Growth Strategies Adopted by Major Players in Meal Replacement Market

According to MarketsandMarkets, 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.

Meal replacement products are an alternative to meals, which contain all the required nutrients, with low calories and high protein. Meal replacement products are also developed to help consumers with busy lifestyles and less time to get a meal’s worth of nutrients with less effort and more convenience. 

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The meal replacement market has a high potential in emerging markets, such as Asia Pacific. Although the consumption of meal replacement products in Asia remains lower than in the US and Europe, the westernization of food habits of the Asian population coupled with a rise in awareness regarding health and wellness has led to an increase in demand, especially from the young and millennial population.

North America dominated the global meal replacement market. The market in the region is highly diversified, and manufacturers are strongly focusing on the development of new meal replacement products to cater to the demand from end users. Although North America holds the largest share, the meal replacement market is matured and is projected to grow at a steady rate during the forecast period. It is largely driven by factors such as presence of major meal replacement product manufacturers, such as Abbott Laboratories (US), Amway (US), Herbalife Nutrition (US), Atkins (US), Kellogg Co. (US), Skin Enterprises Inc. (US), USANA Health Sciences Inc. (US), among others.

Among various types of products, powder segment accounted for the major market share in the overall meal replacement market. Meal replacement powders are consumed in the form of shakes with the addition of water or low-calorie milk. Thus, the convenience and ease of consumption of meal replacement powders drive the market growth.

Based on distribution channel, the online segment is projected to be the fastest-growing during the forecast period. The rising internet and smartphone penetration, primarily from emerging economies, is anticipated to accelerate the growth of online distribution channels for the meal replacement market.

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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).