Meal Replacement Products
PUBLISHED: 2024 ID: SMRC27738
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Meal Replacement Products

Meal Replacement Products Market Forecasts to 2030 - Global Analysis By Product Type (Powdered Meal Replacements, Ready-to-Drink (RTD) Meal Replacements, Bars, Snack Packs, Frozen Meals, Plant Protein Shakes, and Other Product Types), Distribution Channel, Target Audience, End User and By Geography

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4.9 (53 reviews)
Published: 2024 ID: SMRC27738

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Meal Replacement Products Market is accounted for $23.96 billion in 2024 and is expected to reach $42.92 billion by 2030 growing at a CAGR of 10.2% during the forecast period. The meal replacement products market encompasses a variety of food and beverage items designed to substitute one or two traditional meals. Convenient and simple to take, these products—which include shakes, bars, and powders—are designed to offer balanced nutrition. Their main clientele consists of health-conscious individuals who want to control their weight or enhance their general well-being. Busy lives, the need for quick, wholesome food options, and growing awareness of lifestyle-related health issues have all contributed to the market's growth. Meal replacement products are frequently promoted as useful instruments for managing diet and calorie intake.

According to the Centers for Disease Control and Prevention, 88 million Americans aged 18 or older have prediabetes. Thus, there is a high demand for health and nutrition screenings across the country.

Market Dynamics: 

Driver: 

Increasing health consciousness

Customers' increased health concern is causing a major shift in the market for meal replacement goods. More people are looking for meal replacement solutions that fit their health objectives as they realize how important nutrition and general well-being are. Furthermore, meal replacement products that satisfy particular dietary requirements—such as vegan, vegetarian, or gluten-free options—are gaining popularity among customers. Manufacturers are working to provide healthier and more enticing solutions to satisfy consumers' changing needs, and this increased health consciousness is fueling innovation and product development in the meal replacement sector.

Restraint:

Limited awareness in certain regions

A major barrier to the growth of the meal replacement products market is a lack of awareness in some locations, especially in rural and developing nations where conventional eating habits are more ingrained. The idea of meal replacements is new to many consumers, who may view them as inadequate or artificial alternatives to traditional meals. This lack of knowledge hinders the uptake of these goods since prospective consumers might not be aware of their convenience or nutritional advantages. Additionally, meal replacement products find it difficult to acquire popularity in these areas due to cultural preferences for whole foods and home-cooked meals, which slows market penetration.

Opportunity:

Globalization of diet trends

As health-conscious customers around the world embrace trendy nutritional practices like keto, veganism, and high-protein diets, the globalization of food trends is having a big impact on the market for meal replacement products. Meal replacement items that fit these tendencies are becoming more popular as people are exposed to a wider range of nutritional choices through social media, media, and international travel. Meal replacements are becoming increasingly acceptable to a larger audience as businesses innovate to offer goods that accommodate a range of global diet choices. The demand for meal replacements has increased as a result of this cross-border effect, particularly among fitness enthusiasts and those looking for quick, healthful solutions that fit into their diets.

Threat:

Concerns over nutritional value

Concerns over the nutritional value of meal replacement products pose a significant challenge in the market. Many consumers are skeptical about whether these products provide the same health benefits as whole, balanced meals. Some fear that meal replacements may lack essential nutrients, vitamins, and fiber, leading to potential deficiencies over time. Additionally, the presence of artificial ingredients, preservatives, or high sugar content in certain products further raises doubts about their long-term health impacts, limiting their adoption among health-conscious individuals.

Covid-19 Impact

The COVID-19 pandemic had a positive impact on the Meal Replacement Products Market, as lockdowns and restrictions on dining out led consumers to seek convenient and nutritious at-home meal options. Health concerns and a growing focus on wellness also boosted demand for meal replacements, as people looked for immune-supporting and weight management solutions. Additionally, the rise of e-commerce during the pandemic made it easier for consumers to purchase meal replacement products online, further accelerating market growth during the period.

The online retail segment is expected to be the largest during the forecast period

The online retail segment is estimated to be the largest, due to increasing consumer preference for convenience and ease of access. E-commerce platforms offer a wide variety of meal replacement options, allowing customers to compare products, read reviews, and make informed choices. The ability to shop from home, coupled with fast delivery options, enhances consumer satisfaction. Additionally, targeted digital marketing and subscription models for regular deliveries contribute to the rise of online sales, making meal replacements more accessible to a broader audience.

The weight management seekers segment is expected to have the highest CAGR during the forecast period

The weight management seekers segment is anticipated to witness the highest CAGR during the forecast period, as these products offer convenient, portion-controlled solutions for those aiming to lose or maintain weight. With rising obesity rates and increased health awareness, consumers are actively seeking effective ways to manage their calorie intake without sacrificing nutrition. Meal replacements, often low in calories but high in essential nutrients, appeal to this demographic. Additionally, the incorporation of protein and fiber in these products helps promote satiety, making them attractive choices for individuals focused on healthy eating habits and weight management.

