Global Meal Replacement Products Market Size to Exceed USD 47.49 Billion By 2033 | CAGR of 8.18%
Category: Food & BeveragesGlobal Meal Replacement Products Market Size to Exceed USD 47.49 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Meal Replacement Products Market is Expected to Grow from USD 21.63 Billion in 2023 to USD 47.49 Billion by 2033, at a CAGR of 8.18% during the forecast period 2023-2033.
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Browse key industry insights spread across 280 pages with 100 Market data tables and figures & charts from the report on the " Global Meal Replacement Products Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Powder, Ready-to-Drink, Protein Bar), By Distribution Channel (Convenience Stores, Hypermarkets/Supermarkets, Specialty Stores, Online Retailers, Other Distribution Channels), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023-2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/meal-replacement-products-market
The meal replacement foods market is that portion of the food and beverage market that supplies products intended to replace one or more regular meals. The products are developed to supply the nutrients, such as proteins, carbohydrates, vitamins, minerals, and fiber, in a convenient and easy-to-digest form. Moreover, the hectic pace of contemporary life leaves most people unable to find the time to cook healthy meals. Meal replacement foods offer a time-saving and convenient option, enabling consumers to sustain their nutrition without the hassle of cooking or meal preparation. With the ongoing rise in fitness and weight management trends, meal replacement foods are gaining popularity as an ideal option for individuals who wish to manage their calorie intake while still obtaining the required nutrients. Most meal replacements are designed to aid in weight loss or muscle gain, with low-calorie and high-protein content. However, the market for meal replacements is increasingly crowded with many companies producing a range of products. With so many choices on the market, it can be hard for new or established companies to stand out or gain loyal customers. Shoppers can sometimes feel inundated with so many options and cannot figure out what products will best serve their needs. Greater competition and market segmentation may cause prices to plummet into price wars, narrower margins, and perhaps eroded brand allegiance, which may make it increasingly difficult for businesses to stay profitable and grow.
The powder segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period.
Based on the product type, the meal replacement products market is divided into powder, ready-to-drink, and protein bars. Among these, the powder segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to meal replacement powders tend to have a longer shelf life than RTD drinks, which need to be refrigerated or have a shorter expiration date. Powdered products can be kept in pantry conditions and are less likely to spoil, making them appealing to consumers who desire convenience and long-term storage.
The hypermarkets/supermarkets segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the distribution channel, the meal replacement products market is divided into convenience stores, hypermarkets/supermarkets, specialty stores, online retailers, and other distribution channels. Among these, the hypermarkets/supermarkets segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The segmental growth is due to hypermarkets and supermarkets habitually conducting sales, promotions, and loyalty programs, making meal replacement products a cheaper and more compelling option for cost-conscious customers. Multi-buy terms or bulk offers also spur more sales through the channels.
North America is expected to hold the majority share of the global meal replacement products market during the forecast period.
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North America is expected to hold the majority share of the global meal replacement products market during the forecast period. North America, particularly the United States and Canada, has a well-established health and wellness culture, which has driven the market for meal replacements. The consumers in this region are looking for convenient yet healthy options because of hectic lifestyles, and this has resulted in a high adoption of meal replacement products.
Asia Pacific is anticipated to grow at the fastest pace in the global meal replacement products market during the forecast period. The Asia-Pacific (APAC) region is experiencing massive urbanization, particularly in nations such as China, India, Japan, and South Korea, as increasing numbers of people seek employment in urban areas. Consequently, city residents lead increasingly hectic lifestyles, which fuels the need for quick meal solutions such as meal replacements.
Major vendors in the global meal replacement products market are Soylent, Abbott Nutrition, Unilever, Nestle, Herbalife, SlimFast, Wild Oats Markets, Blue Diamond Growers, General Mills, Glanbia, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In September 2024, Arla, Danish dairy major, launched a meal-replacement milk-based beverage range in Denmark. The range will be introduced in the Netherlands and England after the domestic launch.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the meal replacement products market based on the below-mentioned segments:
Global Meal Replacement Products Market, By Product Type
- Powder
- Ready-to-Drink
- Protein Bar
Global Meal Replacement Products Market, By Distribution Channel
- Convenience Stores
- Hypermarkets/Supermarkets
- Specialty Stores
- Online Retailers
- Other
Global Meal Replacement Products Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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