According to MarketsandMarkets "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", The global meal replacement market has been influenced by changing consumer lifestyles, people are inclined toward meals that are full of nutrition, vitamins, minerals, and other dietary supplements. The growth in the number of health-conscious consumers across the globe is proliferating the demand for meal replacement products.
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Powder segment is the largest market for meal replacement market globally.
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 drive the market for meal replacements products. Meal replacement powder is mixed with water or milk of choice (low-calorie, plant-based, low-fat, toned milk, flavored milk, among others) for consumption. These are available in various flavors, the most popular being chocolate, vanilla, and strawberry. Various companies are into the manufacturing of powder form meal replacement products such as Nestle and Huel. Nestle offers meal replacement chocolate cacao powder and has presence in various regions such as Middle East, Africa, North America, Asia Pacific and Europe.
Online segment is witnessing a high growth rate for the meal replacement products during the forecast period.
Online segment is witnessing a high growth rate owing to the rising smartphone and internet penetration, which is increasing the sales of online meal replacement products. COVID-19 has changed the purchasing pattern of the consumers globally. Consumers are now purchasing products online and choosing the health safety and convenience over the offline purchasing experience globally. In addition to this, increasing internet penetration in under developed countries will also drive the online segment growth.
North America holds the largest market share for meal replacements products in 2021
In 2021, North America accounted for a market share of 29.28% in the global meal replacement market. The market in the region is highly diversified, and manufacturers are strongly focusing on the development of new meal replacement products to cater to the demand from end users. Although North America holds the largest share, the meal replacement market is matured and is projected to grow at a steady CAGR of 4.6% during the forecast period.
The key players in this market include Abbott Laboratories (US), Amway (US), Glanbia PLC (Ireland), Herbalife Nutrition (US), and Nestle (Switzerland).
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