Region with largest share:

Asia Pacific is expected to have the largest market share during the forecast period due to rapidly growing urban population and increasing disposable incomes, leading to higher demand for convenient meal solutions. Busy lifestyles and changing dietary patterns, particularly among millennials and health-conscious consumers; have heightened interest in ready-to-drink and on-the-go meal replacements. Furthermore, the rise of fitness culture and an emphasis on health and wellness fuel the market, with consumers seeking nutritious options that align with their active lifestyles and dietary preferences.

Region with highest CAGR:

North America is projected to witness the highest CAGR over the forecast period, owing to growing health-conscious population seeking convenient and nutritious meal solutions. Busy lifestyles and increased participation in fitness activities have led consumers to prefer ready-to-eat options that support weight management and active living. The rise of e-commerce facilitates easy access to various meal replacement products, while innovative formulations and flavours cater to diverse dietary needs. Additionally, endorsements from health professionals further encourage consumers to adopt meal replacements as part of their daily nutrition.

Key players in the market

Some of the key players profiled in the Meal Replacement Products Market include Abbott Laboratories, Amway, Kellogg Co., Nestle S.A., Atkins, Glanbia plc, Herbalife Nutrition, Usana Health Sciences Inc., Huel, NU Skin Enterprises, Inc., Blue Diamond Global Ingredients Division, Bob's Red Mill Natural Foods, General Mills, Healthy 'N Fit International Inc., Nutrisystem Inc., Unilever Plc, and Ksf Acquisition Corporation, etc.

Key Developments:

In October 2023, Kellogg Co. expanded the Kashi brand with new organic meal replacement bars made with whole grains and plant-based ingredients, catering to health-focused consumers.

In July 2023, Abbott Laboratories launched Pedialyte Hydration Drink a new flavors of Pedialyte designed for adults, focusing on hydration and electrolyte replenishment with appealing taste options.

In March 2023, Amway introduced new flavors of its Nutrilite Meal Replacement Shake, formulated with plant-based proteins and a blend of vitamins and minerals for balanced nutrition.

Product Types Covered:
• Powdered Meal Replacements
• Ready-to-Drink (RTD) Meal Replacements
• Bars
• Snack Packs
• Frozen Meals
• Plant Protein Shakes
• Other Product Types

Distribution Channels Covered:
• Supermarkets/Hypermarkets      
• Health and Wellness Stores      
• Online Retail       
• Pharmacies/Drugstores      
• Fitness Centers and Gyms    
  
Target Audience Covered:
• Weight Loss
• Muscle Gain
• General Nutrition
• Special Diets

End Users Covered:
• Health-Conscious Consumers
• Busy Professionals
• Athletes and Bodybuilders
• Weight Management Seekers
• Individuals with Dietary Restrictions
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary        
          
2 Preface         
 2.1 Abstract        
 2.2 Stake Holders       
 2.3 Research Scope       
 2.4 Research Methodology      
  2.4.1 Data Mining      
  2.4.2 Data Analysis      
  2.4.3 Data Validation      
  2.4.4 Research Approach      
 2.5 Research Sources       
  2.5.1 Primary Research Sources     
  2.5.2 Secondary Research Sources     
  2.5.3 Assumptions      
          
3 Market Trend Analysis       
 3.1 Introduction       
 3.2 Drivers        
 3.3 Restraints       
 3.4 Opportunities       
 3.5 Threats        
 3.6 Product Analysis       
 3.7 End User Analysis       
 3.8 Emerging Markets       
 3.9 Impact of Covid-19       
          
4 Porters Five Force Analysis       
 4.1 Bargaining power of suppliers      
 4.2 Bargaining power of buyers      
 4.3 Threat of substitutes      
 4.4 Threat of new entrants      
 4.5 Competitive rivalry       
          
5 Global Meal Replacement Products Market, By Product Type    
 5.1 Introduction       
 5.2 Powdered Meal Replacements     
 5.3 Ready-to-Drink (RTD) Meal Replacements    
 5.4 Bars        
 5.5 Snack Packs       
 5.6 Frozen Meals       
 5.7 Plant Protein Shakes      
 5.8 Other Product Types      
          
6 Global Meal Replacement Products Market, By Distribution Channel   
 6.1 Introduction       
 6.2 Supermarkets/Hypermarkets      
 6.3 Health and Wellness Stores      
 6.4 Online Retail       
 6.5 Pharmacies/Drugstores      
 6.6 Fitness Centers and Gyms      
          
7 Global Meal Replacement Products Market, By Target Audience   
 7.1 Introduction       
 7.2 Weight Loss       
 7.3 Muscle Gain       
 7.4 General Nutrition       
 7.5 Special Diets       
          
8 Global Meal Replacement Products Market, By End User    
 8.1 Introduction       
 8.2 Health-Conscious Consumers      
 8.3 Busy Professionals       
 8.4 Athletes and Bodybuilders      
 8.5 Weight Management Seekers      
 8.6 Individuals with Dietary Restrictions     
 8.7 Other End Users       
          
