Meal replacement products market is projected to grow at a considerable CAGR of 6.5% during the forecast period (2021-2027). Meal replacement products are enriched with nutrients and minerals, tend to have fewer calories than meals, and can help in cutting down on binge eating. Therefore, the rising prevalence of obesity, diabetes, and cardiovascular diseases across the globe along with rising awareness regarding the health benefits regarding intake of meal replacement products is expected to drive the growth of the global meal replacement products. The significant rise in the intake of convenient food owing to busy and hectic lifestyle is further creating demand of such ready to eat food products. As per a recent survey held by the US Department of Agriculture (USDA) (2018), which included over 15,000 households, demonstrated that nearly 45 cents on each dollar spent for food products at the household was spent for convenience items. Averagely, a greater share of the food dollar was utilized for buying convenience foods by individuals in the Northeast than by people in other regions of the US.
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The rising preference of meal replacement bars, shakes, and powders as a healthy alternatives to fast foods is anticipated to offer lucrative opportunities for the players operating in the meal replacement products market. The growing inclination of consumers toward vegan food is anticipated to promote innovation in the meal replacement products market which in turn is anticipated to drive the market growth. Meal replacement products are easy to store and have longer shelf-life. Most of these items are available in the form of bars or shakes that are ready-to-drink, making them easy to transport and eat on the go.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Global Meal Replacement Products Market Report Segment
By Product Type
- Ready-to-Drink Products
- Nutritional Bars
- Powdered Products
- Others
By Distribution Channel
- Convenience Stores
- Supermarket/Hypermarket
- Online Store
- Others
Global Meal Replacement Products Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
The Report Covers:
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global meal replacement products market. Based on the availability of data, information related to the products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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