Meal Replacement Market

Meal Replacement Market by Product Type (Ready-to-Drink, Bars, Powder), Distribution Channel (Offline and Online), and Region (North America, Europe, Asia Pacific, South America, and RoW) - Global Forecast to 2026

Report Code: FB 1201 Dec, 2021, by marketsandmarkets.com

[61 Pages Report] According to MarketsandMarkets, the global meal replacement market size is estimated to be valued at USD 11.9 billion in 2021 and is projected to reach USD 15.5 billion by 2026, recording a CAGR of 5.4% during the forecast period in terms of value. The meal replacement market has huge potential across developing regions such as Asia Pacific, South America, and Africa. The expansion of the operations of key industry participants across Asia Pacific has supported the region’s growth in the meal replacement market. Asia Pacific has a large population, with a rising number of millennials moving toward healthy eating, thereby proliferating the demand for meal replacement. Furthermore, the increasing trend of organic and plant-based meal replacement products, especially from North America and Europe, presents enormous growth opportunities to the market players.

Market Dynamics

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

The population of obese people is increasing globally and has tripled since 1975. Obesity being one of the largest health problems, has shifted from being the most common problem in developed countries to countries with all income levels. Owing to the rising cases of obesity, individuals are adopting meal replacement plans as an effective tool for weight loss. Obesity increases the risk of diabetes, cardiovascular mortality, dyslipidemia, and hypertension, among others. Meal replacement weight management solutions are suitable for the long-term as they help in losing more weight compared to other interventions.

Additionally, 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

Science and technology help people identify food that will help them manage their weight and overall health. Meal replacements involve significantly high costs, which could act as a restraint for the growth of the market. Compared to the regular meal, the cost of a nutritious meal replacement is higher owing to the involvement of additional manufacturing processes to improve the nutritional value of the product. The high cost of meal replacement is attributed to the high cost of research and development and customization. With the increasing health concerns and changing lifestyles, consumers have shifted to meal replacement products to improve their overall health. Meal replacement products being less economic might restrict the market growth.

Opportunities: Growth of the meal replacement market from emerging economies

The emerging economies are witnessing a surge in spending for nutritious food, which is attributed to the growing awareness among consumers. The growth of meal replacement across emerging geographies is also owing to the rising obesity rates, an increase in sedentary lifestyle, aging population, and increased interest in health and nutrition. Furthermore, countries such as India, Australia, and Japan are witnessing a rise in the development of lifestyle diseases such as cardiovascular diseases, type 2 diabetes, and osteoporosis. Additionally, countries in the Asia Pacific region have registered high growth rates for overweight and obesity. Similarly, obesity has become one of the rising health concerns across South America. In 2021, Brazil had approximately 15,733.6 thousand people with diabetes, which is expected to reach 23,223.6 thousand by 2045. These geographies with a rising prevalence of chronic diseases are anticipated to create opportunities for the meal replacement market players to expand their business across new markets.

Challenges: Misinterpretation of protein shakes for meal replacement shakes

Most people mistake protein shakes for meal replacement shakes. Protein shakes are designed for athletic performance and muscle gain. Whereas meal replacement shakes are designed for weight management, wound healing, and convalescence, among other applications. Protein shakes are meant for consumption before and after an intense workout, whereas meal replacement shakes are meant for replacing breakfast, or lunch, or dinner. Meal replacement shakes provide complete nutrition as of a meal, whereas protein shakes only fulfil the protein requirement of the person. The misunderstanding of protein shakes for meal replacement shakes is challenging for the meal replacement market players. The unclear understanding of meal replacement shakes and protein shakes hampers the sales and impacts the growth of the meal replacement market.

By product type, the powder segment is projected to account for the largest market share in the meal replacement market during the forecast period

The powder segment is estimated to dominate the meal replacement market, by product type, in 2021. The convenience and ease of consumption of meal replacement powders drive the market growth. Meal replacement powders are consumed in the form of shakes with the addition of water or low-calorie milk. The rapid adoption of meal replacement powder as a part of weight management will generate a positive market outlook in the coming years.

By distribution channel, the offline segment is projected to dominate the meal replacement market during the forecast period

By distribution channel, the offline segment is estimated to dominate the meal replacement market in 2021 and is anticipated to maintain its dominance throughout the forecast period. The large share of the offline distribution channel is attributed to the high distribution of meal replacement products through hypermarkets and supermarkets.

By region, Asia Pacific is projected to grow at the highest CAGR during the forecast period

The consumption of meal replacement is increasing in the Asia Pacific region due to the increase in the demand from the 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.

Key Market Players:

Key players in this market include Abbott Laboratories (US), Glanbia (Ireland), Amway (US), Herbalife Nutrition (US), Nestle (Switzerland), Atkins (US), Huel (UK), Kellogg Co. (US), Skin Enterprises Inc. (US) and USANA Health Sciences Inc. (US).

