Meal Replacement Products Market Forecast Report 2023-2032: Driving Forces – High Demand for Convenient & Quick Nutrition
[230 + Pages Research Study] According to a market research study published by The Brainy Insights, the demand analysis of global meal replacement products market size & share revenue was valued at around USD 12.48 billion in 2022 and is estimated to grow about USD 23.01 billion by 2032, at a CAGR of approximately 6.31% between 2023 and 2032. The North American region emerged as the most prominent global meal replacement products market, with a 43.67% market revenue share in 2022.
New York, Sept. 12, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 12.48 billion in 2022 global meal replacement products market will reach USD 23.01 billion by 2032. Combining meal replacement products with whole foods, emphasizing balanced diets, offers holistic nutritional support and encourages healthier eating habits. Additionally, innovating with various appealing flavours and textures can attract a broader consumer base, satisfying different taste preferences. Environmentally friendly packaging solutions, such as compostable materials or reusable containers, align with consumer eco-consciousness and can also set brands apart. These factors are expected to create new opportunities over the forecast years. Furthermore, developing apps or online platforms that provide personalized nutrition advice, track progress, and offer meal planning guidance can enhance the consumer experience. Also, partnering with dietitians, nutritionists, and fitness experts to endorse and recommend meal replacement products can build credibility and trust.
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|Market Size in 2022||USD 12.48 Billion|
|Projected Market Size in 2032||USD 23.01 Billion|
|CAGR Growth Rate||6.31%|
|Key Market Players||Amway, Atlantic Essentials Products, Inc., Abbott Laboratories, Futricio, Herbalife International of America, Inc., Orgain Inc., RITS Health Care Products, Saturo Foods GmbH, klew Biotech, Trinkkost GmbH, Glanbia, Nestle|
|Key Segment||Type, Source, Application and Distribution Channel|
|Major Regions Covered||Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.|
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Key Insight of the Global Meal Replacement Products Market
Asia Pacific is expected to witness the fastest market growth over the forecast period.
Asia Pacific is home to a large and growing population, making it a significant market for consumer goods, i.e., meal replacement products. The sheer number of potential consumers creates a favourable environment for market expansion. The fitness and weight management concept is gaining popularity in many Asian countries. Meal replacement products are seen as a tool to support weight loss, muscle gain, and overall fitness, driving demand for these products. Like other parts of the world, health and wellness consciousness is rising in Asia Pacific. Consumers are becoming more knowledgeable and mindful of the importance of balanced nutrition, driving interest in meal replacement products that offer controlled nutrients. Moreover, the rapid growth of e-commerce platforms in Asia has made it easier for consumers to access various products, including meal replacement options. Online platforms facilitate the distribution and availability of these products.
In 2022, the powder segment held the largest market share at 42.38% and a market revenue of 5.29 billion.
The type segment is divided into bars, powder, ready to drink and others. In 2022, the powder segment held the largest market share at 42.38% and a market revenue of 5.29 billion.
In 2022, the plant-based segment dominated the market with the largest share of 66.93% and revenue of 8.35 billion.
The source segment includes plant-based and synthetic. In 2022, the plant-based segment dominated the market with the largest share of 66.93% and revenue of 8.35 billion.
In 2022, the weight loss segment dominated the market with the highest share of 37.61% and market revenue of 4.69 billion.
The application segment is classified into physical fitness, weight gain, weight loss, wound healing and others. In 2022, the weight loss segment dominated the market with the highest share of 37.61% and market revenue of 4.69 billion.
In 2022, the offline segment registered the highest market share of 67.81% and market revenue of 8.46 billion.
The distribution channel segment includes offline and online. In 2022, the offline segment registered the highest market share of 67.81% and market revenue of 8.46 billion.
