Meal Replacement Market to Hit $20.52 billion by 2031, at a CAGR of 5.6%, says Coherent Market Insights
Market Dynamics:
The growth of the meal replacement market is attributed to growing health consciousness among consumers and rising prevalence of obesity. Consumers are increasingly opting for meal replacement products to manage their weight and stay fit. Moreover, busy lifestyles have led to increased demand for convenient nutritional food options that can substitute regular meals. Meal replacement products are easy to prepare and consume, providing better nutrition and weight management support.
Meal Replacement Market Report Coverage
Market Trends:
Rise in Demand for Plant-Based Meal Replacements: With rising awareness about environmental and health benefits of plant-based diet, demand for vegan and gluten-free meal replacement products is increasing significantly. Key players are focusing on launching new plant-based products developed from ingredients such as soy, wheat and peas to cater to the changing preferences.
Growing Popularity of Organic Meal Replacements: Consumers are increasingly opting for organic meal replacement products owing to rising health consciousness and concerns regarding effects of pesticides and chemicals on the body. To tap into this lucrative segment, companies are offering organic meal replacement shakes, powders and bars developed from organic vegetables, fruits and grains.
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Market Opportunities:
Powder meal replacements are gaining popularity among health conscious consumers owing to their versatility and easy storage. Being powder form, they can be easily mixed with water or milk and consumed. The powder form allows for longer shelf life and portability. Product innovation with various flavors and customized nutrients is also fueling the growth of powder meal replacements.
With rising internet and smartphone penetration, online platform is emerging as an important medium for purchasing meal replacements. The convenience of home delivery and easy accessibility on e-commerce websites especially against the backdrop of COVID-19 pandemic is driving more consumers to purchase meal replacements online. Manufacturers are also focusing on partnering with online retailers to increase their reach.
Key Market Takeaways:
The global meal replacement market is anticipated to witness a CAGR of 5.6% during the forecast period 2024-2031, owing to rising health consciousness among consumers and busy lifestyle.
On the basis of product, powder segment is expected to hold a dominant position, accounting for around 40% of market share in 2024 owing to longer shelf life and easy storage.
On the basis of distribution channel, offline segment is expected to dominate over the forecast period accounting for over 60% share in 2024 due to wider product availability. However, online segment is expected to witness higher growth during the period owing to rising e-commerce penetration.
On the basis of region, North America is expected to hold a dominant position over the forecast period, with around 35% share in 2024 due to higher health awareness.
Key players operating in the meal replacement market include Abbott Laboratories, Amway, Atkins, Blue Diamond Growers among others who are focusing on new product launches.
Recent Developments:
In November 2022, Levana Nourishment introduced a line of plant-based meal replacement shakes in vanilla bean, mixed berry, and cocoa-coffee varieties.
In March 2022, Southern Charm Nutrition opened its outlet in downtown Fairmont. The store will serve loaded tea and coffee bombs, as well as full meal replacement shakes. All their shakes have 17 to 24 g of protein, are under 270 calories, and are available in a wide range of flavors.
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Market Segmentation:
By Product Type:
By Distribution Channel:
By Region:
North America:
Latin America:
Europe:
Asia Pacific:
Middle East:
Africa:
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