The global meal replacement products market size is expected to reach USD 25.02 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 6.5% during the forecast period. Rising demand for healthy and nutritious food is anticipated to fuel the growth. High prevalence of obesity, diabetes, and cardiovascular diseases among others is expected to drive consumer awareness regarding weight loss and weight management diets, which in turn, will prompt the use of meal replacement products.
Meal replacement powder accounted for largest market share owing to rapid adoption of by health conscious consumers in developed countries from North America and Europe. High consumer awareness regarding the advantages of meal replacement products is expected to bode well for the overall product demand. Ease of handling and consumption is expected drive the demand for meal replacement powder in the forthcoming years. The manufactures are investing in production of ready-to-drink meal replacement products owing to the rising popularity of energy drinks.
Offline distribution channel held the largest market share in 2018. Significant presence of some of the leading product manufacturers in countries such as U.S. and Germany is projected to fuel the demand for meal replacement products. Factors such as access to internet and promotional activities by leading manufacturers are expected to further drive the growth.
North America held the largest market share in 2018 due to high prevalence of obesity and associated disorders in U.S. Increasing hectic lifestyle is anticipated drive the demand for time-saving alternatives for regular meals, which in turn is projected to fuel the regional market. Strict regulations related to food nutrition are projected to drive the growth of the market in North America as well as Europe. Asia Pacific, on the other hand, is expected to witness the fastest growth over the forecast period due to increasing awareness regarding meal replacement products among millennials in countries such as China and India.
Key market players engage in business partnerships, mergers and acquisitions, and product innovation to capture greater market share. In April 2019, Soylent, one of the major manufacturers of meal replacement products signed an agreement with Walmart. Under this agreement, Soylent will roll out five of its ready-to-drink meal replacement drinks in 4,378 Walmart stores in U.S.
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Meal Replacement Products Market Report Highlights
- Protein bars segment is projected to ascend with a CAGR of 6.9% from 2019 to 2025
- Ready-to-drink segment is expected to register the fastest CAGR over the forecast period, due to rapid growth of the beverage industry
- Offline distribution channel held the largest market share of over 90% in 2018
- Major players operating in the meal replacement products market are Kellogg, Abbott Nutrition, Herbalife, and Unilever
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Meal Replacement Products Market Segmentation
Grand View Research has segmented the global meal replacement products market on the basis of product, distribution channel, and region:
Meal Replacement Products Outlook (Revenue, USD Million, 2015 – 2025)
- Protein Bar
Meal Replacement Products Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Meal Replacement Products Regional Outlook (Revenue, USD Million, 2015 – 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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