Advancement in market
In February 2022: Amway India, a prominent FMCG company engaged in direct selling, has introduced a selection of nutrition supplements under its renowned brand Nutrilite. These supplements come in contemporary, delectable, and easily accessible formats, such as flavorful gummies and rapidly dissolving jelly strips. This fresh array of products has been thoughtfully crafted to align with present-day lifestyles, catering notably to the dynamic and time-pressed millennial demographic. With this innovative range of on-the-fly nutrition supplements, Amway is poised to enhance and reinforce its comprehensive nutrition portfolio.
In March 2022: Glanbia Nutritionals has introduced a range of protein solutions meticulously developed to address the distinctive challenges encountered in protein extrusion for the snack and cereal sectors. These innovative solutions consist of four novel ingredients. The company asserts that the domain of protein extrusion, when applied to cereals and snacks, has been hindered by issues such as extruder clogs, the creation of snacks with an undesirable dense and chalky texture, off-putting flavour notes, and less than optimal chewiness. The team at Glanbia has responded with BarPro 100/120 MPCs and BarFlex 100 WPC, meticulously engineered and fine-tuned to overcome the deficiencies found in other protein products during the extrusion process. Notably, these ingredients have been designed to yield a far superior extruded texture – less chalky, powdery, and glassy. The outcome is a spectrum of desirable textures that these two ingredients can facilitate. They excel at delivering starch-like textures without relying heavily on starch content. These ingredients boast high protein levels, yet their clean flavour requires no masking. Furthermore, they contribute to enhanced manufacturing efficiencies.
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Driver: Growing health and wellness trends.
Growing health consciousness has prompted consumers to seek options that align with their wellness goals. Meal replacement products often highlight their nutritional benefits, attracting health-focused consumers. Meal replacement products are formulated to provide essential nutrients in a controlled manner, offering a comprehensive combination of vitamins, proteins, carbohydrates, fats, and minerals. This characteristic appeals to those seeking a balanced diet but needing more time for traditional meal preparation.
Restraint: Cultural and culinary preferences with digestive satisfaction.
Different cultures have diverse dietary preferences and culinary traditions. Meal replacement products may not align with these preferences, limiting their adoption in certain regions. Additionally, chewing and the sensory experience of eating whole foods contribute to digestive satisfaction. Meal replacement products, particularly liquid forms, may give some individuals a different level of satiety and comfort. Also, some consumers are concerned about the degree of processing and additives in meal replacement products. This factor can deter health-conscious individuals who prioritize minimally processed foods.
Opportunity: Increasing the ageing population and plant-based and sustainability focus.
Developing meal replacement products specifically designed to cater to the nutritional needs of the ageing population presents a niche opportunity. These products can address the unique dietary challenges of older individuals. Additionally, the rising demand for plant-based products aligns with the opportunity to create environmentally friendly and sustainable meal replacement options. Plant-based formulations can attract environmentally conscious consumers.
Challenge: Long-term sustainability and competition from whole foods.
The challenge lies in fostering sustainable eating habits. Relying solely on meal replacement products for extended periods might not encourage the development of healthy eating behaviours centred around whole foods. On the other hand, traditional foods that offer a more comprehensive range of flavours, textures, and sensory experiences can compete with meal replacement products. Convincing consumers to choose convenience over the pleasure of eating can take time and effort.
Some of the major players operating in the global Meal Replacement Products market are:
• Atlantic Essentials Products, Inc.
• Abbott Laboratories
• Herbalife International of America, Inc.
• Orgain Inc.
• RITS Health Care Products
• Saturo Foods GmbH
• Sklew Biotech
• Trinkkost GmbH
• Kellogg Co.
• Bob’s Red Mill Natural Foods
• The Simply Good Foods Company
• The Kraft Heinz Company
• The Ritebite Group
• Blue Diamond (Global Ingredients Division)
• General Mills
• Nu Skin Enterprises
• Usana Health Sciences, Inc.
• Levana Nourishments
Key Segments cover in the market:
• Ready to Drink
• Physical Fitness
• Weight Gain
• Weight Loss
• Wound Healing
By Distribution Channel
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion) and volume (k tons). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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