Meal Replacement Market Size, Share & Trends Analysis By Product Types, By Distribution Channel, Regional Outlook, Competitive Strategies and Segment Forecasts to 2030

Meal Replacement Market Size, Share & Trends Analysis By Product Types, By Distribution Channel, Regional Outlook, Competitive Strategies and Segment Forecasts to 2030

Global Meal Replacement Market is projected to be worth USD 19.8 billion by 2030

According to SPER Market Research, Meal Replacement Market estimated to reach USD 19.8 billion by 2030 with a CAGR of 5.8%. Due to increase in obesity, diabetes, and healthy eating habit give fire to the growth of meal replacement market.

Scope of the report:

Market size available for years
2019-2030

Base year considered

2021

Forecast period

2022-2030

Segments covered

By product type, Distribution channel, By Region

Geographies covered

North America, Europe, Asia Pacific, South America and Rest of the World

Companies Covered

Abbott Laboratories, Amway, Atkins, Glanbia, Herbalife Nutrition, Huel, Kellogg Co., Nestle, Skin Enterprises Inc., USANA Health Sciences Inc.

Drivers:Increasing prevalence of obesity and diabetes coupled with the increasing population of health-conscious consumers

The population of obese people is increasing globally, Obesity being one of the largest health problems developed countries to countries with all income levels. Obesity increases the risk of diabetes, cardiovascular mortality, dyslipidemia, and hypertension. Individuals are adopting meal replacement plans as an effective tool for weight loss.

Meal replacement weight management solutions are the long-term solution, as they help in losing more weight compared to other interventions.

The increasing awareness regarding healthy lifestyles is projected to drive the global meal replacement market. There is an increasing trend and adoption of a nutritious diet to replace regular meals with convenient and easy options such as meal replacements.

Restraints:High cost of meal replacement products

High costs of Meal replacements compared to the regular meal, which could act as a restraint for the growth of the market. Due to the high cost of research and development and customization there is high cost of meal replacement. With the increasing health concerns and changing lifestyles, consumers have shifted to meal replacement products to improve their overall health. Being less economic, Meal replacement products may restrict the market growth.

Opportunities:Growth of the meal replacement market from emerging economies

Countries such as India, Australia, and Japan are witnessing a rise in the development of lifestyle diseases such as cardiovascular diseases, type II diabetes, and osteoporosis. The emerging economies are witnessing a flow in spending for nutritious food, which is attributed to the growing awareness among consumers. The Asia Pacific region, South America has registered high growth rates for overweight and obesity. The regions with a rising prevalence of chronic diseases are anticipated to create opportunities for the meal replacement market players.

Challenges:Misinterpretation of protein shakes for meal replacement shakes

There exists a misinterpretation among masses regarding the protein shakes for meal replacement shakes. Protein shakes are designed for athletic performance, muscle gain and meal replacement shakes are designed for weight management, wound healing, and convalescence. The misunderstanding of protein shakes for meal replacement shakes is challenging for the meal replacement market players. The ambiguous understanding of meal replacement shakes and protein shakes impacts the growth of the meal replacement market.

Global Meal Replacement Market, By Product Type:

Based on Product Type, Global Meal Replacement Market is segmented as; Bars, Powder, ready to drink , other product types (cookies, soups, and smoothies)

Global Meal Replacement Market, By Distribution Channel:

Based on Distribution Channel, Global Meal Replacement Market is segmented as; Convenience stores, Hypermarkets & supermarkets, Offline, Online, Specialty stores, Other offline distribution channels (department stores, local shops, discount stores).

Global Meal Replacement Market, By Region:

Asia Pacific region dominates in meal replacement market, due to the increase the demand in health-conscious young population across countries such as China, Japan, Australia, and India. The rising consumption of on-the-go food products, changing dietary preferences, and increasing impact of western dietary patterns have led to the increased demand for meal replacement in most developing countries.