Meal Replacement Products Market – Global Industry Analysis and Forecast (2023-2029)

Meal Replacement Products Market size was valued at US$ 12.7 Bn. in 2022 and the total revenue is expected to grow at 8.10% through 2023 to 2029, reaching nearly US$ 22.07 Bn.
Global Meal Replacement Products Market Overview:
Meal replacement bars are often created from a combination of carbs, protein, and fat. It should really be held to a higher standard than protein and energy bars. Meal bars are more like a snack to fill in the gaps; they're designed to be a complete meal. They can be used as a high-calorie performance fuel, compact trail food, or a quick lunch when time is limited. On the package of meal-replacement products, there is labelling information that helps the consumer comprehend the nutritional benefits. Additional Indian fragrances, herbs, and condiments are added to Meal-Replacement Products for an authentic texture and flavor.



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Meal Replacement Products Market Dynamics:
A prominent element driving the growth of the meal replacement kits market in India is a growing awareness among Indian consumers about food quality, nutrition, and health issues. As per a study, 50% of all Indian individuals in the 25-34 age range and 60% of those in the 35-44 age range make intentional efforts to eat healthy in 2022. Furthermore, the COVID-19 epidemic has raised public awareness about the importance of leading a sustainable diet and eating better. Meal replacement products are in high demand in the post-pandemic world because they are high in micronutrients like vitamins and minerals, which help to enhance metabolism and improve blood circulation.

The consumers’ changing lifestyles and easy access to nutritious food due to the development of different distribution channels will drive the demand for meal-replacement products in India. Furthermore, the debut of brand awareness by key competitors will increase market growth. Customers who may have allergies to certain components or who are obese can find meal replacement items that are tailored to their needs. For example, Keva Kaipo Industries Pvt Ltd launched the Keva Meal Replacement Powder, which is accessible in mango flavour and was designed exclusively for the Indian market to deliver great nutrition within a predetermined quantity of calories.

The high expense of meal replacement products, on the other hand, is likely to be a key roadblock in the market. 70% of India's population is middle-class, and so cannot purchase the exorbitant prices connected with these products. GNC Holdings Ltd., for example, just announced a GNC Total Lean Shake 25 with 207 calories, 25 grammes of protein, and 8 grammes of fiber for Rs 2450, which is a lot of money for middle-class consumers to invest on such products compared to conventional meals.
Meal Replacement Products Market Segment Analysis:
Based on the Product, the global meal replacement products market is segmented into Powder, Ready to Drink, and Protein Bar. The powder segment held the largest market share of xx% in the global global meal replacement products market in 2022. Powder products' ease of preservation and fast-paced lifestyles are estimated to promote this segment's expansion. With the powder packages, the manufacturers also include a free glass shaker. The availability of a wide range of flavours is expected to attract more customers who are concerned with weight loss and maintaining a healthy life.

The Ready to Drink segment is expected to grow at a higher CAGR of 7.0% in the global meal replacement products market during the forecast period. The growing popularity of ready to drinks is estimated to stimulate demand for meal replacement drinks. Productivity growth for ready-to-drink foods is expanding as a result of innovative price, digital marketing, and celebrity endorsements. Furthermore, these items are readily available and come with a clear label that includes all nutritional information. Manufacturers also guarantee that their different flavors goods adhere to government-imposed food laws.

One of the lowest rated meal substitutes was the protein bar. Especially in comparison to powdered and ready-to-drink meals, these items are more costly. Protein bars is estimated to become popular on-the-go food options in the coming years due to a busy lifestyle and desire to share on luxury and convenience items.

Based on the Distribution Channel, the global  market is segmented into Online and Offline. The offline segment is expected to hold the largest market share of xx% in the global market by 2022 due to the reason that manufacturers have complete control over how and where their products are displayed in supermarkets. Meal replacement products are mostly sold through offline channels, thanks to a large offline distribution system of worldwide manufacturers.

Manufacturers are finding it tough to reach a larger audience at a lower cost because to the rise of e-commerce. To increase online sales, manufacturers are being pushed to build their own websites and form partnerships with large e-commerce portals. Furthermore, thanks to many fitness bloggers and vloggers, virtual word-of-mouth advertisement is on the rise. In the future, this is estimated to support online sales. Additionally, manufacturers are spending in online ads and digital marketing tactics in order to expand their consumer base and persuade people to buy their products. This seems to be likely to help meal replacement items sell more quickly through online distribution channels.
Meal Replacement Products Market Regional Insights:
North America dominates the global meal replacement bars market during the forecast period 2022-2029. Due to the existence of a majority of the wellbeing population and the rising rates of depression, diabetes, cardiovascular diseases, high blood pressure, and hyperlipidemia, among others, the United States generated the majority of market during the forecast period. Conversely, the Food and Drug Administration (FDA) does not classify such goods as meal replacements, instead classifying them as foods for children.

FDA standards and terminology are becoming more well-known among manufacturers and retailers. As a result, meal-replacement great products and services may have an influence on market growth. Asia Pacific is the expected to grow at a higher CAGR of 8.3% in the global meal replacement bars during the forecast period 2022-2029. Rural-urban migration, rising population, and increased awareness of diverse nutritious dietary requirements are predicted to stimulate growth in emerging countries such as Malaysia and India. Furthermore, rising e-commerce is expected to improve meal replacement brand awareness in these regions.

The objective of the report is to present a comprehensive analysis of the global Meal Replacement Products Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the global Meal Replacement Products Market dynamic, structure by analyzing the market segments and project the global Meal Replacement Products Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Meal Replacement Products Market make the report investor’s guide.
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Global Meal Replacement Products Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 12.7 Bn.


Forecast Period 2023 to 2029 CAGR:
8.10%
Market Size in 2029:
US $ 22.07 Bn.


 Segments Covered:
by Product
Powder
Ready to Drink
Protein Bar


by Distribution Channel
Online
Offline


by Source
Plant-based
Synthetic



By Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Meal Replacement Products Market Key Players
1. Abbott Nutrition
2. General Mills
3. Glanbia
4. GlaxoSmithKline
5. Herbalife
6. Kellogg
7. Nature`s Bounty
8. Nestle
9. Nutiva
10.Onnit Labs
11.Orgain
12.Simply Good Foods
13.SlimFast
14.ThinkThin, LLC
15.Ultimate Superfoods
Frequently Asked Questions:
1. Which region has the largest share in Global Meal Replacement Products Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Meal Replacement Products Market?
Ans: The Global Meal Replacement Products Market is expected to grow at a CAGR of 8.10% during forecast period 2023-2029.

3. What is scope of the Global Meal Replacement Products market report?
Ans: Global Meal Replacement Products Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Meal Replacement Products market?
Ans: The important key players in the Global Meal Replacement Products Market are – Abbott Nutrition, General Mills, Glanbia, GlaxoSmithKline, Herbalife, Kellogg, Nature`s Bounty, Nestle, Nutiva, Onnit Labs, Orgain, Simply Good Foods, SlimFast, ThinkThin, LLC, and Ultimate Superfoods.

5. What is the study period of this market?
Ans: The Global Meal Replacement Products Market is studied from 2022 to 2029.