Meal Replacement Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Meal Replacement Market is Segmented By Product (Nutritional Bars, Ready to Drink Products, Others), By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Stores, Others), By Application (Physical Fitness, Weight Gain, Wound Healing, Weight Loss, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031 
 

Market Size

The Global Meal Replacement Market report analyzes the market size, current trends, competitive landscape, and future market outlook. The demand for meal replacement products is increasing due to the busy lifestyles of consumers, and the need for convenient and healthy on-the-go meals. The market is witnessing a surge in demand from the Asia-Pacific region. The competitive rivalry is intensifying with major players such as Nestle S.A., Herbalife Nutrition Ltd., and others actively operating in the market.

A meal replacement product is a pre-packaged and calorie-controlled food product that acts as a substitute for a whole-food meal. Ready-to-eat foods, shakes, bars, and powders are the common types of meal replacement products available in the market. Meal replacements are high protein content products and deliver more nutrition compared with regular meals to customers which benefits weight management. Meal replacement products comprise high calories coupled with protein, fiber, and other vital nutrients and minerals, which makes them suitable to replace the meal.

Market Scope

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Market Trends

the increasing population of health-conscious consumers

Increasing health awareness among consumers is one of the major factors that drive the growth of the global meal replacement market. Moreover, the increase in the number of working women and the hectic lifestyle of urban people are other factors that are encouraging the growth of the global meal replacement market. Furthermore, a rise in the health benefits associated with meal replacement including controlling sugar levels of blood, helping in weight gain and loss, increasing muscle growth, and supporting weight management are expected to fuel the growth of the global meal replacement market in the upcoming years. However, expensive products and health-related challenges such as digestive issues are expected to restrain the growth of the global replacement market. Nonetheless, millennial customers are more serious about the nutritional content of food products and food convenience is likely to propel the growth of the global meal replacement market.

Market Segmentation Analysis

Supermarkets and hypermarkets hold about XX% of the global market

By distribution channel, the supermarkets and hypermarkets segment dominates the global meal replacement market and is expected to be the dominating distribution channel segment. Hypermarkets and supermarkets are progressively utilizing blockchain technology for tracking product details including transportation modes, manufacturing location, and source. Blockchain technology is referred to as a data structure that keeps records of transactional and ensures transparency, decentralization, and security. Owing to growing consciousness regarding healthy eating, consumers are actively searching for food production methods and origins to know the complete food supply chain. This technology helps buyers to retrieve labeling information with their smartphones which provides the buyer with in-depth tracking of data that confirms food safety and quality.

Market Geographical Share

North America is the largest market for a meal replacements with a share of nearly XX% in global sales value in 2020

By geography, North America acquired the leading market share in 2020 and is estimated to be the dominating regional market within the projected year owing to the existence of the largest numbers of health-conscious people in the region and the growing prevalence of cardiovascular diseases, obesity, diabetes, and high cholesterol levels and high blood pressure among others. The U.S. is the largest contributor country for the North American market and the U.S. is the leading country across the globe for the meal replacement market. The Asia Pacific is estimated to exhibit the fastest growth within the projected years owing to the awareness about several nutritional dietary needs, growing population, and rapid urbanization in emerging economies such as India and China is likely to propel the growth of the global meal replacement market in the upcoming years.

Source: DataM Intelligence Analysis (2023)

Companies and Competitive Landscape

The global meal replacement market is highly competitive with the presence of many companies. Some of the major players in the market include Glanbia Plc, Nestle SA, The Kellogg Company, Amway Corp, and The Simply Good Foods Company among others. They have strengthened the market through their product offerings. Continuous innovation to introduce new products is the key competitive factor in the market. For instance, in January 2019, The Kraft Heinz Company announced that the company has done the acquisition of Primal Nutrition, LLC, makers of Primal Kitchen branded products. In 2020, Huel launched its new Huel Black Edition, a nutritious meal replacement shake from the brand that boasts 33% more protein than Huel Powder, as well as 50% fewer carbs and a formula that is naturally gluten-free and made without artificial sweeteners.

COVID-19 Impact on Meal Replacement Market Growth

The latest crisis of the epidemic of COVID-19 has had a considerable impact on the meal replacement market around the globe. The demand for meal replacement was lower during and after the pandemic situation due to several people losing their jobs and most of them are not affording expensive meal replacement food products. Most health-conscious people are choosing to eat homemade food to avoid the further spread of coronavirus and save money as meal replacement foods are more costly than normal homemade food. Manufacturing of meal replacement activities has been hampered in various countries due to the regulation imposed by various governments which impacted transport. The manufacturers of meal replacement are back to normal condition post lockdown situation. People are chosen to stay at home for a few months to control the further spread of corona and prefer to eat in-house food. Due to the strict regulation and guidelines imposed by various countries’ governments for shops and stores, most of the stores were closed for a few months. Some stores were open only for home delivery service. But the orders for meal replacement are lower during the pandemic. The rate of orders is increasing after the lockdown. Peoples become health conscious after the pandemic and seek healthy food to improve immunity. 

Why Purchase the Report?

• Understand the current market scenario and viability of global meal replacement over the forecast period 

• Visualize the composition of the global meal replacement market in terms of product type, distribution channel, and application to identify major players, growth potential, and market strategies

• Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period

• Understand the key business factors such as market competition, product pricing, new product developments, and patent filings about the market

What do we offer?

• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

• Excel data sheet with valuable data points of the global meal replacement market Regional and Country level segmentation

• Product mapping in excel for the key products of all major market players

• Market Share Analysis covering business revenues ($) and revenue share (%) of key market players

Target Audience

• Food and Beverage Manufacturers

• Foodservice Industry

• Food Retail Corporations

• Industry Investors/Investment Bankers

• Education & Research Institutes

• Research Professionals

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