The global Meals Replacement Product Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global meal replacement products market size is projected to touch USD 25.02 billion by the end of 2025, according to a new report released by Million Insights. It is estimated to grow at a CAGR of 6.5% over the forecast period. The market growth is attributed to growing health-conscious customers and increasing prevalence of diseases such as high blood pressure, obesity and diabetes. Customers are also demanding weight management products resulting in augmenting the demand for the product.
Key Players:
- Soylant
- Abbott Nutrition
- Unilever
- Nestle
- Herbalife
- SlimFast
- Wild Oats Markets
- Blue Diamond Growers
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Growth Drivers:
The growth of the working-class population and their hectic work schedules have resulted in surging the demand for high-quality and healthy food items. Ready-to-eat products contain the right amount of fats, vitamins, and other nutrients, and require less cooking time. These products are preferred by customers leading a sedentary lifestyle having no time for a balanced meal. Further, the clean label moment has encouraged manufacturers to use only a few ingredients in these products that are accepted by customers as wholesome ingredients. This is projected to accelerate the demand for organic and natural meal replacement products.
Products Outlook:
- Powder
- Ready-to-Drink
- Protein Bar
Distribution Channel Outlook:
- Offline
- Online
The meal replacement products market is driven by offline distribution channels as manufacturers have a wide network of offline channels globally for promoting their sales. Manufacturers can select their preferred shelf space to keep their products in various supermarkets and retail outlets. This factor is projected to support the growth of the segment in the upcoming years. The gym owner is also selling these products in their gyms which are projected to boost the offline sales of the meal replacement food product.
The penetration of e-commerce retail offers convenience to manufactures to expand their reach to a larger consumer base at a minimal cost. The growth of online sales is attributed to various blogs and virtual word-of-mouth. Moreover, manufacturers are focusing on developing their own websites and partnering with various e-commerce retailers to proliferate online sales. The adoption of various digital marketing tools like web advertisements, search engine optimization, email marketing, and others by leading players is affecting the purchase decision of customers. This factor is projected to fuel the online sales of the product over the forecast period.
Regional Outlook:
In 2018, North America held the largest share of more than 45%. The U.S. is the leading regional market due to the growing prevalence of diabetes, high blood pressure, obesity, and cardiovascular diseases in customers. However, the Food and Drug Association (FDA) classified meal replacement food products into dietary use foods. Manufacturers are adhering to various regulations passed by the Food and Drug Association (FDA).
Asia Pacific is anticipated to ascend with a CAGR of 8.3% over the forecast period. Factors such as increasing population, growing health awareness, e-commerce growth, and increasing urbanization are projected to supplement the growth in emerging nations such as India and China. Leading players are inclined towards the use of various digital market strategies to reach the untapped markets.
The growing popularity of meal replacement food products in various European nations is contributing to market growth. Regions in CSA and MEA are projected to register growing sales of these products due to the entry of leading players in the regional market.
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