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Industry Insights, Market Size, CAGR, High-Level Analysis: Meal Replacement Products MarketThe global meal replacement products market size was estimated at USD 16.10 billion in 2018 and is expected to expand at a CAGR of 6.5% during the forecast period. High prevalence of obesity, diabetes, and cardiovascular diseases among others is expected to propel consumer awareness regarding weight loss and weight management diets, which in turn, will drive the demand. Meal replacement products contain 200 to 400 calories along with fiber, protein, and other essential nutrients, which makes them convenient and all-inclusive food option. This factor is expected to further fuel the market growth. Hectic lifestyle coupled with the rising demand for tasty, high-quality, and healthy food products is anticipated to drive the market growth. Additionally, long working hours and rising number of people leading sedentary lifestyle is expected to drive the market for ready-to-eat meal replacement products. These foods provide the right balance of fats, calories, proteins, and other healthy nutrients and require very less cooking time. Additionally, rising consumer awareness regarding the nutrition and ingredient list due to the clean label movement is expected to boost the demand for natural and organic meal replacement foods. Consumers find meal replacement bars and shakes as healthy alternatives to fast foods. This factor is projected to create growth opportunities for the market players. Additionally, availability of products with various nutrient combinations is projected to bode well for the demand. Inclination toward vegan food is expected to encourage innovation in the meal replacement products market. Major manufacturers, such as Soylent, produce plant-based meals to cater to the growing demand for vegan options. Meal replacement products are easy to store and have longer shelf-life. Most of these products are available in the form of bars or ready-to-drink shakes, which makes them easy to carry and consume on the go. 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. With the increased utility of e-commerce as a selling medium, meal replacement products suppliers are expected to launch their products in their in-house online portals to expand their market size.
Distribution Channel InsightsDue to a huge offline distribution network of global manufacturers, the sale of meal replacement products is mainly driven by offline channels. Since manufacturers have control over how and where their product is placed in a supermarket store, this segment is expected to hold the leading market share during the forecast period. Many gym owners also sell major meal replacement products in gyms, which is expected to increase offline sales. With the growth of e-commerce, manufacturers are finding it easy to reach out to a wider audience at minimal cost. This is pushing the manufacturers to create their own websites and form contracts with major e-commerce platforms to drive online sales. Moreover, due to various fitness blogs and vlogs, virtual word-of-the-mouth advertising is witnessing a significant growth. This is expected to drive online sales in near future. Moreover, manufacturers are investing in web advertisements and digital marketing strategies to increase customer base and influence them to purchase their product. This is expected to contribute to the rapid sales of meal replacement products via online distribution channels.
Product Insights of Meal Replacement Products MarketMeal replacement powder accounted for the largest market share in 2018. Fast-paced lifestyle and easy-storage of powder products is expected to drive the growth of this segment. In addition, the manufacturers provide a free glass shaker with powder packets. Availability of a varieties of flavors is projected to attract more consumers who focus on weight management and leading a healthy lifestyle. Ready-to-drink bottles is expected to witness the fastest CAGR of 7.0% from 2019 to 2025. Rising popularity of bottled energy drinks is expected to fuel the demand for meal replacement drinks as well. Attractive packaging, digital marketing and celebrity endorsements are increasing consumer preference for ready-to-drink foods. Moreover, these products are easily available with a clear label mentioning all the nutritional facts. Manufacturers also ensure that their products with flavored ingredients are in compliance with the food regulations set by the government. These factors are expected to expand the scope of growth for this segment over the next eight years. Protein bar was one of the least popular meal replacement products. These products are expensive compared to powder and ready-to-drink foods. Hectic lifestyle and willingness spend on premium and convenience products is expected to prompt the consumption of protein bars as on-go snack alternatives in near future.
Regional Insights of Meal Replacement Products MarketNorth America occupied the largest market share of over 45% in 2018. U.S. drove majority of regional demand due to the presence of a majority of health conscious population and increasing prevalence of obesity, diabetes, cardiovascular diseases, and high blood pressure and high cholesterol levels among others. However, the Food and Drug Administration (FDA) does not use the term meal replacement for such products and instead classifies them as foods for special dietary use. Consumers and manufacturers are increasingly becoming aware of the FDA regulations and definitions. Hence, this classification of meal-replacement products may impact the market growth. However, manufacturers focus on developing the products that meet the nutritional and quality standards of FDA to boost the sale. Asia Pacific is expected to witness the fastest CAGR of 8.3% from 2019 to 2025. Rapid urbanization, increasing population, and awareness regarding various nutritional dietary requirements in developing countries including China and India is expected to fuel the growth. Additionally, growing e-commerce in these regions is anticipated to boost the sales of meal replacement products. Many manufacturers opt for digital channel for advertising and reaching untapped or physically impenetrable markets to improve their market penetration. This is anticipated to positively influence market growth. The major use of meal replacement products in is for weight management purposes. Hence, many gym enthusiasts and fitness trainers recommend such products for effective weight loss. This is expected to propel the regional market growth. Many European countries are also significantly contributing to the market share owing to increasing awareness about the benefits of meal replacement diets. Major countries in Central and South America and Middle East and Africa are anticipated to witness steady growth due to manufacturers entering in these markets via e-commerce.
Market Share Insights of Meal Replacement Products MarketThe global market is highly fragmented and competitive due to the presence of many global players such as Kellogg, Abbott Nutrition, Herbalife, and Unilever. Rising health consciousness coupled with prevalence of diseases such as obesity and diabetes is expected to encourage innovation. Manufacturers focus on introducing new products with different nutritional qualities to attract newer consumer base. Digital marketing and celebrity endorsements are some of the major trends observed in the market.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Meal Replacement Products Market Research ReportThis report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global meal replacement products market report on the basis of product type, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2019 - 2030)
- Ready to Drink
- Protein Bar
Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030)
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database 1.3.2. GVR’s Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization 1. | read more...