Meal Replacement Products Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 13.97 Billion |
| Market Size (2029) | USD 20.76 Billion |
| CAGR (2024 - 2029) | 8.26 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Meal Replacement Products Market Analysis
The Meal Replacement Products Market size is estimated at USD 13.97 billion in 2024, and is expected to reach USD 20.76 billion by 2029, growing at a CAGR of 8.26% during the forecast period (2024-2029).
- The global lockdown imposed due to the COVID-19 epidemic created unprecedented health challenges, with consumers' adaption to this lifestyle being hailed as the new normal. Lesser movements led to stress, excessive eating, and weight gain. Healthy eating witnessed tremendous support during this period, and consumers' efforts to keep themselves self-immune was of utmost importance, supporting the sales of meal replacements in the market.
- The meal replacement products market is more established in Western countries, preferably in the European and North American regions. However, the Asia-Pacific region poses an imminent growth potential over the coming years. Currently, all the countries of the world have been intensively affected by the coronavirus, thus potentially harming economic growth.
- The high prevalence of obesity, diabetes, and cardiovascular diseases, among others, is expected to propel consumer awareness regarding weight loss and weight management diets, which will drive the demand. Meal replacement products contain 200 to 400 calories and fiber, protein, and other essential nutrients making them convenient and all-inclusive food options. This factor is expected to further fuel the market growth.
- Meal replacement products are gaining traction among consumers who monitor special diets, mainly those managing weight or watching their blood sugar levels due to diabetes. Additionally, the market targets consumers with time constraints, busy lifestyles, and hectic work schedules by helping them replace their meals with healthier and nutritious products over conventional snacks.
Meal Replacement Products Market Trends
This section covers the major market trends shaping the Meal Replacement Products Market according to our research experts:
Rising Demand for Convenient and Small-portion Food
- According to the United States Department of Agriculture (USDA), Americans spend more than half their food budget on convenient foods, looking for small, time-saving meals. This increases the demand for protein bars, energy bars, and shakes, further driving the market studied. The nutrition bars offer a portable, convenient, and often healthier choice for a quick, on-the-go meal or immediate consumption. The availability of various types and flavors is an added factor driving the market. As a result, these bars are becoming extremely popular, especially among the working-class population, teenagers, people living in hostels, and bachelors.
- Meal replacement products are easy to store and have a longer shelf-life. Most of these products are available in bars or ready-to-drink shakes, making them easy to carry and consume on the go. The powdered form is one of the most popular product types, especially among fitness enthusiasts. Many gyms promote meal replacement products to inculcate healthy dieting habits among their clients.
- Furthermore, consumers are looking for real food ingredients, such as whole grains, fruits, nuts, and vegetables, like carrots, with zero added sugars, less artificial sweeteners, and hydrogenated fats, in the meal-replacing products thus, driving the market further.
North America Accounted for the Largest Market Share
- The North American region accounted for the largest share, in terms of revenue, in 2021. The United States is the region's leading meal replacement product market. Local players introduced meal replacement products, such as protein shakes, which are low in calories and healthy. Thus, meal replacement products are emerging as a popular choice among consumers in the region.
- Moreover, market players are focusing on introducing all-organic meal replacement shakes to cater to the needs of consumers. In addition, the multi-purpose functionality and on-the-go convenience of meal replacement products, such as drinks, are attracting consumers across North America.
- Furthermore, the presence of retail outlets suitable for convenient foods, which benefit from both planned and impulse purchases, puts forward an advantage that other snacks do not have.
Meal Replacement Products Industry Overview
The meal replacement products market is highly competitive, with the top players accounting for half of the total market share. The manufacturers are increasing their investments in R&D, marketing, and innovation of their products and expanding their distribution channels to maintain their market position. Moreover, global players such as the Simply Good Foods Company and Amway Corp. are leveraging the opportunities the emerging segments offer, like sugar-free, vegan, gluten-free, soy-free, and non-GMO products. Other key players include Abbot Laboratories, Glanbia Plc, The Kellogg Company, and Nestle S.A.
Meal Replacement Products Market Leaders
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Abbott Laboratories
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Bob’s Red Mill Natural Foods
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Herbalife International of America, Inc.
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Glanbia Plc
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The Kellogg Company
*Disclaimer: Major Players sorted in no particular order
Meal Replacement Products Market News
- November 2022: Levana Nourishment introduced a line of plant-based meal replacement shakes in vanilla bean, mixed berry, and cocoa-coffee varieties.
- March 2022: Southern Charm Nutrition opened its outlet in downtown Fairmont. The store will serve loaded tea and coffee bombs, as well as full meal replacement shakes. All their shakes have 17 to 24 g of protein, are under 270 calories, and are available in a wide range of flavors.
