The global meal replacement market was valued at $11.1 billion in 2021 and it is expected to reach $33.6 billion at a CAGR of 10.1% between 2022 and 2032. The high prevalence of disorders including obesity, diabetes, and cardiovascular disease is predicted to increase consumer knowledge of diets for weight loss and weight control, which will then fuel demand. This element is anticipated to further fuel market expansion.
It is projected that an active lifestyle and the increased desire for enticing, premium, and healthy food products will propel market expansion. Additionally, it is anticipated that the market for ready-to-eat meal replacement products would be driven by long working hours and an increase in the number of people living sedentary lifestyles. These foods need very little preparation time and offer the ideal ratio of calories, fats, proteins, and other beneficial components. The clean label movement is also anticipated to increase consumer awareness of nutrition and ingredient disclosure, which will increase demand for natural and organic meal replacement meals.
Source: SAI Research
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One such behavior modification is the use of meal substitutes to satisfy nutritional needs. Meal replacements are alternatives to meals that provide a full spectrum of nutrients that are sufficient and balanced to meet daily nutritional needs. Additionally, it is anticipated that the availability of products with different nutrient combinations will be favorable for the demand. It is anticipated that the market would become more innovative due to the trend toward vegan meals. Major producers make plant-based meals to meet the rising demand for vegan options, such as Soylent.
Meal replacement products are a variety of food items with excellent nutritional properties, such as drinks, energy bars, soups, and powders. Meal replacement products are meant to take the place of meals with nutritious shakes or meals. To lose weight, people are concentrating on consuming fewer calories overall during meals. Consumers frequently like meal replacement goods like protein drinks, protein bars, and foods such as brown rice, oats, and sweet potatoes. These primary factors are expected to drive market growth during the forecast period from 2022 to 2032. One of the main factors influencing the market's growth is the worrisome rise in the prevalence of obesity and diabetes, together with increased consumer health consciousness. The market for various meal replacement products is also being fueled by rising consumer awareness of weight management.
Based on product type, the powder segment accounted for the largest share of this market. This segment is also expected to witness several growth opportunities in the future. It is projected that the easy accessibility and availability of a variety of powder tastes on the e-commerce platform, supermarkets, convenience stores, etc., will propel the industry's expansion. Customers are turning to meal replacement programs as an effective approach to losing weight as the prevalence of obesity rises. Therefore, weight control approaches using nutritional supplements are more effective than other methods. However, due to additional manufacturing processes employed to increase the nutritional value of the food, the price of a nutritional meal replacement is more than the price of a typical meal. The market may suffer as a result in the future.
In terms of distribution channels, the offline segment holds most of the market share. The selling of meal replacement products is mostly driven by offline channels due to a substantial offline distribution network of international manufacturers. To increase online sales, this is putting pressure on the manufacturers to build their websites and enter into agreements with significant e-commerce platforms. The market is growing because of the extensive offline distribution network. The makers choose where their goods should be displayed to draw customers' attention quickly.
Geographically, the North American region has witnessed a lot of growth opportunities over the past few years. Due to the large proportion of the population that is health-conscious and the rising prevalence of conditions including obesity, diabetes, cardiovascular illnesses, high blood pressure, and high cholesterol levels, among others, the U.S. drove the bulk of regional demand. Manufacturers and merchants are becoming more familiar with FDA language and regulations. Therefore, excellent meal-replacement goods and services can have an impact on the expansion of the market in this area. On the other hand, the Asia-Pacific region is also expected to become the second-largest market in the future. The rising health consciousness, busy and stressful lifestyles, high obesity prevalence rates, and the expanding trend of weight control are the elements driving the industry's expansion.
According to the study, key players such as Abbott Laboratories (U.S), Alticor Global Holding (U.S), Bob’s Red Mill (U.S), General Mills (U.S), Glanbia (Ireland), Huel (U.K), Kellog (India), Nutrisystem Inc (U.S), Nu Skin Enterprises (U.S), Nestle (Switzerland), SNC-Lavalin (Canada), Soylent (U.S), Unilever Plc (U.K), Usana Health Sciences (U.S), among others are leading the global meal replacement market.
|Market Size in 2021||US$ 11.1 Billion|
|Market Volume Projection by 2032||US$ 33.6 Billion|
|Forecast Period 2022 to 2032 CAGR||10.1%|
|Historical Data||2019, 2020 and 2021|
|Forecast Period||2022 to 2032|
By Products Type: Powder, Ready-to-Drink, Protein Bar & Others
By Distribution Type: Online, Offline & Others
North America, Europe, Asia-Pacific, LAMEA
|Companies covered||Abbott Laboratories (U.S), Alticor Global Holding (U.S), Bob’s Red Mill (U.S), General Mills (U.S), Glanbia (Ireland), Huel (U.K), Kellog (India), Nutrisystem Inc (U.S), Nu Skin Enterprises (U.S), Nestle (Switzerland), SNC-Lavalin (Canada), Soylent (U.S), Unilever Plc (U.K), Usana Health Sciences (U.S), among others|
The Global Meal Replacement Market – by Products Type:
The Global Meal Replacement Market – by Distribution Type:
The Global Meal Replacement Market – by Distribution Type:
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