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Scope of the Report

Report Metric

Details

Market size estimation

2019–2026

Base year considered

2020

Forecast period considered

2021–2026

Units considered

Value (USD) and Volume (KT)

Segments covered

Product type, distribution channel, and region

Regions covered

North America, Europe, Asia Pacific, South America, and RoW

Companies studied

  • Abbott Laboratories (US)
  • Glanbia (Ireland)
  • Amway (US)
  • Herbalife Nutrition (US)
  • Nestle (Switzerland)
  • Atkins (US)
  • Huel (UK)
  • Kellogg Co. (US)
  • Skin Enterprises Inc. (US)
  • USANA Health Sciences Inc. (US)

This research report categorizes meal replacement market based on product type, distribution channel, and region.

By Product

  • Powder
  • Ready-to-drink
  • Bars
  • Other product types (cookies, soups, and smoothies)

By Distribution Channel

  • Offline
  • Hypermarkets & supermarkets
  • Convenience stores
  • Specialty stores
  • Other offline distribution channels (department stores, local shops, discount stores, among others
  • Online

By Region:

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Rest of the World (RoW)
    • Middle East
    • Africa

Frequently Asked Questions (FAQ):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 9)
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION
    1.3 STUDY SCOPE
           FIGURE 1 MEAL REPLACEMENT MARKET SEGMENTATION
           1.3.1 INCLUSIONS AND EXCLUSIONS
    1.4 PERIODIZATION CONSIDERED
    1.5 ASSUMPTIONS FOR THE STUDY
    1.6 LIMITATIONS AND RISK ASSESSMENT OF THE STUDY

2 EXECUTIVE SUMMARY (Page No. - 13)
    TABLE 1 MEAL REPLACEMENT MARKET SNAPSHOT, 2021 VS. 2026
    FIGURE 2 MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2021 VS. 2026 (USD MILLION)
    FIGURE 3 MEAL REPLACEMENT MARKET SIZE, BY DISTRIBUTION CHANNEL, 2021 VS. 2026 (USD MILLION)
    FIGURE 4 MEAL REPLACEMENT MARKET SHARE AND GROWTH RATE (VALUE), BY REGION, 2021

3 MARKET OVERVIEW (Page No. - 17)
    3.1 INTRODUCTION
    3.2 MARKET DYNAMICS
           FIGURE 5 MARKET DYNAMICS: MEAL REPLACEMENT MARKET
           3.2.1 DRIVERS
                    3.2.1.1 Increasing prevalence of obesity and diabetes coupled with the increasing population of health-conscious consumers
                    3.2.1.2 Changing consumer lifestyles and availability of convenient & nutritious meals in the form of meal replacement
           3.2.2 RESTRAINTS
                    3.2.2.1 High costs of meal replacement products
                    3.2.2.2 Presence of unwanted ingredients such as sugar and artificial flavors for taste enhancement
           3.2.3 OPPORTUNITIES
                    3.2.3.1 Emergence of plant-based and vegan meal replacement products
                    3.2.3.2 Growth of the meal replacement market from emerging economies
           3.2.4 CHALLENGES
                    3.2.4.1 Misinterpretation of protein shakes for meal replacement shakes
                    3.2.4.2 Regulatory Implications
                               TABLE 2 REGULATORY REQUIREMENTS FOR MEAL REPLACEMENT

4 MEAL REPLACEMENT MARKET, BY PRODUCT TYPE (Page No. - 22)
    FIGURE 6 MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2021 VS. 2026 (USD MILLION)
    TABLE 3 MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
    TABLE 4 MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (KT)
    4.1 POWDER
           TABLE 5 POWDER: MEAL REPLACEMENT MARKET SIZE, BY REGION, 2019–2026 (USD MILLION)
    4.2 READY-TO-DRINK
           TABLE 6 READY-TO-DRINK: MEAL REPLACEMENT MARKET SIZE, BY REGION, 2019–2026 (USD MILLION)
    4.3 BARS
           TABLE 7 BARS: MEAL REPLACEMENT MARKET SIZE, BY REGION, 2019–2026 (USD MILLION)
    4.4 OTHER PRODUCT TYPES
           TABLE 8 OTHER PRODUCT TYPES: MEAL REPLACEMENT MARKET SIZE, BY REGION, 2019–2026 (USD MILLION)

