The meat replacement shakes market has grown significantly, rising from $5.20 billion in 2023 to $5.64 billion in 2024, reflecting a CAGR of 8.5%. This growth is driven by the fast pace of life, fitness trends, preference for preventive health management, busy lifestyles, and rising demand for nutritional products. The market is projected to grow to $7.93 billion by 2028 at a CAGR of 8.9%, supported by growing consumer awareness, sustainability concerns, an increasing working women population, demand for convenient small-portion diet food, and the rise of plant-based ingredients. Key trends include advances in biotechnology and data analytics, plant-based shakes, product innovation, vegan and gluten-free options, and the growth of technology and digital platforms.
Major Driver In The Meal Replacement Shakes Market
The meal replacement shakes market is projected to grow with the rising demand for plant-based foods. Plant-based foods are increasingly popular due to their health benefits and sustainability. Meal replacement shakes that are plant-based offer convenient, nutritious options. The Plant Based Foods Association reported 60% of US households purchased plant-based foods in 2023, maintaining the same level as 2022, with plant-based foods comprising 1.1% of total retail food and beverage sales. This rising demand for plant-based foods is driving the meal replacement shakes market.
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Meal Replacement Shakes Market Competitive Landscape
Abbott Laboratories, The Kellogg Company, Glanbia PLC, Herbalife Nutrition, Perrigo Company Plc, The Simply Good Foods Company, Organic Inc., Bob's Red Mill Natural Foods Inc., Ripple Foods, Idealshape LLC, Soylent Inc., Medisys Biotech Pvt Ltd., Fast&Up, Nouveau Medicament (P) Ltd., Saturo Food GmbH, HLTH Code, Elev8 Brands Inc., Marico Pvt Ltd., The Divine Foods, Damhert Nutrition
Key Meal Replacement Shakes Market Trend
Major companies in the meal replacement shake market are innovating with plant-based shakes to meet the rising demand for sustainable and health-conscious food options. For example, in February 2024, HLTH Code, a US-based meal replacement company, launched a plant-based shake suitable for vegans and vegetarians, designed to deliver 400 calories per serving while supporting metabolic health, weight management, and muscle growth.
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Meal Replacement Shakes Market Segmentation
The meal replacement shakes market covered in this report is segmented –
1) By Product Type : Ready-To-Drink Products, Powdered Products
2) By Form: Powder, Liquid
3) By Flavor: Vanilla, Chocolate, Mocha, Berries, Other Flavors
4) By Nature Meals: Organic, Conventional
5) By Distribution Channel: Direct Sales, Indirect Sales, Modern Trade, Convenience Stores, Independent Grocery Retailers, Specialty Food Stores, Online Retail, Other Retail Formats
By Geography:The regions covered in the meal replacement shakes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the meal replacement shakes market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Meal Replacement Shakes Global Market Report 2024 furnishes information about the global meal replacement shakes market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
