The latest report by IMARC Group, titled “Meal Replacement Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global meal replacement products market size reached a value of US$ 12.2 Billion in 2021. Meal replacement products refer to pre-packaged, calorie-controlled products that replace regular meals. They include a wide range of products such as drinks, energy bars, soups, and powders with high nutritional values. Meal replacement products are fortified with high fiber and protein and work as a substitute for solid food items. Nowadays, meal replacement products are available in different flavors such as vanilla, strawberry, chocolate, blueberry, and orange. In recent years, these products have gained popularity among the masses as a convenient alternative for a healthy and low-calorie meal.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Meal Replacement Products Market Trends:
The market is primarily driven by the growing prevalence of lifestyle diseases, such as obesity and diabetes, owing to unhealthy dietary patterns and consumption of junk food among individuals. Besides this, the rising health consciousness and changing consumer lifestyle of individuals are increasing the demand for convenient, nutritious meal replacement products. Along with this, the increasing adoption of weight management and diet programs that include easy-to-prepare nutritional products is escalating the product demand. Furthermore, several manufacturers are introducing organic meal replacement products that are healthier and can be consumed at any given time, thus facilitating the market growth. They are also developing plant-based meal replacement shakes free of gluten, artificial colors, sweeteners, and preservatives. Moreover, the rising entry of start-up companies through e-commerce is acting as another growth-inducing factor. Looking forward, the market value is expected to reach US$ 19.0 Billion by 2027, exhibiting a CAGR of 7.5% during the forecast period (2022-2027).
- Based on the product type, the market has been segmented into ready-to-drink products, edible bars, powdered products, and others.
- On the basis of the distribution channel, the market has been classified into hypermarkets and supermarkets, convenience stores, specialty stores, online stores, and others.
- The market has been categorized based on the application into weight gain, weight loss, physical fitness, wound healing, and others.
- Region-wise, the market has been divided 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 Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being 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, Nestlé SA, Nutrisystem Inc., Unilever Plc, and Ksf Acquisition Corporation.
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