APAC Meal Replacement Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.40 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Meal Replacement Market Analysis
The Asia-Pacific meal replacement products market size is expected to grow from USD 3,731.26 million in 2023 to USD 5,088.20 million by 2028 at a CAGR of 6.40% during the forecast period.
- Meal replacement products are gaining traction among consumers who are monitoring their diet patterns, especially those who are managing their weight or controlling their blood sugar levels. Additionally, the market mainly targets consumers with time constraints, busy lifestyles, and hectic work schedules by helping them replace their meals with healthier and nutritious products instead of conventional snacks.
- Asia-Pacific has one of the world's highest obesity rates. In India, the percentage of overweight or obese women grew from 20.6% in 2016 to 24% in 2021, according to the National Family Health Survey (NFHS). The prevalence among men, on the other hand, rose by nearly 22.9% in 2021. Such factors are expected to drive the region's demand for meal replacement products.
- The industry caters to consumers with time restrictions, demanding schedules, and busy lifestyles by assisting them in switching from standard snacks to healthy meals. On the contrary, a large proportion of the population is health and fitness conscious, which is expected to boost the demand. The weight management trend has boosted the demand for meal replacement bars and powders in the food industry, making Australia the largest market for meal replacement products in the Asia-Pacific region.
- However, due to factors such as high prices and less sustainability speculated for long-term consumption of meal replacement products, the market faces constraints in expanding its consumer base. Products like supplement powders and shakes are generally consumed by those who are willing to spend exponentially high to satiate their hunger.
APAC Meal Replacement Market Trends
Consumers Managing Special Diets Strive on Meal Replacements
- Owing to the rising prevalence of obesity and diabetes, consumers are rigorously monitoring their regular diets and nutrition intake and increasingly inclining toward meal replacement products. According to the findings of a comprehensive study performed throughout India by an Indian fitness technology company GOQii, more than 43% of respondents who had diabetes in 2021 were older than 60.
- Significantly, 3.3% of respondents in the 20-29 age group reported having diabetes in that particular year. In the Asia-Pacific region, numerous companies are primarily dedicated to offering tailored meals, such as shakes and drinks, for people willing to cut regular diets to lose weight effectively.
- Companies such as General Mills, KETO, Garden of Life, and Abbott Laboratories are introducing meal replacement products for consumers monitoring special diets, such as no-sugar, keto, low-sodium, and low-fat, which remains another factor boosting the market studied.
- The health and wellness trend can be expected to remain the most important influence on developments in meal replacement products across the region. Thus, the sales of nutritional bars in the region are growing, as consumers across want to have snacks that are not only low in added sugar but also offer clear health benefits. There has been a surge in demand for organic meal replacement products such as organic powder supplements, beverages, and snack bars which in turn drive the market growth.
Australia is the Among the Fastest-growing Market in the Region
- The hectic lifestyles of people have led to disturbed food habits. Thus, the demand for on-the-go nutrition has increased over the years. Meal replacement shakes and nutrition bars are simple and effective weight-loss tools for overweight or obese people with diabetes.
- According to the Australian Bureau of Statistics National Health Survey report, overweight and obese almost affect 67% of Australian adults. Thus, the rising prevalence of overweight and obesity among the younger population and millennials is increasing the demand for meal replacement bars as it helps to promote weight loss in several ways, including boosting metabolism and reducing appetite.
- The convenience of cereal bars, including on-the-go snacking products, is leading consumers to prefer these bars to get the required energy and nutritional benefits in one convenient, easy-to-stow package. The trend of 'anytime' snacks is increasing in the country, and products such as nutritional bars used as meal replacements by health-conscious consumers are escalating in the market. Further, organic meal replacement products, such as organic powder supplements, beverages, and snack bars, are becoming increasingly popular among health-conscious consumers. The rapid expansion of specialty and online retail stores plays a key role in making these products easily accessible to consumers.
APAC Meal Replacement Industry Overview
The Asia-Pacific meal replacement products market is emerging, led by the entrants of various local and global players, such as Amway Corp., Herbalife, Nestle SA, Glanbia PLC, and Abbott Laboratories. Key players have been innovating new products with new functionalities and taste preferences to cater to the demands of various age groups and gain a competitive advantage.
Manufacturers are incorporating measures to increase their product visibility on retail shelves by expanding their distribution channels and adopting innovative marketing strategies. The manufacturers are increasing their investments in R&D, marketing, and product innovation to maintain their market positions.