- February 2021: United States-based Veji Holdings released Heal plant-based meal replacements targeted at patients and athletes. The company claimed that all the heal products are vegan, gluten-free, non- GMO and developed to meet Health Canada guidelines.
Meal Replacement Products 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
- 4.2 Market Restraints
-
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 Products
- 5.1.4 Other Product Types
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5.2 Distribution Channel
- 5.2.1 Convenience Stores
- 5.2.2 Hypermarkets/Supermarkets
- 5.2.3 Specialty Stores
- 5.2.4 Online Retailers
- 5.2.5 Other Distribution Channels
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.1.4 Rest of North America
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 Italy
- 5.3.2.4 Spain
- 5.3.2.5 France
- 5.3.2.6 Russia
- 5.3.2.7 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 Australia
- 5.3.3.5 Rest of Asia-Pacific
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 South Africa
- 5.3.5.2 United Arab Emirates
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Most Adopted Strategies
- 6.2 Market Share Analysis
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6.3 Company Profiles
- 6.3.1 Abbott Laboratories
- 6.3.2 Amway Corp. (Alticor)
- 6.3.3 Bob's Red Mill Natural Foods
- 6.3.4 Herbalife Nutrition
- 6.3.5 Glanbia PLC
- 6.3.6 The Simply Good Foods Company
- 6.3.7 The Kellogg Company
- 6.3.8 Nestle SA
- 6.3.9 The Kraft Heinz Company
- 6.3.10 The Ritebite Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityMeal Replacement Products Industry Segmentation
Meal replacement products are pre-packaged, caloriecontrolled products in a bar or powder mix that can be made into a shake or beverage, having been validated as safe and effective tools for weight loss (and weight maintenance).
The meal replacement products market is segmented based on product type into ready-to-drink products, nutritional bars, powdered products, and other product types. Based on distribution channels, the market studied is segmented into convenience stores, hypermarkets/supermarkets, specialty stores, online retailer stores, and other distribution channels. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. The various health benefits associated with the consumption of meal replacement products are driving the growth of the market studied.
For each segment, the market sizing and forecasts have been done on the basis of value (USD million).
| Product Type | Ready-to-drink Products | |
| Nutritional Bars | ||
| Powdered Products | ||
| Other Product Types | ||
| Distribution Channel | Convenience Stores | |
| Hypermarkets/Supermarkets | ||
| Specialty Stores | ||
| Online Retailers | ||
| Other Distribution Channels | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Rest of North America | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| Spain | ||
| France | ||
| Russia | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| Rest of Asia-Pacific | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | South Africa |
| United Arab Emirates | ||
| Rest of Middle-East and Africa |
Meal Replacement Products Market Research FAQs
How big is the Meal Replacement Products Market?
The Meal Replacement Products Market size is expected to reach USD 13.97 billion in 2024 and grow at a CAGR of 8.26% to reach USD 20.76 billion by 2029.
What is the current Meal Replacement Products Market size?
In 2024, the Meal Replacement Products Market size is expected to reach USD 13.97 billion.
Who are the key players in Meal Replacement Products Market?
Abbott Laboratories, Bob’s Red Mill Natural Foods, Herbalife International of America, Inc., Glanbia Plc and The Kellogg Company are the major companies operating in the Meal Replacement Products Market.
Which is the fastest growing region in Meal Replacement Products Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Meal Replacement Products Market?
In 2024, the North America accounts for the largest market share in Meal Replacement Products Market.
What years does this Meal Replacement Products Market cover, and what was the market size in 2023?
In 2023, the Meal Replacement Products Market size was estimated at USD 12.90 billion. The report covers the Meal Replacement Products Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Meal Replacement Products Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Who is the target market for meal replacement products?
The target market for meal replacement products are a) Health-conscious consumers b) Weight managers c) Busy professionals
Meal Replacement Products Industry Report
The global meal replacement products market is set for significant growth, driven by heightened consumer awareness of health and nutrition and an increasing prevalence of obesity and diabetes. This surge is boosting demand for convenient, nutritious meal alternatives such as ready-to-drink bottles, protein bars, and powders tailored to diverse consumer needs like convenience, health benefits, and taste preferences. While traditionally distributed through offline channels, there's a significant shift towards e-commerce, expanding the market's reach and consumer convenience. Regionally, while North America remains a dominant force, the Asia Pacific is poised for the fastest growth due to rapid urbanization and a rising health-conscious population. The competitive market landscape is continually innovating, with a focus on vegetarian and organic products catering to specific dietary needs and preferences. This ongoing trend towards health and wellness is propelling meal replacement products into mainstream options for maintaining a balanced diet in busy lifestyles. For an in-depth analysis of market dynamics and a forecast outlook, get a deeper insight into this with a sample industry analysis available for free download.
