What Factors Propelled The Growth Of The Meal Replacement Market In The Past?
The meal replacement market has seen considerable growth due to a variety of factors.
• In the past few years, the meal replacement market has seen robust growth. Projected to expand from $18.54 billion in 2024 to $19.91 billion in 2025, it will exhibit a compound annual growth rate (CAGR) of 7.4%.
The substantial growth during the historical period is due to factors such as consumer preference for convenience foods, retail growth and accessibility, influence of the fitness and sports industry, innovative ingredient formulations, and trends in weight management and fitness.
What is the Market Size Forecast for the Meal Replacement Market?
The meal replacement market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the meal replacement market anticipates a strong surge in its size, culminating to a value of $28.25 billion by 2029, advancing at a compound annual growth rate (CAGR) of 9.1%.
The projected growth during this period is due to changes in retail strategies, an increasing health-conscious demography, novel ingredient formulations, and the extension of functional meal replacements, coupled with the prevalence of personalized nutritional solutions. The period is also expected to see key trends such as personalized nutrition solutions, effortless options for hectic lifestyles, innovative concoctions, health and weight regulation, and the rise in functional ingredients.
What Key Factors and Trends are Driving the Growth of the Meal Replacement Market?
The escalation in the instances of obesity and diabetes is projected to spur the expansion of the meal replacement market. Primarily, aspects such as ethnicity, aging, and lifestyle contribute to the rise in diabetes. Meal replacement products play a significant role in the management of diabetes by aiding in weight loss. Despite their nutritional richness, they possess low calorific content, making them useful in treating obesity as well. For instance, the Office for Health Improvement & Disparities, which is a government department in the UK, reported that between March 2022 and March 2023, individuals receiving all eight advocated care processes for type 1 diabetes grew by 22%, and for type 2 diabetes rose by 21%. Moreover, the percentage accomplishing target HbA1c levels escalated to a record high of 37.9%, as disclosed by the National Diabetes Audit (NDA). Hence, the escalating prevalence of obesity and diabetes is fuelling the development of the meal replacement market.
What Are The Major Segments Within The Meal Replacement Market?
The meal replacement market covered in this report is segmented –
1) By Product: Powdered Products, Edible Bars, Ready-to-Drink, Other Products
2) By Application: Weight Gain, Weight Loss, Physical Fitness, Wound Healing, Other Applications
3) By Distribution Channel: Offline, Hyper markets and Super markets, Convenience Stores, Online, Other Distribution Channels
Subsegments:
1) By Powdered Products: Protein Powders, Nutritional Shake Mixes
2) By Edible Bars: Protein Bars, Meal Replacement Bars, Snack Bars
3) By Ready-to-Drink: Ready-to-Drink Shakes, Bottled Nutritional Drinks
4) By Other Products: Meal Replacement Soups, Functional Beverages, Snack Packs
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Which Trends Are Expected To Transform The Meal Replacement Market?
In their operations in the meal replacement market, leading companies are prioritizing innovative ideas, specifically in terms of flavour choices. They are introducing options like chocolate caramel and vanilla hazelnut to allure their customers, where flavours exist to stimulate the chemical senses, primarily taste and smell. An example of this is Arla Foods Group; this food company from Denmark introduced a collection of meal-replacement beverages in September 2024, called Protein Food to Go. These drinks provide 30 grams of protein in each serving, emerging as a significant protein source for those individuals seeking easy-to-access nutrition. This elevated level of protein is intended to sustain muscle structure and general health, thus addressing the demands of active individuals and those preferring meal replacements.
Who Are the Key Players in the Meal Replacement Market?
Major companies operating in the meal replacement market include:
• Nestlé S.A.
• Unilever PLC
• Abbott Laboratories Inc.
• GlaxoSmithKline plc
• The Kraft Heinz Company
• Atkins Nutritionals Inc.
• Kellogg Company
• General Mills Inc.
• Amway Corporation
• Glanbia plc
• Herbalife Nutrition Ltd.
• Nu Skin Enterprises Inc.
• Usana Health Sciences Inc.
• Huel Limited
• Garden of Life LLC
• Quest Nutrition LLC
• Orgain Inc.
• ThinkThin LLC
• SlimFast Holdings Inc.
• No Cow Inc.
• Soylent Nutrition Inc.
• RXBAR LLC
• Perfect Bar LLC
• MealSquare LLC
• Labrada Nutrition LLC
• Dymatize Nutrition LLC
What Is The Most Dominant Region In The Meal Replacement Market?
North America was the largest region in the meal replacement market in 2024. Asia-Pacific is expected to be the fastest-growing region in the meal replacement market share in the forecast period. The regions covered in the meal replacement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
