Global Meal Replacement Shakes Market - Growth, Trends, and Forecasts (2022 - 2027)
The global meal replacement shakes market is projected to register a CAGR of 8.49% during the forecast period (2021- 2026).
Key HighlightsThe hectic lifestyles of consumers have led to disturbed food habits, owing to which, the demand for on-the-go nutrition has increased over the years. Meal replacement shakes are simple and effective weight loss tools for overweight or obese people, and thus, he demand is driven by the convenience it offers. These products have shown advantages over self-selective weight-loss diets. According to a survey conducted by Welch’s in 2017, about 92% of millennials reported having been replacing their meals with snacks or meal replacement shakes. The data depicts a growing consumer inclination toward short meals, portraying an increasing demand for healthier, better-for-you meal replacement products in the market.
North America Accounted for the Largest Market ShareThe North American region accounted for the largest share, in terms of revenue, in 2020. The United States is one of the leading markets for meal replacement shakes in the North American region. Local players introduced meal replacement shakes which are not only low in calories but also healthy. Thus, these products are emerging as a popular choice among consumers in the region. Moreover, market players are focusing on introducing all-organic meal replacement shakes, in order to cater to the needs of consumers. Moreover, the multi-purpose functionality and on-the-go convenience of meal replacement shakes are attracting consumers across North America.
Competitive LandscapeThe global meal replacement shakes market is highly competitive, with the top players accounting for a major market share. The manufacturers are increasing their investments in R&D, marketing, product innovation, and the expansion of their distribution channels, in order to maintain their positions in the market. Moreover, the global players, such as the Herbalife International of America, Inc. and Amway Corp. are focusing on leveraging the opportunities offered by the emerging segments, like sugar-free, vegan, gluten-free, soy-free, and non-GMO products.
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