Market Trends of Global Meal Replacement Shakes Industry
Rising Demand for Convenient and Small-Portion Diet Food
The replacement shakes offer a portable, convenient, and often healthier choice for a quick, on-the-go meal or an immediate consumption choice to stave off hunger. The availability of a variety of types and flavors is an added factor responsible for driving the market. As a result, meal replacement shakes are becoming extremely popular, especially among the working-class population, teenagers, people living in hostels, and bachelors. The hectic lifestyles of the people have led to disturbed food habits, owing to which, the demand for on-the-go nutrition has increased over the years. Meal replacement shakes and nutrition bars are simple and effective weight-loss tools for overweight or obese people with diabetes. These products have shown advantages over self-selective weight loss diets. According to the The Centers for Disease Control and Prevention, in 2021, the adult obesity rate in the United States was 30% or higher in 41 states, with a rate of 35% or higher in 19.
Many consumers are preferring protein shakes for consumption between meals or to replace a meal altogether. According to a survey conducted by open survey, on convenience food consumption among South Koreans performed in September 2021, about a quarter of respondents said they consumed convenience foods every two to three days. About as many people indicated that they would consume these items once a week. Consumers in South Korea consumed convenience foods 7.2 times a month on average. Additionally, consumers have been looking for healthy alternatives to convenience foods which are expected to drive the market studied.
North America Accounted for the Largest Market Share
The North American region accounted for the largest share, in terms of revenue, in 2022. The United States is one of the leading markets for meal replacement shakes in the North American region. Local players introduced meal replacement shakes which are not only low in calories but also healthy. Thus, these products are emerging as a popular choice among consumers in the region. Moreover, market players are focusing on introducing all-organic meal replacement shakes, to cater to the needs of consumers. Moreover, the multi-purpose functionality and on-the-go convenience of meal replacement shakes are attracting consumers across North America.
Companies are actively innovating new products to maintain their position in the market. For instance, in 2019, Soylent, a well-known meal replacement producer in the United States, launched a strawberry four-pack drink to bring new items to consumers, allowing them to engage with its brand in new ways. The growing consumer inclination toward sports and workout activities has increased the demand for nutritional meal replacement shakes, as they provide an instant energy boost and satisfy hunger after a workout. Additionally, the high level of industry profitability and the growing propensity of buyers to opt for sustainable products are expected to provide opportunities for the players operating in the market to expand their presence in the region.
