Meal Replacement Market Synopsis:
Meal Replacement Market Size Was Valued at USD 13 Billion in 2023, and is Projected to Reach USD 22.72 Billion by 2032, Growing at a CAGR of 6.4% From 2024-2032.
The meal replacement industry consists of products that are intended to serve as an alternative to conventional foods, and come in the form of a shake, bar, or powder. These products address different consumer needs, such as weight loss, convenience and supplementation, and come enriched with proteins, vitamins, minerals, and other nutritional values enough for the daily dietary needs.
The meal replacement consumption is experiencing considerable growth all over the world from customers, who started paying more attention to health and healthy diet, as well as from people who prefer purchasing less time-consuming meals. Population mobility, higher per capita incomes, time-starved consumer lifestyles and changing dietary habits are the dominant drivers of the market. Furthermore, due to the availability and flexibility of e-shopping and any kind of options these products have become easily available in the hand of various segmentation such as health conscious people, working class and geriatrics.
A key driver to market expansion is the increase in incidences of chronic life-threatening diseases that include obesity and diabetes that has increased the demand for rich nutrient foods. Major competitors are hence being more innovative in the production of new varied formulas, such as plant derivatives and allergens free. Other factors that are influencing the market include; The growing concern for sustainably sourced and clean-label products is also affecting the market with meals and savoury products used as a supplement to meals.
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Meal Replacement Market Trend Analysis:
Rise of Plant-Based Meal Replacements
- The shift towards a plant-based diet is rapidly transforming the meal replacement sector due to sustainability and ethical consumerism combined with increasing consumer focus on a vegan and flexitarian diet. Vegetarian or vegan meal replacement are popular in current and future consumers due to healthy and low carbon footprints, Non-allergic to lactose intensions or allergic consumers.
- Vegetarian and vegan markets are emerging as manufacturers are applying experiments with protein, such as pea protein, soy, quinoa and others, which are creating products with comparable nutritional values to the animal ones. This is so driven by increased concern in environmental conservation, and so coupled with the increased demand for healthy foods with little or no impacts to the environment.
Personalized Nutrition to Drive Market Growth
- The elements of innovation and segmentation for Meal Replacement, especially with relation to Personalized nutrition, is a major opportunity. Better technologies that are associated with understanding the habits and health needs of the customer provide companies with an opportunity to market profound and personalized meals replacement services. Ranging from age-specific products to condition-specific products, preparing nutrition adds value to a client and locks him/her to a product.
- However, pressures from new entrants and increasing competition are being accentuated by growth from partnerships with healthcare providers and the use of AI tools to recommend products.
Meal Replacement Market Segment Analysis:
Meal Replacement Market is Segmented on the basis of product type, Ingredient Type, end user, and Region
By Product Type, bars segment is expected to dominate the market during the forecast period
- Shakes, bars, powders and any other form of MRMs that cater for the necessity and requirement of different customers forms the market by product type of the meal replacements. Shakes are amongst the most favorite choices because of the convenience, easy to prepare, and variability to provide the correct nutritional requirements in liquid meals. The two are very popular among working people and athletes because of their convenience and fast energy fix. There are different types of shakes, with different tastes and combinations like plant based, high protein and low calories shakes to meet people’s specific needs.
- It also important to not that bars and powders also constitute a major market share. Bars are an on-the-go snack of great interest to people who require easily transportable and easily consumable meal substitutes. They are normally supplemented with protein, vitamin, and minerals, and this make them quite appealing to the active consumer. As for the powders, the advantages are in the option and the user can dissolve them with water, milk or any beverage depending on his/her choice. It may also be readily eaten in individual serving sizes and preferred by people focusing on their fitness while being relatively cheap. Other products include soups and RTD beverages to fit into these segments besides enhancing the growth of the market.
By Ingredient Type, Protein-Based segment expected to held the largest share
- There are adequate segments by ingredient type in the meal replacement industry, although it is dominated by protein. These meal replacements contain high protein volume; most of which stem from milk through whey protein, soy protein, pea protein, or even hemp protein. Lean protein based meal replacement products are widely consumed by people who are into regular exercising, athletes, body builders and those who want to gain muscle mass. They include all essential amino acids and aid fullness thus great for use in managing weight and recovering from workouts. There are also protein based products available in shake, bar and powder forms which gives the consumer a broad range of choice an how they use the product.
