Meal Replacement Market Size Worth USD 23.6 Billion by 2025 | CAGR: 6.5%
Published Date : July 2019 | Report Code: AV321 | Report Format: PDF
The meal replacement market is expected to grow at CAGR of 6.5% to reach USD 23.6 billion by 2025.
Meal replacement products industry is quickly gaining ground across the globe owing to the changing in consumer lifestyles and hectic schedules. It is the right mixture of healthy carbohydrates, calories, fats, and protein. These products are catering to a specific group of consumer requirements. It is noted that meal replacement food is considered to be the best approach to healthy weight loss and to mimic the nutritional profile. The market is positively influenced by rising incidence of lifestyle disorders such as obesity, diabetes, and others; wherein these products act as the best alternative option for lack of regular meals. As per the International Diabetes Federation (IDF), around 425 million people (20-30 age) were living with diabetes condition and by 2045, this number is projected to rise by 629 million. Various articles suggest that meal replacement products are very beneficial among diabetic patient for weight loss. Such facts would in turn stimulate the product demand globally.
Moreover, the market is shifting towards diversify and mature business models, and entry of new players is opening up opportunities for products such as paleo, keto and vegan categories. As per the statistics by the Plant Based Foods Association (PFA), the demand for plant-based food products grew by over 20% during the year 2017-2018. However, high cost of such national foods will hamper the industry growth to some extent.
- Product wise, powered meal replacement segment accounted for the highest revenue share. Vega One All-In-One, Garden of Life Raw Organic Meal, Nature’s Bounty Complete Protein, Labrada Lean Body and Idealshake are some of commercially available products under this category
- Hypermarkets and supermarkets are one of the most visited distribution channel for meal replacement products purchase
- Regionally, developed countries recorded highest revenue share owing to the steep rise in obesity population coupled with growing product awareness. Key players are introducing healthy nutritional meal replacement foods with low in calories to attract new customers
- Asia Pacific regions is anticipated to grow with fastest growth rate due to the large population base, coupled with increasing investment by new key players
- Kellogg, Ultimate Superfoods, Amazing Grass, Healthy ‘N Fit International, Herbalife, Onnit Labs, GSK, Nestlé, Nutiva, Nouveau Dietetique, Nutrisystem, Abbott Nutrition and Glanbia are some of the key players profiled in this study
- It is noted that key players are constantly introducing new products to attract new customer base. For instance, Soylent introduced Soylent Squared series product, engineered with 5 grams of plant protein and 36 essential nutrients.
- Along with, company’s Soylent Bridge, Soylent Drinks and Soylent Powder products are gaining popularity among the end-users.
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The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCTS
- Edible Bars
- Powered Products
- Ready-to-Drink Products
MARKET, BY DISTRIBUTION CHANNEL
- Grocery Retailers
- Online Retailers
- Food Services
MARKET, BY REGION
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- The Middle East and Africa
- Latin America
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