According to a market report, published by Sheer Analytics and Insights, 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 rising desire for prepackaged and portion-controlled food items, which are conveniently accessible in some formats such as shakes, liquids, powders, soups, protein bars, and shelf-stable or frozen meals, is what is fueling the expansion of the meal replacement market. Additionally, due to its quick adoption by health-conscious customers in developed countries from North America and Europe, meal replacement powder held the biggest market share. The general product demand is predicted to benefit from high consumer knowledge of the benefits of meal replacement products. The demand for meal replacement powder is anticipated to be driven in the coming years by its ease of handling and consumption. Due to the growing popularity of energy drinks, manufacturers are investing in the creation of ready-to-drink meal replacement products. Hence, these rising factors are estimated to accelerate market growth in the future.
Meal replacement products include calories in the range of 200 to 400 and are high in protein and fiber. Additionally having a high nutritional content, meal replacement shakes and bars are convenient and healthier dietary options. The market for meal replacement products is expected to develop throughout the assessment period since these goods contain the necessary nutrients. Moreover, consumers' hectic schedules and busy lifestyles, together with growing consumer desire for high-quality, wholesome, and delectable food products, are projected to fuel market demand. Consumers are increasingly adopting sedentary lifestyles and extended workdays, which is motivating them to seek out quick meals that can satisfy their appetites. These primary factors would boost the demand for meal replacement products.
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Furthermore, diabetes, obesity, and other health issues are becoming more prevalent among consumers. Therefore, many pick meal replacements that are high in nutrition to address these health issues. Fast-paced lifestyles choose organic meals as an alternative to meals. Demand for organic products as meal replacements is rising, which accelerates market expansion. If meals are too frequently substituted with drinks or proteins, people may suffer nutritional deficits. A recent development in the business is the use of organic food as a meal replacement due to its excellent nutritional content. Given the strong demand for alternatives and the lucrative development potential provided in the worldwide market by meal replacement products, numerous well-known food, and beverage firms have entered the nutritional food sector recently. Therefore, during the projected period, the market will experience more potential for growth due to these evolving variables.
On the other hand, as additional production procedures are needed to boost the product's nutritional value, a wholesome meal replacement costs more than a regular meal. It might prevent the market for meal replacements from expanding. But over time, people have begun to favor packaged and practical food substitutes more and more.
Some new developments in the global meal replacement market:
- On 16th November, 2022, Manufacturer of meal replacement bars Sans Meal Bar has teamed up with athletic wear brand Lululemon to release a unique, limited-edition flavor. Additionally, the Lululemon's Lemon Macadamia bar will be sold online and in-store at the company's experience café concept, Lululemon Fuel Space, which has locations in Boston, Chicago, Minneapolis, and Seattle.
- 10th November, 2022, To meet consumer demand for quick-to-prepare, wholesome meals, South Korean discount retailer Homeplus will combine its home meal replacement and meal kit product lines and introduce a new brand named Homeplus Signature Home Meal. The retailer also claims that the new brand will sell premium goods at affordable costs.
According to the study, key players dominating the global meal replacement market are 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 Has Been Segmented Into:
The Global Meal Replacement Market – by Products Type:
- Powder
- Ready-to-Drink
- Protein Bar
- Others
The Global Meal Replacement Market – by Distribution Type:
- Online
- Offline
- Others
The Global Meal Replacement Market – by Distribution Type:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The U.K.
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
- LAMEA
- Middle East
- Saudi Arabia
- UAE
- Others
- Latin America
- Brazil
- Chile
- Others
- Africa
- South Africa
- Egypt
- Other
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/meal-replacement-market-21
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