Meal Replacement Market Size to Reach USD 18.61 Billion in 2030, Rising Demand for Convenient and Small-Portion Food Is the Key Factor Driving Market Revenue Growth - Says Reports and Data
NEW YORK, May 9, 2022
NEW YORK, May 9, 2022 /PRNewswire/ -- The global meal replacement market size is expected to reach USD 18.61 Billion in 2030 and register a revenue CAGR of 5.2% during the forecast period, according to latest report by Reports and Data. Rising demand for convenient and small-portion food is the key factor expected to drive market revenue growth during the forecast period.
Meal replacement foods such as powders, protein bars, and shakes are time-saving and healthier choices for a fast meal or an instant consumption decision. The demand for these kinds of foods is gradually increasing owing to these reasons. The presence of different flavors is an additional factor driving market growth. These foods are becoming highly popular among the working people and also among the youth.
Manufacturers are finding it easy to reach out to a wider audience at a minimal expenditure with the expansion of e-commerce. This is prompting the manufacturers to develop their websites and form partnerships with big e-commerce platforms to increase online sales. Moreover, owing to the various fitness blogs, vlogs, and social media, online promotion of a product is becoming very easy. The manufacturers are investing in online advertisements and digital marketing techniques to grow the customer base and encourage people to buy their products. The expansion of e-commerce is expected to drive meal replacement market during the forecast period.
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However, despite an increase in the use of meal replacement products in various forms, there are certain sections of the global population that are unaware of the benefits these products offer and are therefore consuming an imbalanced diet. Several people are unaware of the nutritional insufficiency and recognize the problem only when it has developed into many major health disorders. The lack of awareness about meal replacement products is expected to hinder market growth to some extent.
Some Key Highlights in the Report
- Meal replacement powder segment is expected to account for a larger revenue share during the forecast period owing to the convenience and ease of consumption of meal replacement powders. In addition, the availability of a variety of flavors and fast adoption of meal replacement powder as a means to control weight are expected to drive revenue growth of the segment during the forecast period.
- Online stores segment is expected to register a steady CAGR over the forecast period owing to the expansion of e-commerce. Manufacturers are finding it easier to reach out to a bigger audience at a low cost. In addition, rising demand for meal replacement products via digital platforms during the COVID-19 pandemic is also a driving factor for growth of the online store segment.
- The market in Asia Pacific is expected to register a fast revenue CAGR over the forecast period owing to rising population, increasing urbanization, and growing awareness regarding numerous nutritional dietary needs in countries such as China and India.
- Companies profiled in the global market report include Abbott Laboratories, Kellogg Company, Herbalife Nutrition Ltd., Unilever PLC, Amway Corp., Nestlé S.A, Huel Inc., Glanbia PLC, General Mills, Inc., Bob's Red Mill Natural Foods, Inc., Nu Skin Enterprises, and Usana Health Sciences, Inc.
- On 15 February 2022, Amway has partnered with IIT Bombay to accelerate research in the fields of botanicals, nutraceuticals, and herbal supplements. This partnership will help enhance scientific knowledge of the company's nutritional range of products. Under this partnership, a team of researchers in collaboration with IIT Bombay will work to bring significant innovations in identified areas.
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Reports and Data has segmented the global meal replacement market based on product type, application, distribution channel, and region:
- Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Protein Bars
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Weight Gain
- Weight Loss
- Physical Fitness
- Wound Healing
- Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
- Hypermarkets and Supermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
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- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
- Saudi Arabia
- South Africa
- Rest of MEA
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