Meal Replacement Market to Hit $20.52 billion by 2031, at a CAGR of 5.6%, says Coherent Market Insights

BURLINGAME, Calif., June 26, 2024 /PRNewswire/ -- The global Meal Replacement Market, valued at $14.01 billion in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to $20.52 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031, as per a recent report by Coherent Market Insights. Increased health consciousness and busy lifestures are driving demand for convenient yet nutritious meal options. Meal replacement products fit this need well by providing balanced macronutrients and vitamins/minerals without the hassle of conventional meal preparation. Furthermore, rising obesity rates are prompting more people to opt for portion-controlled meal replacements as part of a weight management regimen. The market is also witnessing rising popularity of plant-based options that cater to shifting dietary preferences.

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Market Dynamics: 

The growth of the meal replacement market is attributed to growing health consciousness among consumers and rising prevalence of obesity. Consumers are increasingly opting for meal replacement products to manage their weight and stay fit. Moreover, busy lifestyles have led to increased demand for convenient nutritional food options that can substitute regular meals. Meal replacement products are easy to prepare and consume, providing better nutrition and weight management support.

Meal Replacement Market Report Coverage

Market Trends: 

Rise in Demand for Plant-Based Meal Replacements: With rising awareness about environmental and health benefits of plant-based diet, demand for vegan and gluten-free meal replacement products is increasing significantly. Key players are focusing on launching new plant-based products developed from ingredients such as soy, wheat and peas to cater to the changing preferences.

Growing Popularity of Organic Meal Replacements: Consumers are increasingly opting for organic meal replacement products owing to rising health consciousness and concerns regarding effects of pesticides and chemicals on the body. To tap into this lucrative segment, companies are offering organic meal replacement shakes, powders and bars developed from organic vegetables, fruits and grains.

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Market Opportunities:

Powder meal replacements are gaining popularity among health conscious consumers owing to their versatility and easy storage. Being powder form, they can be easily mixed with water or milk and consumed. The powder form allows for longer shelf life and portability. Product innovation with various flavors and customized nutrients is also fueling the growth of powder meal replacements.

With rising internet and smartphone penetration, online platform is emerging as an important medium for purchasing meal replacements. The convenience of home delivery and easy accessibility on e-commerce websites especially against the backdrop of COVID-19 pandemic is driving more consumers to purchase meal replacements online. Manufacturers are also focusing on partnering with online retailers to increase their reach.

Key Market Takeaways:

The global meal replacement market is anticipated to witness a CAGR of 5.6% during the forecast period 2024-2031, owing to rising health consciousness among consumers and busy lifestyle.

On the basis of product, powder segment is expected to hold a dominant position, accounting for around 40% of market share in 2024 owing to longer shelf life and easy storage.

On the basis of distribution channel, offline segment is expected to dominate over the forecast period accounting for over 60% share in 2024 due to wider product availability. However, online segment is expected to witness higher growth during the period owing to rising e-commerce penetration.

On the basis of region, North America is expected to hold a dominant position over the forecast period, with around 35% share in 2024 due to higher health awareness.

Key players operating in the meal replacement market include Abbott Laboratories, Amway, Atkins, Blue Diamond Growers among others who are focusing on new product launches.

Recent Developments:

In November 2022, Levana Nourishment introduced a line of plant-based meal replacement shakes in vanilla bean, mixed berry, and cocoa-coffee varieties.

In March 2022, Southern Charm Nutrition opened its outlet in downtown Fairmont. The store will serve loaded tea and coffee bombs, as well as full meal replacement shakes. All their shakes have 17 to 24 g of protein, are under 270 calories, and are available in a wide range of flavors.

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Market Segmentation:

By Product Type:

• Nutritional Bars
• Powdered Products
• Ready-to-drink Products
• Other Product Types

By Distribution Channel:

• Convenience Stores
• Hypermarkets/Supermarkets
• Specialty Stores
• Online Retailers
• Other Distribution Channels

By Region:

North America:

• U.S.
• Canada

Latin America:

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Europe:

• Germany
• U.K.
• Spain
• France
• Italy
• Russia
• Rest of Europe

Asia Pacific:

• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific

Middle East:

• GCC Countries
• Israel
• Rest of Middle East

Africa:

• South Africa
• North Africa
• Central Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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SOURCE Coherent Market Insights