Meal replacement market
Meal Replacement Market, By Product Type (Nutritional Bars, Powdered Products, Ready-to-drink Products, Other Product Types), By Distribution Channel (Convenience Stores, Hypermarkets/Supermarkets, Specialty Stores, Online Retailers, Other Distribution Channels), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)
- Mar 2024
- CMI6771
- 135 Pages
- Excel & Pdf
- Consumer Goods
Market Size and Trends
The Meal Replacement Market is estimated to be valued at USD 14.01 Bn in 2024 and is expected to reach USD 20.52 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.
Health Conscious Consumers
The growing health and wellness trend has been a major driver propelling the meal replacement market growth in recent years. With the increasing prevalence of obesity and lifestyle diseases, consumers are becoming more conscious about their health and nutritional intake. They want options that are convenient and ensure they are meeting their daily protein, vitamin, mineral and other nutrient requirements without compromising on taste. Meal replacements with balanced macros have emerged as a popular choice as they allow consumers to easily manage their calorie and nutrient consumption. Consumers no longer want to spend a lot of time in the kitchen and are more inclined towards quick, easy to prepare foods that also add health value. Meal replacements address this need perfectly as they are ready-to-eat or only require minimal preparation like adding milk or water. The inclusion of high quality proteins, fibers and other essential vitamins and minerals in meal replacements helps consumers feel full for longer and maintain satiety. This curbs unhealthy snacking and prevents overeating. It has been seen that regular consumption of meal replacements as part of a calorie-controlled diet results in effective and sustainable weight loss. The increased focus on wellness and demand for convenient nutritional solutions has prompted many consumers to incorporate meal replacements in their diet and lifestyle.
Market Concentration and Competitive Landscape
Rising number of dual income households and hectic schedules have left consumers with little time for proper home cooked meals. People are constantly on the go and prefer portable food and beverage options that do not compromise on taste or nutrition. Meal replacements have emerged as a great solution for time-starved consumers to get balanced nutrition on the fly. The easy, ready-to-consume formats of meal replacements like bars, shakes and snacks allow harried individuals to quickly refuel without much preparation effort. Busy professionals, students and millennial population have increased their uptake of these replacements as they fit perfectly well into their fast-paced routines. Changing work styles like remote working and flexible timings have further boosted the appeal of meal replacements. People may not have access to healthy dining options or time for cooked meals through the day. Meal replacements address this challenge with their compact, fully-packed formats. The variety available allows consumers to choose the types suitable for different times of the day- from hearty breakfasts and filling lunches to pre-and-post workout snacks.
One of the key challenges faced by the meal replacement market is changing consumer preferences. Younger consumers are more health-conscious and prefer fresh, homemade meals over packaged replacements. This has led to a decline in demand for traditional meal replacement bars and shakes. Additionally, another challenge is intense competition in the healthy food category. Established players experience pricing pressure from private label brands and new startups promoting natural or organic products. Retaining customers and introducing innovative products is difficult given the abundant choice.
Market Opportunities: The growing trend towards grab-and-go, nutritious meals
The growing trend towards grab-and-go, nutritious meals provides a strong foundation. There is demand for portable, easy to consume options suited for busy lifestyles. Further, increasing obesity and chronic diseases are driving the need for portion-controlled, low-calorie diets.
In terms of Product Type, Powdered Products contributes the 45.6% share of the market owing to their convenience and versatility. Powdered meal replacements offer users an easy way to consume nutritious meals anywhere, without refrigeration or special facilities for preparation. The ability to simply mix powdered products with water makes them ideal for busy lifestyles where prepping meals is difficult. Powdered meal replacements also give users flexibility in terms of portion control and customizing ingredients based on dietary needs and preferences. The micronutrients and macronutrients contained in powdered form can be easily adjusted. This helps address the specific nutrition requirements of different demographic segments like fitness enthusiasts, diet conscious individuals, and the elderly. Furthermore, powdered products have a longer shelf life than other types, reducing food wastage. Overall, the ease of use and adaptability of powdered meal replacements have made them the top choice for people seeking quick, healthy meals on the go. Growing strategic initiatives by the key players is expected to drive the segment growth. For instance in 2022, Max Protein Launched Tastiest Plant Protein Powder in India.