5 MEAL REPLACEMENT MARKET, BY DISTRIBUTION CHANNEL (Page No. - 26)
    FIGURE 7 MEAL REPLACEMENT MARKET SIZE, BY DISTRIBUTION CHANNEL, 2021 VS. 2026 (USD MILLION)
    TABLE 9 MEAL REPLACEMENT MARKET SIZE, BY DISTRIBUTION CHANNEL, 2019–2026 (USD MILLION)
    TABLE 10 MEAL REPLACEMENT MARKET SIZE, BY OFFLINE DISTRIBUTION CHANNEL, 2019–2026 (USD MILLION)
    5.1 OFFLINE
           TABLE 11 OFFLINE: MEAL REPLACEMENT MARKET SIZE, BY REGION, 2019–2026 (USD MILLION)
           5.1.1 HYPERMARKETS & SUPERMARKETS
                    TABLE 12 HYPERMARKETS & SUPERMARKETS: MEAL REPLACEMENT MARKET SIZE, BY REGION, 2019–2026 (USD MILLION)
           5.1.2 CONVENIENCE STORES
                    TABLE 13 CONVENIENCE STORES: MEAL REPLACEMENT MARKET SIZE, BY REGION, 2019–2026 (USD MILLION)
           5.1.3 SPECIALTY STORES
                    TABLE 14 SPECIALTY STORES: MEAL REPLACEMENT MARKET SIZE, BY REGION, 2019–2026 (USD MILLION)
           5.1.4 OTHER OFFLINE STORES
                    TABLE 15 OTHER OFFLINE STORES: MEAL REPLACEMENT MARKET SIZE, BY REGION, 2019–2026 (USD MILLION)
    5.2 ONLINE
           TABLE 16 ONLINE: MEAL REPLACEMENT MARKET SIZE, BY REGION, 2019–2026 (USD MILLION)

6 MEAL REPLACEMENT MARKET, BY REGION (Page No. - 31)
    6.1 INTRODUCTION
           FIGURE 8 REGIONAL SNAPSHOT: NEW HOTSPOTS TO EMERGE IN ASIA PACIFIC, 2021–2026
           TABLE 17 MEAL REPLACEMENT MARKET SIZE, BY REGION, 2019–2026 (USD MILLION)
           TABLE 18 MEAL REPLACEMENT MARKET SIZE, BY REGION, 2019–2026 (KT)
    6.2 NORTH AMERICA
           TABLE 19 FACTS ABOUT NUTRITION-RELATED HEALTH CONDITIONS IN THE US
           TABLE 20 NORTH AMERICA: MEAL REPLACEMENT MARKET SIZE, BY COUNTRY, 2019–2026 (USD MILLION)
           TABLE 21 NORTH AMERICA: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           TABLE 22 NORTH AMERICA: MEAL REPLACEMENT MARKET SIZE, BY DISTRIBUTION CHANNEL, 2019–2026 (USD MILLION)
           TABLE 23 NORTH AMERICA: MEAL REPLACEMENT MARKET SIZE, BY OFFLINE DISTRIBUTION CHANNEL, 2019–2026 (USD MILLION)
           6.2.1 US
                    TABLE 24 US: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           6.2.2 CANADA
                    TABLE 25 CANADA: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           6.2.3 MEXICO
                    TABLE 26 MEXICO: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
    6.3 EUROPE
           TABLE 27 EUROPE: MEAL REPLACEMENT MARKET SIZE, BY COUNTRY, 2019–2026 (USD MILLION)
           TABLE 28 EUROPE: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           TABLE 29 EUROPE: MEAL REPLACEMENT MARKET SIZE, BY DISTRIBUTION CHANNEL, 2019–2026 (USD MILLION)
           TABLE 30 EUROPE: MEAL REPLACEMENT MARKET SIZE, BY OFFLINE DISTRIBUTION CHANNEL, 2019–2026 (USD MILLION)
           6.3.1 UK
                    TABLE 31 UK: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           6.3.2 GERMANY
                    TABLE 32 GERMANY: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           6.3.3 ITALY
                    TABLE 33 ITALY: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           6.3.4 SPAIN
                    TABLE 34 SPAIN: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           6.3.5 FRANCE
                    TABLE 35 FRANCE: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           6.3.6 REST OF EUROPE
                    TABLE 36 REST OF EUROPE: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
    6.4 ASIA PACIFIC
           TABLE 37 PREVALENCE AND TOTAL NO. OF ADULT DIABETIC PATIENTS IN ASIA PACIFIC, 2020
           TABLE 38 ASIA PACIFIC: MEAL REPLACEMENT MARKET SIZE, BY COUNTRY, 2019–2026 (USD MILLION)
           TABLE 39 ASIA PACIFIC: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           TABLE 40 ASIA PACIFIC: MEAL REPLACEMENT MARKET SIZE, BY DISTRIBUTION CHANNEL, 2019–2026 (USD MILLION)
           TABLE 41 ASIA PACIFIC: MEAL REPLACEMENT MARKET SIZE, BY OFFLINE DISTRIBUTION CHANNEL, 2019–2026 (USD MILLION)
           6.4.1 CHINA
                    TABLE 42 CHINA: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           6.4.2 INDIA
                    TABLE 43 INDIA: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           6.4.3 JAPAN
                    TABLE 44 JAPAN: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           6.4.4 REST OF ASIA PACIFIC
                    TABLE 45 REST OF ASIA PACIFIC: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
    6.5 SOUTH AMERICA
           TABLE 46 SOUTH AMERICA: MEAL REPLACEMENT MARKET SIZE, BY COUNTRY, 2019–2026 (USD MILLION)
           TABLE 47 SOUTH AMERICA: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           TABLE 48 SOUTH AMERICA: MEAL REPLACEMENT MARKET SIZE, BY DISTRIBUTION CHANNEL, 2019–2026 (USD MILLION)
           TABLE 49 SOUTH AMERICA: MEAL REPLACEMENT MARKET SIZE, BY OFFLINE DISTRIBUTION CHANNEL, 2019–2026 (USD MILLION)
           6.5.1 BRAZIL
                    TABLE 50 BRAZIL: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           6.5.2 ARGENTINA
                    TABLE 51 ARGENTINA: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           6.5.3 REST OF SOUTH AMERICA
                    TABLE 52 REST OF SOUTH AMERICA: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
    6.6 REST OF THE WORLD
           TABLE 53 PREVALENCE AND TOTAL NO. OF ADULT DIABETIC PATIENTS IN THE MIDDLE EAST & AFRICA, 2020
           TABLE 54 REST OF THE WORLD: MEAL REPLACEMENT MARKET SIZE, BY REGION, 2019–2026 (USD MILLION)
           TABLE 55 REST OF THE WORLD: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           TABLE 56 REST OF THE WORLD: MEAL REPLACEMENT MARKET SIZE, BY DISTRIBUTION CHANNEL, 2019–2026 (USD MILLION)
           TABLE 57 REST OF THE WORLD: MEAL REPLACEMENT MARKET SIZE, BY OFFLINE DISTRIBUTION CHANNEL, 2019–2026 (USD MILLION)
           6.6.1 MIDDLE EAST
                    TABLE 58 MIDDLE EAST: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)
           6.6.2 AFRICA
                    TABLE 59 AFRICA: MEAL REPLACEMENT MARKET SIZE, BY PRODUCT TYPE, 2019–2026 (USD MILLION)