- Carbohydrate-based, fat and fibre based products meet different consumer functions. Carbohydrate products are developed to quickly supply energy which is why they are preferred by physical activities individuals and those with high energy requirements. They are then taken with other nutrient meals such as protein and fat nutrients to make a balanced meal replacement. Fat-based products contain healthier fat of fats, including omega-3 fatty acid and are for the consumers who observed ketogenic or low-carb diets. High fiber meal replacements containing dietary fiber support digestive health, and satiety, and thus ideal for consumers with weight management or digestive health concerns. Every kind of ingredient targets given consumer’s need, thus increasing the opportunities to attract any customer.
Meal Replacement Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period
- Following the market shares of meal replacement all around the globe in 2023, North America mainly captures a share of approximately 35% of the whole world. This leadership is attributed to the high level of consumers’ awareness of health and Health, Established Fitness industry and the changing Perception towards convenience among the urban dwellers.
- In addition to this, leading market players along with a strong distribution network especially through online channels facilitate the growth of the market in the region. The United States continues to be the largest consumer largely owing to enhanced product development and growing popularity of vegan diets.
Active Key Players in the Meal Replacement Market:
- Abbott Laboratories (USA)
- Amway (USA)
- Atkins Nutritionals (USA)
- Cambridge Weight Plan (UK)
- Glanbia PLC (Ireland)
- Herbalife Nutrition Ltd. (USA)
- Huel Ltd. (UK)
- Kellogg’s Company (USA)
- Nestlé S.A. (Switzerland)
- Nutrisystem Inc. (USA)
- Orgain Inc. (USA)
- Perfect Bar LLC (USA)
- Premier Nutrition Corporation (USA)
- SlimFast (USA)
- The Simply Good Foods Company (USA)
- Other Active Players
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Meal Replacement Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 13 Billion |
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Forecast Period 2024-32 CAGR: |
6.40% |
Market Size in 2032: |
USD 22.72 Billion |
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Segments Covered: |
By Product Type |
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By Ingredient Type |
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By End User |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Meal Replacement Market by Product Type
4.1 Meal Replacement Market Snapshot and Growth Engine
4.2 Meal Replacement Market Overview
4.3 Shakes
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.3.3 Key Market Trends, Growth Factors and Opportunities
4.3.4 Shakes: Geographic Segmentation Analysis
4.4 Bars
4.4.1 Introduction and Market Overview
4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.4.3 Key Market Trends, Growth Factors and Opportunities
4.4.4 Bars: Geographic Segmentation Analysis
4.5 Powders
4.5.1 Introduction and Market Overview
4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.5.3 Key Market Trends, Growth Factors and Opportunities
4.5.4 Powders: Geographic Segmentation Analysis
4.6 Others
4.6.1 Introduction and Market Overview
4.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.6.3 Key Market Trends, Growth Factors and Opportunities
4.6.4 Others: Geographic Segmentation Analysis
Chapter 5: Meal Replacement Market by Ingredient Type
5.1 Meal Replacement Market Snapshot and Growth Engine
5.2 Meal Replacement Market Overview
5.3 Protein-Based
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Protein-Based: Geographic Segmentation Analysis
5.4 Carbohydrate-Based
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 Carbohydrate-Based: Geographic Segmentation Analysis
5.5 Fat-Based
5.5.1 Introduction and Market Overview
5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.5.3 Key Market Trends, Growth Factors and Opportunities
5.5.4 Fat-Based: Geographic Segmentation Analysis
5.6 Fiber-Based
5.6.1 Introduction and Market Overview
5.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.6.3 Key Market Trends, Growth Factors and Opportunities
5.6.4 Fiber-Based: Geographic Segmentation Analysis
Chapter 6: Meal Replacement Market by End User
6.1 Meal Replacement Market Snapshot and Growth Engine
6.2 Meal Replacement Market Overview
6.3 Adults
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Adults: Geographic Segmentation Analysis
6.4 Children
6.4.1 Introduction and Market Overview
6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.4.3 Key Market Trends, Growth Factors and Opportunities
6.4.4 Children: Geographic Segmentation Analysis
6.5 Geriatric
6.5.1 Introduction and Market Overview
6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.5.3 Key Market Trends, Growth Factors and Opportunities
