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The Meal Replacement Market size is projected to increase by USD 5.79 billion and the market size is estimated to grow at a CAGR of 6.94% between 2023 and 2028.
This meal replacement market report extensively covers market segmentation by product (powdered products, edible bars, ready-to-drink, and others), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa). Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
Growing demand for ready-to-eat products is the key factor driving market growth. Ready-to-eat products are evolving and popular among consumers as they save time and effort. Owing to the hectic lifestyles of consumers, they look for convenience in food preparation. This has led to an increase in demand for ready-to-eat products such as meal replacement products. Market players are using advertising strategies to increase the use of ready meals in households. Furthermore, consumers have started having meal replacement products as snacks, which is a common trend observed in adults. This has raised the demand for meal replacement products, which will boost the growth of the global meal replacement market in focus during the forecast period.
The Meal Replacement Market shows an Accelerated CAGR during the forecast period.
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The growing popularity of protein bars and shakes is the primary trend shaping market growth. Consumption of protein bars is increasing owing to growing awareness regarding health benefits. Protein bars are rich in protein and fiber content as well as low in carbohydrates and sodium. They also provide other necessary nutrients, such as minerals, vitamins, and antioxidants, which help repair body muscles and tissues.
Furthermore, people are willing to pay a higher price for high-quality protein bars and shakes. Manufacturers focus on introducing protein bars in various new flavors to attract consumers, such as chocolate, peanut butter, and fudge brownies. Thus, the growing popularity of protein bars and shakes will have a positive impact on the global meal replacement market growth during the forecast period.
Lack of awareness about meal replacement products is a challenge that affects market growth. Regardless of a rise in the consumption of meal replacement products in various forms, sections of the global population are ignorant about the benefits these products offer. Consumers in developing countries such as India and Brazil usually consume an unbalanced diet due to lower disposable income and a lack of awareness of health and nutrition.
Moreover, such ignorance and lack of awareness among consumers of nutritional deficiency often lead to serious health disorders. Therefore, the lack of awareness about meal replacement products will negatively impact the overall growth of the global meal replacement market during the forecast period.
The revenue of the offline distribution channel comes from the sales of products through specialty stores (including brand-owned stores, multi-brand stores, and grocery stores), hypermarkets, supermarkets, convenience stores, clubhouse stores, and department stores. The revenue of the offline distribution channel has been declining gradually over the past five years due to the shift in customer preference for online shopping. On the other hand, market players are widening their geographic operations to push their offline sales. Therefore, the growing number of retail stores across the world is anticipated to fuel the sales of meal replacement products from offline channels, driving the global meal replacement market during the forecast period.
The market share growth by the powdered products segment will be significant during the forecast period. The market for powdered products is driven by consumers who are gym-goers, athletes, and people with various health problems. The market for powdered products is growing strongly in Asian countries like India, Hong Kong, China, and South Korea.
The powdered products segment was valued at USD 6.24 billion in 2018.
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The powdered meal replacement products are produced using various ingredients, such as casein, pea, soy, whey, and egg proteins. Furthermore, increasing demand for these powders from end-users is anticipated to boost the segment growth. Moreover, the availability of a wide range of products by different brands will contribute to the powdered products segment growth of the global meal replacement market during the forecast period.
North America is estimated to contribute 37% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growth in the meal replacement market in North America is attributed to factors such as the increasing adult obesity rate in consumers in the region. In North America, consumers are looking for convenient, healthy food products that fulfill their daily nutritional requirements. The change in lifestyle, rapid urbanization, and rise in disposable income will spur regional market growth.
Furthermore, the increasing demand for meal-replacement food items in the US is due to the rising awareness regarding the health benefits of meal-replacement products such as edible bars and shakes. Meal replacement products act as a protein enhancer. In addition, the market players in the region are focusing on developing new products to meet the rising demands for meal replacement. Hence, continuous product launches will boost the growth of the regional market during the forecast period.
Amid the lockdowns, prominent e-commerce channels, such as eBay Inc. and Amazon, focused on supplying essentials, especially food products, to customers. Meal replacement products witnessed high demand among consumers in the region in 2020, as these are rich in immune-boosting nutrients and are easily available in offline and online stores. Furthermore, shifting consumer preferences towards healthier and more convenient food options, a rise in awareness about the importance of balanced nutrition, growing demand from busy working professionals and students, and the availability of a wide range of product options from both established and emerging brands are anticipated to drive the growth of the regional meal replacement market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The meal replacement market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The meal replacement market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Meal Replacement Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.94% |
Market Growth 2024-2028 |
USD 5.79 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.84 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 37% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Atkins Nutritionals Inc., Blue Diamond Growers, Bobs Red Mill Natural Foods Inc., Cambridge Commodities Ltd., Conagra Brands Inc., Glanbia plc, Healthy N Fit International Inc., Herbalife International of America Inc., ITOCHU Corp., Kellogg Co., Natures Bounty, Nestle SA, Nutiva Inc., Nutricore Biosciences Pvt. Ltd., NutroActive Industries Pvt. Ltd., RITS Lifesciences Pvt Ltd., The Kraft Heinz Co., Unilever PLC, and Zoic Pharmaceuticals Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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