9 Global Meal Replacement Products Market, By Geography    
 9.1 Introduction       
 9.2 North America       
  9.2.1 US       
  9.2.2 Canada       
  9.2.3 Mexico       
 9.3 Europe        
  9.3.1 Germany       
  9.3.2 UK       
  9.3.3 Italy       
  9.3.4 France       
  9.3.5 Spain       
  9.3.6 Rest of Europe      
 9.4 Asia Pacific       
  9.4.1 Japan       
  9.4.2 China       
  9.4.3 India       
  9.4.4 Australia       
  9.4.5 New Zealand      
  9.4.6 South Korea      
  9.4.7 Rest of Asia Pacific      
 9.5 South America       
  9.5.1 Argentina      
  9.5.2 Brazil       
  9.5.3 Chile       
  9.5.4 Rest of South America     
 9.6 Middle East & Africa      
  9.6.1 Saudi Arabia      
  9.6.2 UAE       
  9.6.3 Qatar       
  9.6.4 South Africa      
  9.6.5 Rest of Middle East & Africa     
          
10 Key Developments        
 10.1 Agreements, Partnerships, Collaborations and Joint Ventures   
 10.2 Acquisitions & Mergers      
 10.3 New Product Launch      
 10.4 Expansions       
 10.5 Other Key Strategies      
          
11 Company Profiling        
 11.1 Abbott Laboratories       
 11.2 Amway        
 11.3 Kellogg Co.       
 11.4 Nestle S.A.       
 11.5 Atkins        
 11.6 Glanbia plc       
 11.7 Herbalife Nutrition       
 11.8 Usana Health Sciences Inc.      
 11.9 Huel        
 11.10 NU Skin Enterprises, Inc.      
 11.11 Blue Diamond Global Ingredients Division    
 11.12 Bob's Red Mill Natural Foods      
 11.13 General Mills       
 11.14 Healthy 'N Fit International Inc.     
 11.15 Nutrisystem Inc.       
 11.16 Unilever Plc       
 11.17 Ksf Acquisition Corporation, etc.     
          
List of Tables         
1 Global Meal Replacement Products Market Outlook, By Region (2022-2030) ($MN)  
2 Global Meal Replacement Products Market Outlook, By Product Type (2022-2030) ($MN) 
3 Global Meal Replacement Products Market Outlook, By Powdered Meal Replacements (2022-2030) ($MN)
4 Global Meal Replacement Products Market Outlook, By Ready-to-Drink (RTD) Meal Replacements (2022-2030) ($MN)
5 Global Meal Replacement Products Market Outlook, By Bars (2022-2030) ($MN)  
6 Global Meal Replacement Products Market Outlook, By Snack Packs (2022-2030) ($MN) 
7 Global Meal Replacement Products Market Outlook, By Frozen Meals (2022-2030) ($MN) 
8 Global Meal Replacement Products Market Outlook, By Plant Protein Shakes (2022-2030) ($MN)
9 Global Meal Replacement Products Market Outlook, By Other Product Types (2022-2030) ($MN)
10 Global Meal Replacement Products Market Outlook, By Distribution Channel (2022-2030) ($MN)
11 Global Meal Replacement Products Market Outlook, By Supermarkets/Hypermarkets (2022-2030) ($MN)
12 Global Meal Replacement Products Market Outlook, By Health and Wellness Stores (2022-2030) ($MN)
13 Global Meal Replacement Products Market Outlook, By Online Retail (2022-2030) ($MN) 
14 Global Meal Replacement Products Market Outlook, By Pharmacies/Drugstores (2022-2030) ($MN)
15 Global Meal Replacement Products Market Outlook, By Fitness Centers and Gyms (2022-2030) ($MN)
16 Global Meal Replacement Products Market Outlook, By Target Audience (2022-2030) ($MN) 
17 Global Meal Replacement Products Market Outlook, By Weight Loss (2022-2030) ($MN) 
18 Global Meal Replacement Products Market Outlook, By Muscle Gain (2022-2030) ($MN) 
19 Global Meal Replacement Products Market Outlook, By General Nutrition (2022-2030) ($MN) 
20 Global Meal Replacement Products Market Outlook, By Special Diets (2022-2030) ($MN) 
21 Global Meal Replacement Products Market Outlook, By End User (2022-2030) ($MN) 
22 Global Meal Replacement Products Market Outlook, By Health-Conscious Consumers (2022-2030) ($MN)
23 Global Meal Replacement Products Market Outlook, By Busy Professionals (2022-2030) ($MN)
24 Global Meal Replacement Products Market Outlook, By Athletes and Bodybuilders (2022-2030) ($MN)
25 Global Meal Replacement Products Market Outlook, By Weight Management Seekers (2022-2030) ($MN)
26 Global Meal Replacement Products Market Outlook, By Individuals with Dietary Restrictions (2022-2030) ($MN)
27 Global Meal Replacement Products Market Outlook, By Other End Users (2022-2030) ($MN) 
          
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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