Overview and Scope
The meal replacement is used as a substitute for solid foods that contain the required quantities of calories and nutrients for the body. Meal replacement refers to a protein- and nutrient-enriched product intended to replace a meal. These are available in powdered drink form or as ready-made drinks.
Sizing and Forecast
The meal replacement market size has grown strongly in recent years. It will grow from $17.27 billion in 2023 to $18.54 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to consumer shift towards convenience foods, retail expansion and availability, fitness and sports industry influence, innovations in ingredient formulations, weight management and fitness trends.
The meal replacement market size is expected to see strong growth in the next few years. It will grow to $25.74 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to shift in retail strategies, growth in health-conscious consumer base, innovation in ingredient formulations, expansion of functional meal replacements, rise in personalized nutrition solutions. Major trends in the forecast period include personalized nutrition solutions, convenience in busy lifestyles, innovation in formulations, health and weight management, rise in functional ingredients.
Order your report now for swift delivery, visit the link:
https://thebusinessresearchcompany.com/report/meal-replacement-global-market-report
Segmentation & Regional Insights
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, Hypermarkets and Supermarkets, Convenience Stores, Online, Other Distribution Channels
North America was the largest region in the meal replacement market in 2023. 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.
Intrigued to explore the contents? Secure your hands-on a free sample copy of the report:
https://www.thebusinessresearchcompany.com/sample_request?id=6445&type=smp
Major Driver Impacting Market Growth
The increasing prevalence of obesity and diabetes is expected to propel the growth of the meal replacement market going forward. Increasing diabetes is due to factors such as ethnicity, aging, and lifestyle. Meal replacement products are mostly used to treat diabetes by maintaining weight loss. However, as they are high in nutrients yet low in calories, they can also be used to treat obesity. For instance, In December 2021, according to the statistics published by International Diabetes Federation, a Belgium-based, non-profit diabetes association, 537 million adults (20-79 years) recorded living with diabetes, and 6.7 million people died of diabetes in 2021. However, by 2030, it is anticipated that there will be 643 million people worldwide will have diabetes. Therefore, the increasing prevalence of obesity and diabetes is driving the growth of the meal replacement market.
Key Industry Players
Major companies operating in the meal replacement market report are 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., Blue Diamond Growers Inc., Usana Health Sciences Inc., Oatly Group AB, Huel Limited, Garden of Life LLC, Quest Nutrition LLC, Orgain Inc., ThinkThin LLC, SlimFast Holdings Inc., Ripple Foods Inc., No Cow Inc., Bob’s Red Mill Natural Foods Inc., Soylent Nutrition Inc., RXBAR LLC, Perfect Bar LLC, NutriBullet LLC, Epic Provisions Inc., MealSquare LLC, Labrada Nutrition LLC, Dymatize Nutrition LLC
The meal replacement market report table of contents includes:
1. Executive Summary
2. Meal Replacement Market Characteristics
3. Meal Replacement Market Trends And Strategies
4. Meal Replacement Market – Macro Economic Scenario
5. Global Meal Replacement Market Size and Growth
.
.
.
31. Meal Replacement Market Other Major And Innovative Companies
32. Global Meal Replacement Market Competitive Benchmarking
33. Global Meal Replacement Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Meal Replacement Market
35. Meal Replacement Market Future Outlook and Potential Analysis
36.Appendix
Explore the trending research reports from TBRC:
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
