Meal Replacement Products Market ( Product - Powder, Ready-to-drink, Bars, and Other Product Types (Cookies, Soups, and Smoothies); Distribution Channel - Offline, Hypermarkets & Supermarkets, Convenience Stores, Specialty Stores, and Online): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

A recent report published by Infinium Global Research on the meal replacement products market provides in-depth analysis of segments and sub-segments in the global as well as regional meal replacement products market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional meal replacement products market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global meal replacement products market. According to the report, the global meal replacement products market is projected to grow at a CAGR of over 8% over the forecast period of 2022-2028.

Market Insight

The meal replacement products market was valued at USD 11 billion in 2022 and is expected to reach USD about 18 billion in 2028, with a CAGR of over 8% during the forecast period. A meal replacement may be a drink, bar, soup, etc. intended as a substitute for some solid food, usually with controlled quantities of calories and nutrients. Some drinks are available in powdered form or pre-mixed health shakes which will be cheaper than solid foods with identical health qualities. Increasing medically prescribed meals such as necessary vitamins and minerals will propel the growth. The worldwide meal replacement products market is anticipated to grow at a major compound annual rate (CAGR) during the forecast period. The high prevalence of obesity, diabetes, and cardiovascular diseases among others is predicted to propel consumer awareness regarding weight loss and weight management diets, which successively, will drive the demand. Meal replacement products contain 200 to 400 calories together with fiber, protein, and other essential nutrients, which makes them convenient and all-inclusive food options. These factors are anticipated to further enhance the market growth in the upcoming period.

An alarming increase in the prevalence of obesity and diabetes, along with rising health consciousness among consumers, is one of the key factors driving the expansion of the market. Furthermore, growing consumer awareness regarding weight management is additionally catalyzing the demand for various meal replacement products. Because of hectic lifestyles and busy schedules, consumers are increasingly utilized for weight management and diet programs that include easy-to-prepare nutritional products. This has provided a major boost to the demand for meal replacement products across the world. Additionally, various product innovations, like the introduction of plant-based and organic meal replacement shakes that are freed from gluten, artificial colors, sweeteners, and preservatives, are acting as another growth-inducing factor. Rising disposable incomes, rapid urbanization, aggressive promotional activities by manufacturers, and therefore the development of online retail channels are projected to drive the market further. However, the value of a nutritional meal replacement is more than the price of a standard meal because of additional processing techniques, which are accustomed to enhancing the nutritional value of the product. This is expected to restrain the market growth during the forecast period.

COVID-19 was an incomparable global public health emergency that has affected almost every industry and is projected to impact these various industry growths during the forecast period. During the Covid-19, pandemic people were compelled to stay in their homes. The governments of many countries in the world turned their focus to healthcare from other industries. The COVID-19 outbreak has hindered the growth of the meal replacement products market with continuous lockdowns and the subsequent economic slowdown across the world. The most significant near-term impact on meal replacement products was felt through supply chains. However, post-pandemic, as restrictions begin to ease, the market is expected to gain momentum during the forecast period. The outbreak of the COVID-19 pandemic has adversely impacted the overall value chain in this sector.

The North American region accounted for the biggest share, in terms of revenue. The U.S. is the fastest-growing market for meal replacement products. Local players introduced meal replacement products, like protein shakes, which are low in calories and healthy. Meal replacement products are emerging as a well-liked choice among consumers within the region. Moreover, market players specialize in introducing all-organic meal replacement shake to cater to the requirements of consumers. Moreover, the multi-purpose functionality and on-the-go convenience of meal replacement products, like drinks, are attracting consumers across North America. Additionally, the presence of stores suitable for convenient foods, which get pleasure from both planned and impulse purchases, puts forward an advantage that other snacks don't have.

Segment Covered

The report on the global meal replacement products market covers segments such as product, and distribution channel. On the basis of product, the sub-markets include powder, ready-to-drink, bars, and other product types (cookies, soups, and smoothies). On the basis of distribution channel, the sub-markets include offline, hypermarkets & supermarkets, convenience stores, specialty stores, and online.

Companies Profiled:

The report provides profiles of the companies in the market such as Abbott Laboratories, Glanbia, Amway, Herbalife Nutrition, Nestle, Atkins, Huel, Kellogg's Company, Upnourish, and Bob’s Red Mill Natural Foods.

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the meal replacement products market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.