6.5.4 Geriatric: Geographic Segmentation Analysis
Chapter 7: Company Profiles and Competitive Analysis
7.1 Competitive Landscape
7.1.1 Competitive Benchmarking
7.1.2 Meal Replacement Market Share by Manufacturer (2023)
7.1.3 Industry BCG Matrix
7.1.4 Heat Map Analysis
7.1.5 Mergers and Acquisitions
7.2 ABBOTT LABORATORIES
7.2.1 Company Overview
7.2.2 Key Executives
7.2.3 Company Snapshot
7.2.4 Role of the Company in the Market
7.2.5 Sustainability and Social Responsibility
7.2.6 Operating Business Segments
7.2.7 Product Portfolio
7.2.8 Business Performance
7.2.9 Key Strategic Moves and Recent Developments
7.2.10 SWOT Analysis
7.3 AMWAY
7.4 ATKINS NUTRITIONALS
7.5 CAMBRIDGE WEIGHT PLAN
7.6 GLANBIA PLC
7.7 HERBALIFE NUTRITION LTD.
7.8 HUEL LTD.
7.9 KELLOGG’S COMPANY
7.10 NESTLÉ S.A.
7.11 NUTRISYSTEM INC.
7.12 ORGAIN INC.
7.13 PERFECT BAR LLC
7.14 PREMIER NUTRITION CORPORATION
7.15 SLIMFAST
7.16 THE SIMPLY GOOD FOODS COMPANY
7.17 OTHER ACTIVE PLAYERS
Chapter 8: Global Meal Replacement Market By Region
8.1 Overview
8.2. North America Meal Replacement Market
8.2.1 Key Market Trends, Growth Factors and Opportunities
8.2.2 Top Key Companies
8.2.3 Historic and Forecasted Market Size by Segments
8.2.4 Historic and Forecasted Market Size By Product Type
8.2.4.1 Shakes
8.2.4.2 Bars
8.2.4.3 Powders
8.2.4.4 Others
8.2.5 Historic and Forecasted Market Size By Ingredient Type
8.2.5.1 Protein-Based
8.2.5.2 Carbohydrate-Based
8.2.5.3 Fat-Based
8.2.5.4 Fiber-Based
8.2.6 Historic and Forecasted Market Size By End User
8.2.6.1 Adults
8.2.6.2 Children
8.2.6.3 Geriatric
8.2.7 Historic and Forecast Market Size by Country
8.2.7.1 US
8.2.7.2 Canada
8.2.7.3 Mexico
8.3. Eastern Europe Meal Replacement Market
8.3.1 Key Market Trends, Growth Factors and Opportunities
8.3.2 Top Key Companies
8.3.3 Historic and Forecasted Market Size by Segments
8.3.4 Historic and Forecasted Market Size By Product Type
8.3.4.1 Shakes
8.3.4.2 Bars
8.3.4.3 Powders
8.3.4.4 Others
8.3.5 Historic and Forecasted Market Size By Ingredient Type
8.3.5.1 Protein-Based
8.3.5.2 Carbohydrate-Based
8.3.5.3 Fat-Based
8.3.5.4 Fiber-Based
8.3.6 Historic and Forecasted Market Size By End User
8.3.6.1 Adults
8.3.6.2 Children
8.3.6.3 Geriatric
8.3.7 Historic and Forecast Market Size by Country
8.3.7.1 Bulgaria
8.3.7.2 The Czech Republic
8.3.7.3 Hungary
8.3.7.4 Poland
8.3.7.5 Romania
8.3.7.6 Rest of Eastern Europe
8.4. Western Europe Meal Replacement Market
8.4.1 Key Market Trends, Growth Factors and Opportunities
8.4.2 Top Key Companies
8.4.3 Historic and Forecasted Market Size by Segments
8.4.4 Historic and Forecasted Market Size By Product Type
8.4.4.1 Shakes
8.4.4.2 Bars
8.4.4.3 Powders
8.4.4.4 Others
8.4.5 Historic and Forecasted Market Size By Ingredient Type
8.4.5.1 Protein-Based
8.4.5.2 Carbohydrate-Based
8.4.5.3 Fat-Based
8.4.5.4 Fiber-Based
8.4.6 Historic and Forecasted Market Size By End User
8.4.6.1 Adults
8.4.6.2 Children
8.4.6.3 Geriatric
8.4.7 Historic and Forecast Market Size by Country
8.4.7.1 Germany
8.4.7.2 UK
8.4.7.3 France
