The global meal replacement products market size is projected to touch USD 25.02 billion by the end of 2025, according to a new report released by Million Insights. It is estimated to grow at a CAGR of 6.5% over the forecast period. The market growth is attributed to growing health-conscious customers and increasing prevalence of diseases such as high blood pressure, obesity and diabetes. Customers are also demanding weight management products resulting in augmenting the demand for the product.
Meal replacement powder dominated the market owing to its growing demand among fitness enthusiasts in the developed nations such as Europe and North America. Easy handling and storage of this product are projected to further boost the demand. The manufactures are focusing on increasing the production of ready-to-drink products due to the growing acceptance of various energy drinks.
The offline channel led the meal replacement products market in 2018 owing to the presence of leading players in nations such as Germany and the U.S. This segment held over 90% of the share in the market in 2018. On the other hand, the online sales channel is expected to register a significant growth rate over the forecast period. The market growth is attributed to the growing penetration of the internet and the use of many digital marketing strategies by the leading players.
North America was the largest regional market in 2018 owing to the high prevalence of diabetics and associated disorders. Growing working-class population and their preference for easy to cook food items are expected to boost the product demand. The demand is further driven by stringent regulations imposed by the FDA on food nutrition. Asia Pacific is projected to grow significantly in the upcoming years. Millennials are the leading consumers of this product in developing nations such as India and China.
Key players are adopting various strategic initiatives such as M&A, product innovation and business expansion to strengthen their dominance in the market. For instance, Soylent entered into a contract with Walmart in 2019. According to the contract, Soylent will sell five of its RTD drinks in 4378 Walmart outlets across the U.S.
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Further key findings from the report suggest:
• Protein bar is expected to expand at a CAGR of 6.9% over the forecast period.
• Ready-to-drink product segment is projected to grow significantly from 2019 to 2025 on account of the growing beverage industry.
• Offline channel led the market with over90% market share in 2018.
• Leading companies in this industry include Soylent, Kellogg, Herbalife, General Mills, Abbott Nutrition, Glanbia, Herbalife, Blue Diamond Growers, Unilever and SlimFast.
Million Insights has segmented the global meal replacement products market on the basis of product, distribution channel, and region:
Meal Replacement Products Outlook (Revenue, USD Million, 2015 - 2025)
• Protein Bar
Meal Replacement Products Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Meal Replacement Products Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)
• South Africa