Insights, By Distribution Channel: A One-Stop Shopping Destination
Hypermarkets/supermarkets contribute the 41.2% share to the meal replacement market distribution channel due their ability to offer a one-stop shopping destination. These large retail outlets stock a wide variety of grocery and household items under one roof. For busy consumers, hypermarkets/supermarkets eliminate the need to visit multiple stores, saving valuable time. They also provide enhanced visibility and easy accessibility to meal replacement options amidst their diverse product lines. The massive shelf space allows supermarkets to stock popular meal replacement brands and flavors. Aggressive promotional activities, combo discounts and loyalty programs further encourage buyers. Many locations also offer nutritious prepared foods, so customers can quickly purchase both groceries as well as ready meals during their visits. The long business hours of hypermarkets/supermarkets also fit into most people's schedules. Their strategic community locations combined with convenient parking facilities and accessibility via public transport have created a habit of grocery shopping among local residents.
Regional Insights
The Asia Pacific region has emerged as the fastest growing market for meal replacements in recent times, primarily driven by countries like India, China, Japan and Australia. Rapid urbanization, busy lifestyles and increasing health awareness among younger consumers have boosted the popularity of meal replacement products in Asia Pacific. Moreover, the growing working women population also favors convenient meals that can be prepared in minutes. Asian countries like India have also seen sizable investments by global players to tap into this high potential market. Domestic companies are also introducing innovative offerings tailored to local tastes. For instance, Indian brands offer protein-rich meal replacement shakes and snacks flavored with spices preferred locally. The expanding middle-class in Asia Pacific presents an enormous customer base for meal replacements in the coming years. Similarly, free trade agreements are improving import and export opportunities within the region.
Market Report Scope
Meal Replacement Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 14.01 Bn |
Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
Forecast Period 2024 to 2031 CAGR: | 5.6% | 2031 Value Projection: | US$ 20.52 Bn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
Abbott Laboratories, Amway, Atkins, Blue Diamond Growers, General Mills, Glanbia Plc, Herbalife Nutrition, Huel, Kellogg Co., Nestle, Nu Skin Enterprises, Inc., Slimfast, Soylent, Unilever, Usana Health Sciences Inc., Wild Oats Markets., Zoic Pharmaceuticals, Laboratoire PYC, Bariatrix Europe, and Kisan Products |
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Growth Drivers: |
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Restraints & Challenges: |
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Key Developments
- In August 2023, Barebells Functional Foods LLC, a Sweden-based company that manufactures protein-filled snack bars, launched banana caramel soft protein bars in the U.S.
- In December 2022, Smart for Life Launched its Greens First Protein Bars
- In 2022, Nourish Organics launched its new and elevated Nutrition Bars 2.0 with new packaging
- In March 2022, Southern Charm Nutrition's recent establishment in downtown Fairmont. Offering a unique selection of loaded tea and coffee bombs, as well as full meal replacement shakes, the store provides a diverse range of options for patrons seeking both Flavor and nutrition. Notably, all their shakes contain 17 to 24 grams of protein, are under 270 calories, and come in an extensive array of flavors
- In November 2022, Levana Nourishment's launched new line of plant-based meal replacement shakes which includes vanilla bean, mixed berry, and cocoa-coffee flavors offers a diverse range of options
*Definition: The meal replacement market offers products that are designed to replace one or two daily meals. These meal replacement products typically come in powdered form contained in packets or bars that are high in protein and fiber and lower in sugars compared to regular meals. They aim to provide balanced nutrition to support weight management or general well-being. Popular meal replacement options include protein bars, meal replacement shakes, and high protein breakfast options that can be easily prepared or consumed on-the-go as a convenient alternative to traditional meal preparation.
Market Segmentation
- Product Type Insights (Revenue, USD Bn, 2019 - 2031)
- Nutritional Bars
- Powdered Products
- Ready-to-drink Products
- Other Product Types
- Distribution Channel Insights (Revenue, USD Bn, 2019 - 2031)
- Convenience Stores
- Hypermarkets/Supermarkets
- Specialty Stores
- Online Retailers
- Other Distribution Channels
- Regional Insights (Revenue, USD Bn, 2019 - 2031)
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa
- GCC Countries
- Israel
- Rest of Middle East & Africa
- North America
- Key Players Insights
- Abbott Laboratories
- Amway
- Atkins
- Blue Diamond Growers
- General Mills
- Glanbia Plc
- Herbalife Nutrition
- Huel
- Kellogg Co.
