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The meal replacement market size is valued to increase USD 5.79 billion, at a CAGR of 6.94% from 2023 to 2028. Health benefits associated with meal replacement products will drive the meal replacement market.
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The meal replacement industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The powdered products segment is estimated to witness significant growth during the forecast period.
The market encompasses a wide array of powdered products, gaining significant traction among gym-goers, athletes, and individuals with diverse health concerns. This market expansion is particularly pronounced in Asian countries, including India, Hong Kong, China, and South Korea, where adoption has surged to 30% in 2023. Manufacturers leverage advanced food processing technology to create these meal replacement powders, utilizing ingredients such as casein, pea, soy, whey, and egg proteins. These powders cater to consumers' nutritional needs by providing essential micronutrients, including minerals, grains, vitamins, dehydrated vegetables, additional fats, fibers, and thickeners. Quality control procedures are meticulously implemented to ensure the highest standards in product formulation design and nutritional labeling regulations.
Probiotic inclusion is a notable trend, as these live bacteria and yeasts improve digestibility and contribute to gut microbiome modulation. Packaging material selection plays a crucial role in maintaining product integrity and extending shelf life. Regulatory compliance is rigorously adhered to, with manufacturers employing calorie density control, texture optimization, and consumer acceptance testing to cater to evolving market demands. Future industry growth is projected to reach new heights, with a potential increase of up to 25% in the coming years. This expansion is driven by factors such as muscle protein synthesis, electrolyte balance, and appetite suppression, which contribute to weight management efficacy and improved nutrient bioavailability.
Ingredient sourcing strategies and production cost optimization are essential considerations for market players, with a focus on minimizing environmental impact and ensuring sustainable practices. The ongoing unfolding of market activities reveals a dynamic and evolving landscape, as manufacturers strive to meet consumer preferences and regulatory requirements.
The Powdered products segment was valued at USD 6.25 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 37% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America is experiencing significant growth due to increasing obesity rates among adults and children. For instance, over 20% of children and teens in the US were obese in August 2021, marking an increase of over 15% compared to September 2020. This health concern has led consumers to seek convenient, nutritious food options. Factors such as changing lifestyles, rapid urbanization, and rising disposable income further fuel the market's expansion. In August 2021, the market in North America was valued at USD5.2 billion, with a projected growth of approximately 12% in sales volume year-over-year.
Additionally, the number of meal replacement product launches increased by 25% in 2021 compared to the previous year. These trends are expected to continue, making the North American the market a promising investment opportunity for businesses.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market is witnessing significant growth due to the increasing awareness of the importance of balanced nutrition and convenience in today's fast-paced lifestyle. This market caters to diverse consumer needs by offering various formulations designed to support weight management, muscle growth, and overall health. One of the key trends shaping this market is the role of macronutrients, particularly proteins, in meal replacements. The impact of different protein sources on muscle growth and satiety response is under extensive evaluation. Furthermore, optimizing amino acid ratios for muscle protein synthesis is a critical area of research. Another significant trend is the assessment of the effects of various ingredients on satiety and blood glucose levels.
For instance, measuring the impact of different sweeteners on glycemic response is essential for creating low-glycemic meal replacement options. The role of fiber in digestive health and its correlation with metabolic rate is also a topic of interest. Moreover, the market is focusing on improving formulation stability at various temperatures and optimizing ingredient interactions to enhance product quality. The impact of food processing on nutrient bioavailability and the effects of packaging materials on product shelf life are essential considerations for market players. Consumer preferences for various flavor profiles and sensory attributes are driving innovation in the market.
Comparatively, more than 60% of new product developments are focusing on developing meal replacements tailored to specific dietary needs and preferences. In terms of manufacturing processes, the effectiveness of various methods on product quality and supply chain efficiency is being assessed. The evaluation of different formulations' impact on weight loss and measuring the impact of various ingredients on satiety are also crucial aspects of this market. In conclusion, the market is a dynamic and innovative industry that caters to diverse consumer needs. The focus on improving product quality, optimizing nutritional value, and catering to consumer preferences is driving growth in this market.
The meal replacement market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the meal replacement market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape of Meal Replacement Industry
Companies are implementing various strategies, such as strategic alliances, meal replacement market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Abbott Laboratories - This company specializes in meal replacement solutions, providing adults with immunization shakes, nutrition powders, and nutrition shakes. Their offerings extend to infants and children as well. These products aim to support balanced nutrition and overall health.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 industry 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.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Meal Replacement Market insights. See full methodology.
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 5794.79 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.84 |
Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, and Rest of World (ROW) |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What is the expected growth of the Meal Replacement Market between 2024 and 2028?
USD 5.79 billion, at a CAGR of 6.94%
What segmentation does the market report cover?
The report is segmented by Product (Powdered products, Edible bars, Ready-to-drink, and Others), Distribution Channel (Offline and Online), Geography (North America, Europe, APAC, South America, and Middle East and Africa), Consumer Preference (Low-Calorie, High-Protein, Gluten-Free, and Vegan), and Target Consumer (Weight Management, Fitness Enthusiasts, Busy Professionals, and Elderly)
Which regions are analyzed in the report?
North America, Europe, APAC, South America, and Middle East and Africa
What are the key growth drivers and market challenges?
Health benefits associated with meal replacement products, Lack of awareness about meal replacement products
Who are the major players in the Meal Replacement Market?
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.
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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 Market Segmentation by Consumer Preference
9 Market Segmentation by Target Consumer
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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