7 COMPETITIVE LANDSCAPE (Page No. - 54)
    7.1 OVERVIEW
    7.2 COMPANY EVALUATION QUADRANT (KEY PLAYERS)
           7.2.1 STARS
           7.2.2 PERVASIVE PLAYERS
           7.2.3 EMERGING LEADERS
           7.2.4 PARTICIPANTS
                    FIGURE 9 MEAL REPLACEMENT MARKET, COMPANY EVALUATION QUADRANT, 2020

8 COMPANY PROFILES (Page No. - 56)
    8.1 ABBOTT LABORATORIES
    8.2 AMWAY
    8.3 GLANBIA PLC
    8.4 HERBALIFE NUTRITION
    8.5 NESTLE
    8.6 USANA HEALTH SCIENCES INC.
    8.7 NU SKIN ENTERPRISES, INC.
    8.8 ATKINS
    8.9 KELLOGG CO.
    8.10 HUEL

After arriving at the overall market size from the estimation process described above, the total market was split into several segments. To complete the overall market engineering process and arrive at the exact statistics for all segments, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides. In addition, the market size was validated using both top-down and bottom-up approaches. It was then verified through primary interviews. Hence, three approaches were adopted—top-down approach, bottom-up approach, and the one involving expert interviews. Only when the values arrived at from the three points matches, the data is assumed to be correct.

Report Objectives

  • Determining and projecting the size of the meal replacement market, with respect to its product type, distribution channel, and regional markets, from 2021 to 2026
  • Identifying the attractive opportunities in the market by determining the largest and fastest-growing segments across regions
  • Providing detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • Analyzing the micro-markets, with respect to individual growth trends, prospects, and their contribution to the total market

Target Audience:

  • Processed food & beverage manufacturers
  • Government and research organizations
  • Meal replacement product manufacturers
  • Health food & beverage product manufacturers
  • Meal replacement product distributors
  • Marketing directors
  • Key executives from various key companies and organizations in meal replacement market

Available Customizations:

Based on the given market data, MarketsandMarkets offers customizations in the reports according to client-specific requirements. The available customization options are as follows:

Product Analysis

  • Product Matrix, which gives a detailed comparison of the product portfolio of each company

Geographic Analysis

  • Further breakdown of the Rest of Asia Pacific meal replacement market, by key country
  • Further breakdown of the Rest of European meal replacement market, by key country

Company Information

  • Detailed analyses and profiling of additional market players (up to five)
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Report Code
FB 1201
Published ON
Dec, 2021
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