Global meal replacement products market is projected to register a CAGR of 8.19% during the forecast period (2020- 2025).
- Meal replacement products are gaining traction among the consumers who are monitoring special diets, majorly 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. - The high growth rate registered by the e-commerce sector is expected to aid the growth of the market studied. As vendors can market their product offerings, such as protein shakes and protein bars, through various online channels.
Key Market Trends Rising Demand for Convenient and Small-Portion Food
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 a survey conducted by Welch’s in 2017, about 92% of millennials reported having been replacing their meals with snacks. The data depicts growing consumer inclination toward short meals, portraying an increasing demand for healthier, better-for-you meal replacement products in the market.
North America accounted for the Largest Market Share
The North American region accounted for the largest share, in terms of revenue, in 2019. The United States is one of the leading markets for meal replacement products in the North American region. Local players introduced meal replacement products, such as protein shakes, which are not only low in calories, but also healthy. Thus, meal replacement products are emerging as a popular choice among consumers in the region. Moreover, market players are focusing on introducing all-organic meal replacement shakes, in order to cater to the needs of consumers.
Competitive Landscape The global meal replacement products market is highly competitive, with the top players accounting for half of the total market share. The manufacturers are increasing their investments in R&D, marketing, innovation of their products, and the expansion of their distribution channels, in order to maintain their positions in the market. Moreover, the global players, such as The Simply Good Foods Company, Amway Corp., and others, focusing on leveraging the opportunities offered by the emerging segments, like sugar-free, vegan, gluten-free, soy-free, and non-GMO products.?
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72 pages •
By Infiniti Research Limited
• Mar 2016
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Gross Domestic Product Per Capita
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