Meal Replacement Market Will Hit Big Revenues In Future

According to MarketsandMarkets "Meal Replacement Market by Product Type (Ready-to-Drink, Bars, Powder), Distribution Channel (Offline and Online), and Region (North America, Europe, Asia Pacific, South America, and RoW) - Global Forecast to 2026", the global meal replacement market size is estimated to be valued at USD 11.9 billion in 2021 and is projected to reach USD 15.5 billion by 2026, recording a CAGR of 5.4% during the forecast period in terms of value. It is driven by increasing prevalence of obesity and diabetes coupled with the increasing population of health-conscious consumers and changing consumer lifestyle and availability of convenient nutritious meal in the form of meal replacement.

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Drivers: Increasing prevalence of obesity and diabetes coupled with the increasing population of health-conscious consumers

The population of obese people is increasing globally and has tripled since 1975. Obesity being one of the largest health problems, has shifted from being the most common problem in developed countries to countries with all income levels. Owing to the rising cases of obesity, individuals are adopting meal replacement plans as an effective tool for weight loss. Obesity increases the risk of diabetes, cardiovascular mortality, dyslipidemia, and hypertension, among others. Meal replacement weight management solutions are suitable for the long-term as they help in losing more weight compared to other interventions.

Additionally, the increasing awareness regarding healthy lifestyles is projected to drive the global meal replacement market. There is an increasing trend and adoption of a nutritious diet to replace regular meals with convenient and easy options such as meal replacements.

Opportunities: Growth of the meal replacement market from emerging economies

The emerging economies are witnessing a surge in spending for nutritious food, which is attributed to the growing awareness among consumers. The growth of meal replacement across emerging geographies is also owing to the rising obesity rates, an increase in sedentary lifestyle, aging population, and increased interest in health and nutrition. Furthermore, countries such as India, Australia, and Japan are witnessing a rise in the development of lifestyle diseases such as cardiovascular diseases, type 2 diabetes, and osteoporosis. Additionally, countries in the Asia Pacific region have registered high growth rates for overweight and obesity. Similarly, obesity has become one of the rising health concerns across South America. In 2021, Brazil had approximately 15,733.6 thousand people with diabetes, which is expected to reach 23,223.6 thousand by 2045. These geographies with a rising prevalence of chronic diseases are anticipated to create opportunities for the market players of meal replacement to expand their business across new markets.

By distribution channel, the offline segment is projected to dominate the meal replacement market during the forecast period

By distribution channel, the offline segment is estimated to dominate the market in 2021 and is anticipated to maintain its dominance throughout the forecast period. The large share of the offline distribution channel is attributed to the high distribution of meal replacement products through hypermarkets and supermarkets.

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By region, Asia Pacific is projected to grow at the highest CAGR during the forecast period

The consumption of meal replacement is increasing in the Asia Pacific region due to the increase in the demand from the health-conscious young population across countries such as China, Japan, Australia, and India. The rising consumption of on-the-go food products, changing dietary preferences, and increasing impact of western dietary patterns have led to the increased demand for meal replacement in most developing countries.

Key Market Players:

Key players in this market include Abbott Laboratories (US), Glanbia (Ireland), Amway (US), Herbalife Nutrition (US), Nestle (Switzerland), Atkins (US), Huel (UK), Kellogg Co. (US), Skin Enterprises Inc. (US) and USANA Health Sciences Inc. (US).