Market Size of Meal Replacement Products Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 13.97 Billion |
| Market Size (2029) | USD 20.76 Billion |
| CAGR (2024 - 2029) | 8.26 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Meal Replacement Products Market Analysis
The Meal Replacement Products Market size is estimated at USD 13.97 billion in 2024, and is expected to reach USD 20.76 billion by 2029, growing at a CAGR of 8.26% during the forecast period (2024-2029).
- The global lockdown imposed due to the COVID-19 epidemic created unprecedented health challenges, with consumers' adaption to this lifestyle being hailed as the new normal. Lesser movements led to stress, excessive eating, and weight gain. Healthy eating witnessed tremendous support during this period, and consumers' efforts to keep themselves self-immune was of utmost importance, supporting the sales of meal replacements in the market.
- The meal replacement products market is more established in Western countries, preferably in the European and North American regions. However, the Asia-Pacific region poses an imminent growth potential over the coming years. Currently, all the countries of the world have been intensively affected by the coronavirus, thus potentially harming economic growth.
- The high prevalence of obesity, diabetes, and cardiovascular diseases, among others, is expected to propel consumer awareness regarding weight loss and weight management diets, which will drive the demand. Meal replacement products contain 200 to 400 calories and fiber, protein, and other essential nutrients making them convenient and all-inclusive food options. This factor is expected to further fuel the market growth.
- Meal replacement products are gaining traction among consumers who monitor special diets, mainly those managing weight or watching their blood sugar levels due to diabetes. Additionally, the market targets consumers with time constraints, busy lifestyles, and hectic work schedules by helping them replace their meals with healthier and nutritious products over conventional snacks.
Meal Replacement Products Industry Segmentation
Meal replacement products are pre-packaged, caloriecontrolled products in a bar or powder mix that can be made into a shake or beverage, having been validated as safe and effective tools for weight loss (and weight maintenance).
The meal replacement products market is segmented based on product type into ready-to-drink products, nutritional bars, powdered products, and other product types. Based on distribution channels, the market studied is segmented into convenience stores, hypermarkets/supermarkets, specialty stores, online retailer stores, and other distribution channels. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. The various health benefits associated with the consumption of meal replacement products are driving the growth of the market studied.
For each segment, the market sizing and forecasts have been done on the basis of value (USD million).
| Product Type | |
| Ready-to-drink Products | |
| Nutritional Bars | |
| Powdered Products | |
| Other Product Types |
| Distribution Channel | |
| Convenience Stores | |
| Hypermarkets/Supermarkets | |
| Specialty Stores | |
| Online Retailers | |
| Other Distribution Channels |
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Meal Replacement Products Market Size Summary
The meal replacement products market is experiencing significant growth, driven by increasing consumer awareness of health and wellness. The market is well-established in Western countries, particularly in Europe and North America, but is poised for substantial expansion in the Asia-Pacific region. The COVID-19 pandemic has accelerated the adoption of meal replacement products as consumers seek convenient and nutritious options to maintain their health amidst lifestyle changes. These products, which typically contain essential nutrients and are designed for weight management, are gaining popularity among individuals with busy lifestyles, those managing diabetes, and those seeking to lose weight. The demand for convenient foods, such as protein bars and shakes, is further fueled by the need for quick, on-the-go meal solutions, particularly in the United States.
The North American region, led by the United States, holds a dominant position in the meal replacement products market, with local players introducing innovative products to meet consumer demands. The market is highly competitive, with major players investing in research and development, marketing, and product innovation to capture market share. Companies are focusing on offering organic, sugar-free, vegan, and non-GMO options to cater to health-conscious consumers. The availability of meal replacement products in various forms, such as bars and ready-to-drink shakes, along with their longer shelf life and convenience, contributes to their growing popularity. Retail outlets offering these products benefit from both planned and impulse purchases, further driving market growth.
Meal Replacement Products Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Ready-to-drink Products
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2.1.2 Nutritional Bars
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2.1.3 Powdered Products
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2.1.4 Other Product Types
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2.2 Distribution Channel
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2.2.1 Convenience Stores
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2.2.2 Hypermarkets/Supermarkets
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2.2.3 Specialty Stores
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2.2.4 Online Retailers
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2.2.5 Other Distribution Channels
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 Italy
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2.3.2.4 Spain
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2.3.2.5 France
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 South Africa
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2.3.5.2 United Arab Emirates
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2.3.5.3 Rest of Middle-East and Africa
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Meal Replacement Products Market Size FAQs
How big is the Meal Replacement Products Market?
The Meal Replacement Products Market size is expected to reach USD 13.97 billion in 2024 and grow at a CAGR of 8.26% to reach USD 20.76 billion by 2029.
What is the current Meal Replacement Products Market size?
In 2024, the Meal Replacement Products Market size is expected to reach USD 13.97 billion.