- Nestle
- Nu Skin Enterprises, Inc.
- Slimfast
- Soylent
- Unilever
- Usana Health Sciences Inc.
- Wild Oats Markets.
- Zoic Pharmaceuticals
- Laboratoire PYC
- Bariatrix Europe
- Kisan Products
Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By Distribution Channel
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- PEST Analysis
- PORTER’s Five Forces Analysis
- Market Opportunities
- Regulatory Scenario
- Key Developments
- Industry Trend
- Market Dynamics
- Global Meal Replacement Market - Impact of Coronavirus (COVID-19) Pandemic
- Overview
- Factors Affecting Global Meal Replacement Market – COVID-19
- Impact Analysis
- Global Meal Replacement Market, By Product Type, 2019-2031 (US$ Bn)
- Introduction
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Nutritional Bars
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Bn)
- Powdered Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Bn)
- Ready-to-drink Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Bn)
- Other Product Types
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Bn)
- Introduction
- Global Meal Replacement Market, By Distribution Channel, 2019-2031 (US$ Bn)
- Convenience Stores
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Bn)
- Hypermarkets/Supermarkets
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Bn)
- Specialty Stores
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Bn)
- Online Retailers
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Bn)
- Other Distribution Channels
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019 - 2031, (US$ Bn)
- Convenience Stores
- Global Meal Replacement Market, By Region, 2019-2031 (US$ Bn)
- Introduction
- Market Share Analysis, By Region, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2019 - 2031
- North America
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, By Country, 2019 - 2031
- Market Size and Forecast, By Product Type, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Distribution Channel, 2019- 2031 (US$ Bn)
- Countries
- U.S.
- Canada
- Latin America
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, By Country, 2019 - 2031
- Market Size and Forecast, By Product Type, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Distribution Channel, 2019- 2031 (US$ Bn)
- Countries
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, By Country, 2019 - 2031
- Market Size and Forecast, By Product, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Distribution Channel, 2019- 2031 (US$ Bn)
- Countries
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, By Country, 2019 - 2031
- Market Size and Forecast, By Product, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Distribution Channel, 2019- 2031 (US$ Bn)
- Countries
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Market Share Analysis, By Region/Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, By Region/Country, 2019 - 2031
- Market Size and Forecast, By Product, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Distribution Channel, 2019- 2031 (US$ Bn)
- Sub-Regions/Countries
- GCC Countries
- Israel
- Rest of Middle East & Africa
- Introduction
- Competitive Landscape
- Heat Map Analysis
- Market Share Analysis (3x3 Matrix)
- Company Profiles
- Kimberley-Clark Corporation
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Abbott Laboratories
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Amway
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Atkins
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Blue Diamond Growers
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- General Mills
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Glanbia Plc
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Herbalife Nutrition
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Huel
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Kellogg Co.
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Nestle
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Nu Skin Enterprises, Inc.
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Slimfast
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Soylent
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Unilever
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Usana Health Sciences Inc.
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Wild Oats Markets.
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Zoic Pharmaceuticals
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Laboratoire PYC
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Bariatrix Europe
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Kisan Products
- Company Overview
- Product Portfolio
- Recent Developments/Updates
- Kimberley-Clark Corporation
- Analyst Recommendation
- Wheel of Fortune
- Analyst View
- Coherent Opportunity Map
- Section
- References
- Research Methodology
- About Us and Sales Contact
* Browse 50 market data tables* and 40 figures* on “Global Meal Replacement Market” - forecast to 2031.
Market Segmentation
- Product Type:
- Nutritional Bars
- Powdered Products
- Ready-to-drink Products
- Other Product Types
- Distribution Channel:
- Convenience Stores
- Hypermarkets/Supermarkets
- Specialty Stores
- Online Retailers
- Other Distribution Channels
- Regional:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa