The U.S. meal replacement market is expected to grow at a
compound annual growth rate (CAGR) of 5.5% during the forecast
period, with revenue reaching USD 6.5
billion by 2034.
The meal replacement products market is bolstered by the
Increasing rates of obesity and diabetes, and they are gravitating
more and more toward meal replacement items, the accessibility of
different varieties and flavors are propelling the market
growth.
Meal Replacement Products Market is projected to grow at a
CAGR of 6.4% by 2034 Driven by Shifting Consumer Lifestyles, and
Demand for Convenient Nutrition Solutions
NEWARK, Del., July 29, 2024 /PRNewswire/ -- The Meal
Replacement Products market has an estimated market valuation
of USD 14.1 Billion in 2024 and is projected to grow
at a CAGR of 6.4% to reach a market valuation of USD
23.1 Billion by 2034.
The developing market trend is for consumers to eat healthier,
due to concerns about being overweight, lifestyle diseases, and a
need to keep their weight in check. Health-conscious people buy
meal replacement products that are made for them to meet their
dietary needs while reducing caloric intake. In addition, the
increasing awareness of nutrition and wellness among consumers has
persuaded them to incorporate meal replacements into a balanced
diet.
This has been caused by increased busy schedules that have no
time hence driving meal replacement products. These products can be
prepared and consumed quickly hence suitable for those individuals
with tight working hours which cannot permit them to prepare
traditional food. Notably, convenience is a major driver,
particularly in urban areas and among professionals who want
nutritious snacks fast.
Manufacturers in the meal replacement market continuously come
up with new ways of meeting different consumer needs and wants. One
approach taken is innovation to accommodate various dietary
preferences like gluten-free diets, lactose intolerance, or
veganism among others. Also, the innovations improve taste texture,
and nutritional values meant for the acceptance and satisfaction of
all consumers.
Online retailing channels have boosted the market's potential
through increased visibility as well as ease of access by meal
makers. Online platforms enable manufacturers to expand globally
beyond physical stores because they can reach more customers. More
so, direct-to-consumer models plus subscription services ease
product delivery and heighten customer involvement.
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Increasing prevalence of various chronic diseases such as
diabetes, obesity, cardiovascular diseases, and high cholesterol is
resulting in growing consumer awareness about weight management and
healthy diets. This factor is expected to lead to surging demand
for meal replacement products during the forecast period (2024 to
2034).
Key takeaways from the meal replacement products market
study:
- The meal replacement product market is projected to grow at a
CAGR of 6.4% during the forecast period (2024-2034)
- The United States meal
replacement product is expected to grow by 28.5% to reach a market
share during the forecast period.
- Based on product type, the ready-to-eat food segment is
expected to dominate the meal replacement product industry with a
44.5% market share in 2024 however
"The meal replacement products market shows promising growth
driven by health-conscious consumer trends, convenience, and
innovation in nutritional formulations. Expansion in online retail
and busy lifestyles further propels market
demand." says Nandini
Roy Choudhury, Client Partner at Future Market
Insights
Which is the Most Preferred Meal Replacement Product
Type?
"Meal Replacement Powder to Gain Immense
Popularity"
By product type, the powdered meal replacement products segment
is expected to remain at the forefront in the next decade with
their increasing consumption by a large number of fitness
enthusiasts across the globe.
Rising need to follow a healthy diet in day-to-day lives is also
expected to encourage gyms to promote the adoption of powdered meal
replacement products. Apart from that, ready-to-drink beverages,
including energy drinks are expected to show steady growth in the
upcoming decade.
Which is the Leading Distribution Channel in Meal Replacement
Products Market?
"Meal Replacement Products Suppliers Are Launching Online
Shopping Sites"
In terms of distribution channel, the online retailers
sub-segment under the indirect segment is projected to dominate the
global meal replacement products market. Increasing penetration of
the internet and rising adoption of e-commerce sites as a shopping
medium among consumers are compelling meal replacement products
suppliers to introduce their products on online portals for
business expansion.
Who is winning?
The global market for meal replacement products is highly
competitive with numerous players including Abbott Laboratories,
Amway Corporation, Kellogg Co., Nestle S.A., Atkins Nutritionals
Inc., Glanbia plc., Herbalife Nutrition Ltd among others being
prominent brands in this market space. To enhance their product
portfolios' appeal on wider consumer bases thereby creating deeper
brand loyalty; these leading businesses are pursuing expansion
strategies and innovative ideas.
Some of these industry leaders are partnering with start-ups or
smaller companies to develop unique flavors that can help increase
their shares in the sector.
for example, The "Yes! Plant Protein Bars" were launched by
Nestle in 2020 to include natural ingredients like nuts and peas.
This launch aimed at providing consumers with a nutrition-packed
meal option full of essential nutrients exemplifying Nestlés'
dedication to product innovation and fulfilling changing customer
needs in the meal replacement market.
Get valuable insights into the Meal Replacement Products
Market:
Future Market Insights, in its new offering, provides a
thorough, detailed, and unbiased analysis of the Meal Replacement
Product market, presenting Historical Demand data for the years
2019-2023 and Forecast statistics for the years 2024-2034. The
study categorizes valuable insights into the Meal Replacement
Product market based on Product Type, Source, Distribution Channel,
and Region. As per product type, the segment has been categorized
into, the segment has been categorized into Ready-to-eat Food,
Ready-to-drink Beverages, Powder, Fruits, Plant Protein Shakes,
Protein Bars, and Others This segment is further categorized into
Plant-based and Synthetic and application segment include Direct
and Indirect (Hypermarkets/Supermarkets, Convenience Stores,
Specialty Stores, Independent Retailers, and Online Retailers) in
key Regions of North America,
Latin America, Europe, East
Asia, South Asia, Oceania,
and the Middle East &
Africa.
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Key Segments of Market Report
By Product Type:
As per Product Type, the segment has been categorized into
Ready-to-eat Food, Ready-to-drink Beverages, Powder, Fruits, Plant
Protein Shakes, Protein Bars and Others
By Source:
This segment is further categorized into Plant-based and
Synthetic
By Application:
Direct and Indirect (Hypermarkets/Supermarkets, Convenience
Stores, Specialty Stores, Independent Retailers, and Online
Retailers)
By Region:
Industry analysis has been carried out in key countries of
North America, Latin America, Europe, East
Asia, South Asia, Oceania,
and the Middle East &
Africa.
About the Food & Beverage Division at Future Market
Insights:
Expert analysis, actionable insights, and strategic
recommendations – the food & beverage team at Future Market
Insights helps clients from all over the globe with their unique
business intelligence needs. With a repertoire of over 1,000
reports and 1 Billion+ data points, the team has analyzed the food
& beverage industry lucidly in 50+ countries for over a decade.
The team provides end-to-end research and consulting services;
reach out to explore how we can help.
Authored by:
Nandini Roy
Choudhury (Client Partner for Food & Beverages at
Future Market Insights, Inc.) has 7+ years of management consulting
experience. She advises industry leaders and explores off-the-eye
opportunities and challenges. She puts processes and operating
models in place to support their business objectives.
She has exceptional analytical skills and often brings thought
leadership to the table.
Nandini has vast functional expertise in key niches, including
but not limited to food ingredients, nutrition & health
solutions, animal nutrition, and marine nutrients. She is also
well-versed in the pharmaceuticals, biotechnology, retail, and
chemical sectors, where she advises market participants to develop
methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and
marketing effectiveness, acquisitions and post-merger integration
and cost reduction. Nandini has an MBA in Finance from MIT School
of Business. She also holds a Bachelor's Degree in Electrical
Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in
journals including Beverage Industry, Bloomberg, and Wine Industry
Advisor.
Explore FMI's related ongoing Coverage in Food and Beverage
Domain:
The global meal replacement bars market is expected to
reach a market valuation of US$ 11.8 Bn by 2022,
accelerating at a CAGR of 8.05% during the forecast
period (2022-2032), to reach US$ 25.6 Bn by 2032.
The meal replacement shake market is experiencing
significant growth, proceeding toward a valuation of US$ 5,189.6 million in 2024, surpassing the
previous year's figures.
The fish meal industry share is estimated to show
consistent growth throughout the forecast period, expanding at a
CAGR of 4.4%.
The global oatmeal market size is anticipated to expand at
5.7% CAGR through 2034. The sector's value is estimated to reach
USD 6,063 million in 2024 and
USD 10,557 million by 2034.
The overall sales of flax seed meals are projected to grow
at a robust CAGR of 6.2% between 2023 and 2033, totaling around
US$ 18,613.0 million by the end of
2033.
According to Future Market Insights research, during the
projected period, the Krill Meal market is expected to
grow at a CAGR of 3.6%.
The global plant based meal kit market is predicted to
grow from US$ 954.2 million in 2022 to US$ 2,528.5
million by 2032. Overall sales of plan based meal kits are
projected to accelerate at a stellar CAGR of 16.5%.
The global chilled meal kits market size is
expected to reach US$ 10,062 million
in 2023 and further accelerate at a CAGR of 16.3% between 2023 and
2033.
The overall sales of fish meal alternative products are
projected to grow at a robust CAGR of 7.1% between 2023 and 2033,
totaling around US$ 3,674.0 million
by the end of 2033.
The global demand for frozen ready meals rising at a CAGR
of 5.2% throughout the forecast period. By 2034, the global market
valuation is expected to total US$ 73,862.0
million.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the
Stevie Award, and a member of the Greater
New York Chamber of Commerce) offers profound insights into
the driving factors that are boosting demand in the market. FMI
stands as the leading global provider of market intelligence,
advisory services, consulting, and events for the Packaging, Food
and Beverage, Consumer Technology, Healthcare, Industrial, and
Chemicals markets. With a vast team of over 400 analysts worldwide,
FMI provides global, regional, and local expertise on diverse
domains and industry trends across more than 110
countries.
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