What is Global Meal Replacement Market?
The Global Meal Replacement Market is a vast and dynamic sector that has seen significant growth in recent years. This market encompasses a range of products designed to replace traditional meals, providing consumers with a convenient and often healthier alternative. These products are typically high in protein and fiber, low in fat and sugar, and fortified with essential vitamins and minerals. The market's value was estimated at US$ 13,500 million in 2023, and it is projected to reach US$ 20,810 million by 2030. This represents a compound annual growth rate (CAGR) of 6.3% during the forecast period from 2024 to 2030. The growth of this market is driven by various factors, including increasing health consciousness among consumers, busy lifestyles, and the rising prevalence of obesity and other lifestyle-related diseases.
Powder, Bars, Beverages, Others in the Global Meal Replacement Market:
The Global Meal Replacement Market is segmented into various types, including powder, bars, beverages, and others. Each of these segments has its unique characteristics and market dynamics. Powder meal replacements are popular due to their convenience and versatility. They can be mixed with water or milk to create a nutritious shake in just a few minutes. Bars are another popular choice, especially for people on the go. They are portable, easy to consume, and come in a variety of flavors. Beverages, on the other hand, offer a ready-to-drink option that is perfect for those who don't have time to prepare a meal. Other types of meal replacements include ready-to-eat meals and snacks, which are gaining popularity due to their convenience and variety.
Retail Stores, Online Sales, Others in the Global Meal Replacement Market:
The Global Meal Replacement Market products are sold through various channels, including retail stores, online sales, and others. Retail stores, such as supermarkets and health food stores, are the traditional sales channels for these products. They offer consumers the opportunity to see and touch the products before purchasing, which can be a significant advantage. Online sales, on the other hand, offer convenience and often lower prices. Consumers can shop from the comfort of their homes, compare prices and products, and have their purchases delivered directly to their doors. Other sales channels include gyms and fitness centers, where meal replacement products are often sold as part of a broader health and fitness offering.
Global Meal Replacement Market Outlook:
In 2017, the Global Meal Replacement Market was dominated by three major players: Herbalife, Glanbia, and Abbott. These companies collectively accounted for approximately 33.55% of the market's total sales volume. The market's value in 2023 was estimated at US$ 13,500 million, and it is projected to reach US$ 20,810 million by 2030. This represents a compound annual growth rate (CAGR) of 6.3% during the forecast period from 2024 to 2030. The growth of this market is driven by various factors, including increasing health consciousness among consumers, busy lifestyles, and the rising prevalence of obesity and other lifestyle-related diseases.
| Report Metric | Details |
| Report Name | Meal Replacement Market |
| Accounted market size in 2023 | US$ 13500 million |
| Forecasted market size in 2030 | US$ 20810 million |
| CAGR | 6.3% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Consumption by Region |
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| By Company | Abbott, Herbalife, Kellogg, Nestle, SlimFast, Glanbia, GlaxoSmithKline, Nature's Bounty, Nutiva, Onnit Labs, Orgain, Ultimate Superfoods |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
