Pune, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The Meal Replacement Products Market Size is estimated to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Key factors such as rapidly changing lifestyles, rising prevalence of lifestyle-associated and chronic diseases such as diabetes, obesity, and cardiovascular diseases, and easy availability of meal replacement products in online and retail stores are expected to drive global market growth during the forecast period.
Meal replacement products such as drinks, bars, and soups are consumed as nutritional substitutes for solid food with controlled quantities of nutrients and calories. These products help individuals to have a nutritious and healthy meal when they are busy or don’t have access to a proper meal. Some of the most popular meal replacement products include shakes, bars, and powders that are rich in proteins and fibers to increase fullness and satiety. Rising number of health-conscious populace has encouraged manufacturers to develop various types of meal replacement products.
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However, factors such as high costs of meal replacement products, availability of false information, dearth of certified professionals, and presence of unwanted ingredients such as sugar and artificial flavors are expected to hamper overall market growth during the forecast period.
Online Stores Segment To Register Robust Revenue CAGR:
The online stores segment is expected to register robust revenue CAGR over the forecast period owing to rapidly expanding e-commerce sector, rising preference for online shopping due to door-step delivery and favorable discounts, and rising availability of different types of meal replacement products by various brands on online platforms.
Powder Segment to Account for a Significantly Larger Revenue Share:
The powder segment is expected to account for a significantly larger revenue share between 2022 and 2028. This can be attributed to increasing health-conscious population, changing lifestyle preferences, growing popularity of protein powders as nutrient supplements, and availability of easy-to-store powder products.
North America to Lead In Terms of Revenue Share:
North America is expected to lead in terms of revenue share during the forecast period owing to increasing prevalence of chronic diseases and lifestyle-associated disorders, growing consumer awareness, and rising popularity of meal replacement products such as powder, baked products, protein bars, and beverages and increasing investments in R&D activities.
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Meal Replacement Products Industry Recent Developments:
- In January 2021, Herbalife, the world’s second-largest multi-level marketing company launched a mix to convert meal replacement shakes into nutrition-dense backed products such as muffins, waffles, and pancakes.
- In June 2021, Arla Food Ingredients announced the launch of a new concept featuring three solutions for meal replacement products to highlight versatility of Arla’s Lacprodan range of whey protein and micellar casein ingredients.
- In June 2022, Catered to Real Life (CTRL), a global meal replacement brand announced the launch of novel line of protein bars, formulated with whey proteins, honey, and cashew butter.
Meal Replacement Products Market By Company:
- Abbott
- Herablife
- Kellogg
- Nestle
- Glanbia
- Nature’s Bounty
- Nutiva
- Onnit Labs
- Orgain
The global meal replacement products market has been segmented based on type, application, and region:
Meal Replacement Products Market Segment by Type:
- Powder
- Bars
- Beverages
- Others
Meal Replacement Products Market Segment by Application:
- Retail Stores
- Online Stores
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Meal Replacement Products Market Segment by Region:
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Russia, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- Middle East & Africa (Saudi Arabia, U.A.E, Egypt, Nigeria, South Africa, Rest of MEA)
Key Reasons to Purchase:
- Estimates 2022 to 2028 meal replacement products market current market trends and development trends
- Market dynamics along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the meal replacement products market
- Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
- Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
- Brief about impact of COVID-19 on the global meal replacement products market
Key Questions Addressed:
- What revenue CAGR is the global market expected to register during the forecast period?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
- What is the expected market size of the global meal replacement products market between 2022 and 2028?
- Which key players are leading in the global meal replacement products market?
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