Market Size of Global Meal Replacement Shakes Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.49 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Meal Replacement Shake Market Analysis
The meal replacement shakes market is projected to register a CAGR of 8.49% during the forecast period.
Meal replacement products are gaining traction among consumers who are monitoring special diets, majorly those managing weight or watching their blood sugar levels due to diabetes. According to the National Health Survey Digital, the percentage of people affected by obesity in England was 26% for women and 25% for men last year. The increase in the prevalence of such conditions has been propelling the market across the globe. Additionally, the market targets consumers with time constraints, busy lifestyles, and hectic work schedules by helping them replace their meals with healthier and nutritious shakes over conventional snacks. The high growth rate registered by the e-commerce sector is expected to aid the growth of the market studied, as vendors can market their product offerings, such as protein shakes, through various online channels.
Moreover, the attributes associated with convenient meal replacement options such as ready-to-drink meal replacement products and cereal bars, which eliminate the need for milk and a bowl at breakfast or act as easy on-the-go lunches and dinners, are leading to the surge in demand for meal replacement products to get the required energy and nutritional benefits in convenient, easy-to-stow package. Many consumers prefer protein bars and protein shakes to consume between meals or to replace a meal altogether. For others, protein meal replacement products are a way to indulge in a small treat, as they are perceived to be healthier than other sweet items.
The shift in consumer behavior from animal products is majorly due to people's rising concern about animal welfare, personal health, and, most importantly, sustainability. The intake of animal protein is associated with high cholesterol levels, fat, and calories, which increases the risk of cardiac diseases, high blood sugar levels, and obesity. Hence, people are showing an inclination toward vegan sources of protein. This has created a good platform for the growth of plant-based or vegan edible bars across the world. For instance, Vega offers vegan snack bars. Its offerings are vegan-certified, non-GMO project verified, gluten-free, and free of artificial flavors and preservatives.
Meal Replacement Shake Industry Segmentation
A meal replacement product is a beverage, bar, soup, etc. with a set amount of calories and nutrients that is meant to replace a solid meal. The global meal replacement shakes market is segmented by product type, distribution channel, and geography. Based on product type, the market is segmented into ready-to-drink products and powdered products. By distribution channel, the market studied is segmented into convenience stores, hypermarkets/supermarkets, specialty stores, online retail stores, and other distribution channels. The study also covers the global level analysis of the major regions, such as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
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| Ready-to-Drink Products | |
| Powdered Products |
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| Online Retail Stores | |
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Global Meal Replacement Shakes Market Size Summary
The meal replacement shakes market is experiencing significant growth, driven by increasing consumer interest in health and wellness, particularly among those managing weight or blood sugar levels. The convenience of meal replacement products appeals to individuals with busy lifestyles, offering a nutritious alternative to traditional meals and snacks. The rise of e-commerce has further facilitated market expansion, allowing brands to reach a broader audience through online platforms. The demand for ready-to-drink options and portable meal solutions is on the rise, as consumers seek quick and easy ways to maintain their nutritional intake. This trend is particularly evident among working professionals, teenagers, and those with hectic schedules, who are increasingly turning to meal replacement shakes and bars for on-the-go nutrition.
The market is also witnessing a shift towards plant-based and vegan protein sources, driven by growing concerns over animal welfare, personal health, and sustainability. This has led to the introduction of vegan-certified products, such as those offered by Vega, which cater to the demand for healthier, non-GMO, and gluten-free options. North America, particularly the United States, holds a significant share of the market, with local players focusing on low-calorie and organic offerings. The industry's profitability and consumer preference for sustainable products present opportunities for market expansion. Major players like Abbott Laboratories, Amway Corp., Glanbia PLC, Nestle S.A., and Herbalife Nutrition are investing in product innovation and expanding their distribution channels to maintain their market positions. The global market is becoming increasingly fragmented due to new entrants and product innovations, as companies strive to meet the diverse needs of health-conscious consumers.
Global Meal Replacement Shakes Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Industry Attractiveness - Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Ready-to-Drink Products
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2.1.2 Powdered Products
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2.2 Distribution Channel
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2.2.1 Convenience Stores
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2.2.2 Hypermarkets/Supermarkets
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2.2.3 Specialty Stores
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2.2.4 Online Retail Stores
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2.2.5 Other Distribution Channels
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Russia
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2.3.2.5 Spain
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2.3.2.6 Italy
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2.3.2.7 Rest of Europe
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2.3.3 Asia Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle East and Africa
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Global Meal Replacement Shakes Market Size FAQs
What is the current Global Meal Replacement Shakes Market size?
The Global Meal Replacement Shakes Market is projected to register a CAGR of 8.49% during the forecast period (2024-2029)
Who are the key players in Global Meal Replacement Shakes Market?
Abbott Laboratories, Nestlé S.A., Glanbia PLC, Amway Corp. and Herbalife Nutrition are the major companies operating in the Global Meal Replacement Shakes Market.
