Meal Replacement Market To Reach USD 21.3 Billion By 2032 | DataHorizzon Research

The meal replacement market size was valued at USD 12.8 Billion in 2023 and is expected to reach a market size of USD 21.3 Billion by 2032 at a CAGR of 5.8%.

Fort Collins, Colorado, April 15, 2024 (GLOBE NEWSWIRE) —

Consumers are displaying a heightened awareness of health concerns as they increasingly prioritize healthy lifestyles. As per the International Food Information Council (IFIC) survey conducted in 2023, more than 73% of global consumers are actively taking steps to manage their health through dietary choices. The World Health Organization (WHO) has also noted a nearly tripled worldwide prevalence of obesity since 1975, prompting a greater emphasis on healthy eating habits and weight management. Meal replacements emerge as a perceived more nutritious alternative, typically fortified with essential nutrients to meet specific nutritional needs. These products are formulated with balanced macronutrients and controlled calories, often used to facilitate weight loss or management.

The anticipated increase in demand for personalized and plant-based/vegan meal replacement options is expected to offer growth opportunities to key market players in the forecast period. Consumers are growing in preference for products catering to their specific dietary needs, allergies, and individual fitness goals. Manufacturers can capitalize on this trend by offering customized meal replacement solutions with various flavors and textures to suit diverse preferences. Additionally, there is a rising interest in plant-based diets due to their health, environmental, and ethical benefits. According to the Plant-Based Foods Association (PBFA) and The Good Food Institute (GFI), the U.S. plant-based food market has experienced significant growth.

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Segmentation Overview:

The meal replacement market has been segmented into product, distribution channel, and region.

Ready-To-Drink segment accounted for a significant share

  • Based on product segmentation, the ready-to-drink segment held a significant market share in 2023. These products do not require any preparation and are suitable for eating on the go, increasing their popularity. At the same time, the RTD segment has experienced growth in retail due to the expansion of sales in supermarkets, convenience stores, and online platforms.

Offline distribution channels to maintain a leading position in the forecast period.

  • Based on the distribution channel, the market is bifurcated into online and offline. The offline segment accounted for the largest market share in 2023. The offline segment is further categorized into hypermarkets & supermarkets, convenience stores, and specialty stores.  

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Meal Replacement Market Report Highlights:

  • The meal replacement market growth is anticipated at a CAGR of 5.8% by 2032.
  • The growing need for a healthy lifestyle and convenient food solutions to propel market growth.
  • North America accounted for a significant market share in 2023 and is projected to retain a leading position in the forthcoming years. The rise in the obese population and demand for convenient food solutions drive regional market growth.
  • Some prominent players in the meal replacement market report include Abbott Laboratories, Herbalife Nutrition Ltd., Nestlé Health Science, Kellogg Co., SlimFast (Glanbia plc), Soylent, Premier Protein (BellRing Brands, Inc.), Orgain Inc., Amway Corp., Otsuka Pharmaceutical Co., Ltd., and Archer Daniels Midland Company. 

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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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