Global players, such as Herbalife, Amway Corp., and others, focus on leveraging the opportunities offered by emerging segments, like sugar-free, vegan, gluten-free, soy-free, and non-GMO products.
APAC Meal Replacement Market Leaders
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Herballife Nutrition
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Glanbia PLC
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Nestle SA
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Abbott Laboratories
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Amway Corp
*Disclaimer: Major Players sorted in no particular order
APAC Meal Replacement Market News
- January 2023: As a "nutrition sponsor," Herbalife Nutrition India Private Limited collaborated with international women's cricketer Smriti Mandhana. Around 100 sponsorship agreements have been made by Herbalife Nutrition with different elite athletes, teams, and events.
- May 2022: Holland & Barrett partnered with Huelto to launch a range of vegan meal replacement shakes under the brand Nu26. As per the company's claim, the product is formulated with 26 essential vitamins and minerals to meet the daily recommended nutritional value.
- May 2022: A new collagen healthy meal replacement milkshake from WonderLab was launched in China. The product was initially available in WeChat mini program.
APAC Meal Replacement Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Market Drivers
- 4.1.1 Consumers Managing Special Diets Strive on Meal Replacements
- 4.1.2 Rising Demand for Convenient and Small-Portion Meal
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4.2 Market Restraints
- 4.2.1 Highly Priced Meal Replacement Products to Hamper Market Growth
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4.3 Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Product Type
- 5.1.1 Ready-to-Drink Products
- 5.1.2 Nutritional Bars
- 5.1.3 Powdered Supplements
- 5.1.4 Other Product Types
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5.2 Distribution Channel
- 5.2.1 Supermarkets/Hypermarkets
- 5.2.2 Convenience Stores
- 5.2.3 Specialty Stores
- 5.2.4 Online Retail Stores
- 5.2.5 Other Distribution Channels
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5.3 Geography
- 5.3.1 China
- 5.3.2 Japan
- 5.3.3 India
- 5.3.4 Australia
- 5.3.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
- 6.1 Most Adopted Strategies
- 6.2 Market Share Analysis
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6.3 Company Profiles
- 6.3.1 Amway Corp.
- 6.3.2 Herballife Nutrition
- 6.3.3 Glanbia PLC
- 6.3.4 Nestlé SA
- 6.3.5 Formulite Pty Ltd
- 6.3.6 Bulk Nutrients
- 6.3.7 Abbott Laboratories
- 6.3.8 Danone SA
- 6.3.9 Sun Pharmaceutical Industries Limited
- 6.3.10 MusclePharm
- 6.3.11 WonderLab
- 6.3.12 Sustyfoods Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
APAC Meal Replacement Industry Segmentation
Meal replacement products are formulated to provide the nutrition of a full meal. Most meal replacement supplements contain 200-400 calories, have high fiber content, are low in carbohydrates, and are enriched with the goodness of vitamins and minerals.
The Asia-Pacific meal replacement products market is segmented by product type, distribution channel, and geography. By product type, the market studied is segmented into ready-to-drink products, nutritional bars, powdered supplements, and other product types. Based on the distribution channel, the market is segmented into supermarkets/hypermarkets, online retail stores, convenience stores, specialty stores, and other distribution channels. The report analyzes the market for meal replacement products in established and emerging countries of Asia-Pacific, including China, Japan, India, Australia, and the Rest of Asia-Pacific.
For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
| Product Type | Ready-to-Drink Products |
| Nutritional Bars | |
| Powdered Supplements | |
| Other Product Types | |
| Distribution Channel | Supermarkets/Hypermarkets |
| Convenience Stores | |
| Specialty Stores | |
| Online Retail Stores | |
| Other Distribution Channels | |
| Geography | China |
| Japan | |
| India | |
| Australia | |
| Rest of Asia-Pacific |
APAC Meal Replacement Market Research FAQs
What is the current Asia-Pacific Meal Replacement Products Market size?
The Asia-Pacific Meal Replacement Products Market is projected to register a CAGR of 6.40% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Meal Replacement Products Market?
Herballife Nutrition, Glanbia PLC, Nestle SA, Abbott Laboratories and Amway Corp are the major companies operating in the Asia-Pacific Meal Replacement Products Market.
What years does this Asia-Pacific Meal Replacement Products Market cover?
The report covers the Asia-Pacific Meal Replacement Products Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Meal Replacement Products Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Meal Replacer in Asia Pacific Industry Report
Statistics for the 2024 Meal Replacer in Asia Pacific market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Meal Replacer in Asia Pacific analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
