weight management leading to sales growth. Increasing preference for vegan,
organic and natural products provides growth impetus.
Market restrain:
High costs of these products may
restrict mass adoption in price-sensitive developing regions. The processed
nature and potential side-effects raise health concerns among some consumers
limiting product acceptance. Fluctuating raw material prices pose budgeting
challenges for manufacturers. Strict regulatory guidelines for nutrition and
health claims differ globally posing compliance issues to multi-nationals.
Segment Analysis
The snacks meal replacement sub
segment is dominating the meal replacement market. People are increasingly
opting for snacks that provide nutrition and act as meal replacement due to
busy lifestyles. Snacks meal replacements are highly convenient to carry and
consume for on-the-go nutrition intake. The snacks category has seen various
product innovations such as protein and cereal bars, shakes, mixes, etc
designed for meal replacement.
Global Analysis
The North American region dominates
the meal replacement market currently. USA in particular has seen widespread
adoption of meal replacement solutions due to increased prevalence of obesity
and growing health concerns. However, the Asia Pacific region is expected to
witness the fastest growth during the forecast period. Countries like China,
India, Japan are experiencing changing consumer lifestyles and emergence of
nuclear families that prefer nutritious yet convenient meal solutions like meal
replacements. Rising incomes in Asia Pacific economies and growing awareness regarding
nutrition and health will continue fuelling demand.
Gets
More Insights on: Meal
Replacement Market
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