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The Meal Replacement Market size is projected to increase by USD 5.79 billion at a CAGR of 6.94% between 2023 and 2028. 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. Market players are using advertising strategies to increase the use of ready meals in households. Furthermore, consumers have started having these products as snacks, which is a common trend observed in adults. This has raised the demand for the products, which will boost the growth of the global market in focus during the forecast period.
The Market shows an Accelerated CAGR during the forecast period.
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The meal replacement market is witnessing significant growth, driven by the increasing focus on eating healthy food and maintaining a healthy diet plan amidst busy lifestyles. Consumers are turning to convenient e-commerce platforms to access a variety of options like meal replacement powder, protein bars, and protein shakes. These products offer a balanced mix of proteins, carbs, fats, and fibers, aiding in weight control and supporting the immune system. With rising concerns over high cholesterol levels and obesity epidemic, meal replacements provide a solution for weight management and promoting healthy living lifestyle. Brands like Vega and Soylent offer plant-based options catering to vegan sources of protein, catering to diverse dietary preferences.
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 market growth during the forecast period.
Lack of awareness about the products is a challenge that affects market growth. Regardless of a rise in the consumption of the 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 these products will negatively impact the overall growth of the global market during the forecast period.
The e-commerce platform has become a vital avenue for purchasing various products, including protein bars with diverse flavors. As people prioritize physical activities and seek access to fitness facilities and health clubs, convenient options like ready-to-drink protein bars are gaining popularity. Concerns about artificial flavors and dental caries have prompted a shift towards natural flavoring and plant-based or vegan edible bars. Amidst an outbreak of a deadly virus and rising stress, anxiety, and depression, individuals are mindful of excessive eating and weight gains, opting for healthier choices to combat unhealthy dietary changes and a sedentary lifestyle. Online platforms offer accessibility to such products, facilitating better choices despite challenges like portion sizes and the availability of convenience store and restaurant options.The market witnesses a surge in demand for innovative options such as protein bar and ready to drink solutions, offering convenience and nutrition. Consumers seek diverse flavor profiles and dietary fiber content in these products. With the Outbreak of deadly virus, individuals increasingly opt for meal replacement options as a precautionary measure, favoring animal product-free alternatives like YFood.
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 the products from offline channels, driving the global 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 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 segment growth of the global 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 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 act as a protein enhancer. In addition, the market players in the region are focusing on developing new products to meet the rising demand for the products. Hence, continuous product launches will boost the growth of the regional 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 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 market offers prepackaged, portion-controlled food itmes, including shelf-stable or frozen meals, with essential vitamins and minerals to combat unhealthy food consumption. Targeting the younger population, it promotes healthy diet plans for taste satisfaction and improved nutritional quality, countering unhealthy lifestyles and associated health risks like diabetes, high blood pressure, and cardiac arrest. Consumer awareness drives the shift towards healthy living, favoring high-caloric density convenience foods, drinks, and meal replacement powders. E-commerce platforms facilitate accessibility, contributing to the prevention of cardiovascular diseases linked to high blood pressure and cholesterol levels.
This market witnessing a surge in demand as consumers seek convenient and nutritious alternatives amidst their busy lifestyles. With the rise of the e-commerce sector, consumers can easily access a variety of options, including protein bars, liquids, soups, and ready-to-drink options. These products offer nutritional quality and cater to various dietary needs, providing essential protein, fiber, and low glycemic response for sustained energy levels. As concerns over obesity, high blood pressure, and cardiovascular diseases grow, there's a shift towards healthier choices, promoting consumer awareness and healthy living lifestyles. Whether for sports and workout activities or as a solution during the outbreak of deadly viruses, meal replacements offer taste satisfaction and convenience without compromising on health.
The 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.
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 forecasting, 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 market growth and trends 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
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