Global Meal Replacement Products Market Grows Steadily at a CAGR of 8.26%

Introduction

A pre-packaged, calorie-restricted food item known as a meal replacement product serves as a stand-in for a whole-food meal. The most popular forms of meal replacement items on the market include ready-to-eat foods, shakes, bars, and powders. They are full of vital vitamins, minerals, lipids, proteins, fiber, and complex carbs that help to replace poor or high-calorie meals and stifle subsequent food cravings.

Market Dynamics

Rising Demand for Convenient and Small-Portion Meal Drives the Global Market

According to the United States Department of Agriculture data, Americans spend more than half their food budget on quick and easy meals (USDA). Demand for protein bars, energy bars, and shakes drives the market under research. The convenient, practical, and frequently superior nutrition bars offer an instant lunch or a quick on-the-go solution. As a result, these are quickly gaining popularity, particularly with the working class, youth, inhabitants of hostels, and bachelors. The need for on-the-go sustenance has increased due to people's poor eating habits caused by their hectic schedules. Meal replacement shakes and nutrition bars are practical and efficient weight loss techniques for persons with diabetes who are overweight or obese.

Growing Demand for Convenient and Small-portion Food Creates Tremendous Opportunities

The industry being investigated is fueled by the rise in demand for protein bars, energy bars, and smoothies. Nutrition bars provide a portable, practical, and frequently healthier option for a quick meal or rapid consumption. Another factor influencing the market is the accessibility of different varieties and flavors. As a result, these bars are rapidly gaining popularity, especially among the working class, young people, hostel residents, and bachelors.

Regional Analysis

Asia-Pacific is the most significant shareholder in the global meal replacement products market and is expected to grow at a CAGR of 9.92% during the forecast period. In emerging countries like China, the food industry is developing quite swiftly. International players are entering the country and expanding their presence to raise revenues and market shares. With improving living standards, China's food consumption patterns have significantly changed. The weight management trend has raised the demand for meal replacement bars and powders, making China the Asia-Pacific region's most extensive product market. Due to their hectic schedules, young people make up the majority of the working population of the nation. They account for a sizeable percentage of the meal replacement market in India. Indian consumers are becoming increasingly accustomed to eating meal substitutes like RTD beverages or portable nutrition bars.

North America is expected to grow at a CAGR of 9.92%, generating USD 9,860.51 million during the forecast period. Most Americans prefer nutritional bars and ready-to-drink products without eating a meal. Additionally, the versatility and portability of meal replacement products like drinks appeal to consumers. Soylent, a well-known meal replacement maker in the United States, debuted a strawberry four-pack beverage to give customers new items and promote brand connection. The drinks produced by the Soylent corporation were forbidden by the Canadian Food Inspection Agency (CFIA) because they did not meet the requirements for meal replacement products. By all current legislation, Soylent reintroduced its meal replacement products in 2019, including drinks and powder. Due to their intense control and scrutiny, customers are more likely to buy these products.

Youth obesity is increasing in Germany, causing a surge in lifestyle diseases. These factors have increased the need for a replacement since more people in the nation emphasize activities that help them control their weight and lower their chance of contracting these diseases. The natural profile of formulations and associated label claims have significantly increased sales on the German market. The organic and vegan meal replacement beverages from Bertrand, a German company, contain high-quality proteins extracted from oats, rice, almonds, and walnuts. Additionally, it provides readily available vegetable calcium. Social media, lifestyle blogs, and active media like television have improved consumers' access to nutrition and health information in the UK. The leading businesses that control the British meal replacement market are Exante, XLS Nutrition, KeeDiet, SlimFast, Holland & Barrett, Huel, and Purition.

Key Highlights

• The global meal replacement products market was valued at USD 11,895.02 million in 2021. It is projected to reach USD 24,298.75 million by 2030, growing at a CAGR of 8.26% during the forecast period (2022-2030).
• Based on product type, the global meal replacement products market is bifurcated into ready-to-drink products, nutritional bars, powdered supplements, and other product types. The nutritional bars segment is the highest contributor to the market and is expected to grow at a CAGR of 8.05% during the forecast period.
• Based on the distribution channels, the global meal replacement products market is bifurcated into convenience stores, supermarkets/hypermarkets, specialty stores, online stores, and other distribution channels. The supermarkets/hypermarkets segment owns the highest market share and is expected to grow at a CAGR of 9.48% during the forecast period.
• Asia-Pacific is the most significant shareholder in the global meal replacement products market and is expected to grow at a CAGR of 9.92% during the forecast period.

Competitive Players

Competitive Players

The global meal replacement products market’s major key players are Abbott Laboratories, Amway Corp. (Alticor), Bob’s Red Mill Natural Foods, Herbalife Nutrition, Glanbia PLC, The Simply Good Foods Company, The Kellogg Company, Nestlé SA, The Kraft Heinz Company, Peeroton GmbH, Soylent Nutrition Inc.

Recent Developments

Market News

• In March 2022, Glanbia Nutritionals launched novel protein solutions for extruded snacks, cereals, and inclusions by drawing on decades of experience in protein and bar formulation.
• In September 2022, Entrepreneur-led health and wellness company Amway celebrated 20 years of the company’s XS™ Energy Drink and Sports Nutrition brand.

Segmentation

Global Meal Replacement Products Market: Segmentation

By Product Type

• Ready-to-drink Products
• Nutritional Bars
• Powdered Supplements
• Other Product Types

By Distribution Channel

• Convenience Stores
• Supermarkets/Hypermarkets
• Specialty Stores
• Online Stores
• Other Distribution Channels

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA