According to the latest report by IMARC Group, titled "Meal Replacement Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global meal replacement products market size reached US$ 13.1 Billion in 2022. Meal replacement products (MRP) are pre-packaged and calorie-controlled food products that are consumed as a substitute for a whole-food meal. They contain essential nutrients, such as fats, fibers, vitamins, proteins, complex carbohydrates and minerals that help in replacing high-calorie meals or unhealthy and suppressing subsequent food cravings. These products are fortified with high fiber and protein and work as a substitute for solid food items. MRPs are available in various flavors and formulations to suit different tastes and dietary needs. They include a wide range of products, including drinks, energy bars, soups, and powders with high nutritional values. They are available in different flavors, such as vanilla, strawberry, chocolate, blueberry, and orange. As a result, they are regarded as a convenient alternative for a healthy and low-calorie meal.
Global Meal Replacement Products Market Trends:
The rising prevalence of lifestyle diseases among the masses is driving the global market. This can be attributed to unhealthy dietary patterns and the widespread consumption of junk food among individuals. Moreover, the increasing health consciousness and changing consumer lifestyle are propelling the demand for convenient, nutritious meal replacement products, thus catalyzing the market across the globe. Along with this, the growing demand for plant-based meal replacements is significantly supporting the demand as these products provide a convenient way to get a balanced meal without consuming animal products. Additionally, the increasing adoption of weight management and diet programs that include easy-to-prepare nutritional products is creating a positive market outlook. Besides, the wide adoption of meal replacements by athletes and fitness enthusiasts is augmenting the market as the products can provide a quick source of protein and carbohydrates to help rebuild muscles after a workout. Furthermore, several major companies are introducing organic meal replacement products that are healthier and can be consumed at any given time, further providing a boost to the market. Additionally, the development of plant-based meal replacement shakes that are free of gluten, artificial colors, sweeteners, and preservatives are gaining prominence among the masses. In line with this, several leading players are using modern technology to create personalized meal replacements based on a person's individual nutritional needs and preferences, thus impacting the market favorably. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 20.0 Billion by 2028, exhibiting a growth rate (CAGR) of 7.1% during 2023-2028.
- On the basis of the product type, the market has been divided into ready-to-drink products, edible bars, powdered products, and others.
- Based on the distribution channel, the market has been segmented into hypermarkets and supermarkets, convenience stores, specialty stores, online stores, and others.
- On the basis of the application, the market has been bifurcated into weight gain, weight loss, physical fitness, wound healing, and others.
- Based on the region, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Abbott Laboratories, Blue Diamond Global Ingredients Division, Bob's Red Mill Natural Foods, General Mills, Glanbia Plc, Healthy 'N Fit International Inc., Herbalife International of America Inc., Kellogg Company, Nestle SA, Nutrisystem Inc., Unilever Plc, Ksf Acquisition Corporation.
|Base Year of the Analysis
||Product Type, Distribution Channel, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Abbott Laboratories, Blue Diamond Global Ingredients Division, Bob's Red Mill Natural Foods, General Mills, Glanbia Plc, Healthy 'N Fit International Inc., Herbalife International of America Inc., Kellogg Company, Nestle SA, Nutrisystem Inc., Unilever Plc and Ksf Acquisition Corporation
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