June 21, 2024
Meal Replacement Market

The Meal Replacement Market is Transforming Consumer Lifestyles by Convenience

The meal replacement market offers nutritionally balanced ready-to-drink shakes and powders as alternatives to traditional meals. These products provide essential vitamins, proteins, fibers, and minerals to support overall health and weight management. Busy modern lifestyles have increased the demand for convenient on-the-go options.

The Global Meal Replacement Market is estimated to be valued at US$ 14.01 Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the meal replacement market are Abbott Laboratories, Amway, Atkins, Blue Diamond Growers, General Mills, Glanbia Plc, Herbalife Nutrition, Huel, Kellogg Co., Nestle, Nu Skin Enterprises, Inc., Slimfast, Soylent, Unilever, Usana Health Sciences Inc., Wild Oats Markets., Zoic Pharmaceuticals, Laboratoire PYC, Bariatrix Europe, and Kisan Products. Key players are focusing on product innovation and expanding their online and retail distribution to meet the growing demand.

The increasing prevalence of obesity and related health issues has intensified the demand for weight management products. Meal Replacement Market Growth helps manage calorie and micro-nutrient intake to support weight loss goals. The convenient formats also encourage portion control and replacement of unhealthy habits.

The meal replacement market is witnessing significant global expansion driven by rising health awareness. Emerging economies are realizing the health benefits which is reflected in their increasing consumption. Companies are actively investing in these regions to tap into new customers and strengthen their geographic footprint.

Market Key Trends

One of the key trends in the meal replacement market is the increasing popularity of plant-based options. Customers are gravitating towards sustainable and vegan products made from ingredients like soy, nuts, and grains. Leading brands like Garden of Life, Vega, and Orgain have witnessed tremendous growth with their plant-based lines. This change is being driven by ethically-conscious younger consumers who want options aligned with their beliefs. Companies are extensively researching and developing innovative recipes to attract these environment-friendly customers.

Porter’s Analysis

Threat of new entrants: New players require significant initial investments for R&D, advertising, distribution networks etc. making entry difficult.

Bargaining power of buyers: Buyers have moderate bargaining power as there are many established brands to choose from.

Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials can be sourced easily from multiple suppliers.

Threat of new substitutes: Threat from substitutes is low as meal replacement offers convenience.

Competitive rivalry: Intense competition among existing competitors.

Geographical Regions

North America accounts for the largest share in terms of value due to rising health awareness, busy lifestyles and increased adoption of preventive healthcare. Asia Pacific is poised to grow at the fastest CAGR during the forecast period owing to high economic growth, rising middle class population and growing awareness about healthy lifestyles.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it