8.4.7.4 Netherlands
8.4.7.5 Italy
8.4.7.6 Russia
8.4.7.7 Spain
8.4.7.8 Rest of Western Europe
8.5. Asia Pacific Meal Replacement Market
8.5.1 Key Market Trends, Growth Factors and Opportunities
8.5.2 Top Key Companies
8.5.3 Historic and Forecasted Market Size by Segments
8.5.4 Historic and Forecasted Market Size By Product Type
8.5.4.1 Shakes
8.5.4.2 Bars
8.5.4.3 Powders
8.5.4.4 Others
8.5.5 Historic and Forecasted Market Size By Ingredient Type
8.5.5.1 Protein-Based
8.5.5.2 Carbohydrate-Based
8.5.5.3 Fat-Based
8.5.5.4 Fiber-Based
8.5.6 Historic and Forecasted Market Size By End User
8.5.6.1 Adults
8.5.6.2 Children
8.5.6.3 Geriatric
8.5.7 Historic and Forecast Market Size by Country
8.5.7.1 China
8.5.7.2 India
8.5.7.3 Japan
8.5.7.4 South Korea
8.5.7.5 Malaysia
8.5.7.6 Thailand
8.5.7.7 Vietnam
8.5.7.8 The Philippines
8.5.7.9 Australia
8.5.7.10 New Zealand
8.5.7.11 Rest of APAC
8.6. Middle East & Africa Meal Replacement Market
8.6.1 Key Market Trends, Growth Factors and Opportunities
8.6.2 Top Key Companies
8.6.3 Historic and Forecasted Market Size by Segments
8.6.4 Historic and Forecasted Market Size By Product Type
8.6.4.1 Shakes
8.6.4.2 Bars
8.6.4.3 Powders
8.6.4.4 Others
8.6.5 Historic and Forecasted Market Size By Ingredient Type
8.6.5.1 Protein-Based
8.6.5.2 Carbohydrate-Based
8.6.5.3 Fat-Based
8.6.5.4 Fiber-Based
8.6.6 Historic and Forecasted Market Size By End User
8.6.6.1 Adults
8.6.6.2 Children
8.6.6.3 Geriatric
8.6.7 Historic and Forecast Market Size by Country
8.6.7.1 Turkey
8.6.7.2 Bahrain
8.6.7.3 Kuwait
8.6.7.4 Saudi Arabia
8.6.7.5 Qatar
8.6.7.6 UAE
8.6.7.7 Israel
8.6.7.8 South Africa
8.7. South America Meal Replacement Market
8.7.1 Key Market Trends, Growth Factors and Opportunities
8.7.2 Top Key Companies
8.7.3 Historic and Forecasted Market Size by Segments
8.7.4 Historic and Forecasted Market Size By Product Type
8.7.4.1 Shakes
8.7.4.2 Bars
8.7.4.3 Powders
8.7.4.4 Others
8.7.5 Historic and Forecasted Market Size By Ingredient Type
8.7.5.1 Protein-Based
8.7.5.2 Carbohydrate-Based
8.7.5.3 Fat-Based
8.7.5.4 Fiber-Based
8.7.6 Historic and Forecasted Market Size By End User
8.7.6.1 Adults
8.7.6.2 Children
8.7.6.3 Geriatric
8.7.7 Historic and Forecast Market Size by Country
8.7.7.1 Brazil
8.7.7.2 Argentina
8.7.7.3 Rest of SA
Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies
Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research
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Meal Replacement Market |
|||
|
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
|
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 13 Billion |
|
Forecast Period 2024-32 CAGR: |
6.40% |
Market Size in 2032: |
USD 22.72 Billion |
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Segments Covered: |
By Product Type |
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By Ingredient Type |
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By End User |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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