The meal replacement market was valued at USD 15.34 billion by 2017, growing with 6.5% CAGR during the forecast period, 2018-2025.
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Meal replacement products industry is quickly gaining ground across the globe owing to the changing in consumer lifestyles and hectic schedules. These products are catering to a specific set of consumer requirements such as people looking for gaining muscle mass, losing weight etc. Such foods are primarily designed to mimic the nutritional profile of real food as much as possible with the right mixture of healthy calories, fats, carbohydrates and protein. The market is positively influenced by rising incidence of lifestyle disorders such as diabetes, obesity, and others; wherein these products act as the best alternative option for lack of regular meals.
The industry is shifting towards mature and diversify business models, and new entries into the market space is opening up opportunities for paleo, keto and vegan meal replacement products. Also, owing to the emerging concept for fitness support or digestive health, plant-based and non-dairy meal replacement products are in demand. As per the statistics by U.S. based Plant Based Foods Association, the demand for plant-based food products grew by over 20% during the year 2017-2018.
Products Takeaway
In terms of products, the market is divided into edible bars, powered and ready-to-drink products. Powered product accounted for the significant revenue share. Garden of Life Raw Organic Meal, Vega One All-In-One, Idealshake, Natures Bounty Complete Protein and Vitamin and Labrada Lean Body are some of the powered products commercially available.
Distribution Channel Takeaway
In terms of distribution channel, the industry is categorized into hypermarkets, grocery retailers, supermarkets, online retailers, and food services. Of these, the same of meal replacement products from hypermarket and supermarket accounted for highest revenue share.
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Regional Takeaway
North America accounted for the highest revenue share. Skyrocketing obesity population coupled with new product developments support the regional growth. For instance, local companies are introducing meal replacement foods like protein shakes with low in calories and contains healthy nutrition, thereby making it a popular choice among end-users in the region. On contrary, Asia Pacific regions is projected to grow with fastest growth rate owing to the large population base, growing consumer awareness coupled with increasing investment by new players.
Key Vendors Takeaway
It is noted that large number of key players are gaining investor to expand product offering in multiple meal replacement niches. For instance, established in 2013, Soylent is a fastest growing meal replacement product manufacturer. The company introduced Soylent Squared series product, engineered with 5 grams of plant protein and 36 essential nutrients. Along with, companys Soylent Drinks, Soylent Bridge and Soylent Powder products are gaining popularity among the customers. The companys capital funding partner includes Tao Capital Partners, Lerer Hippeau Ventures and Andreessen Horowitz.
Some of the vendors in the meal replacement market are as follows;
Healthy N Fit International Kellogg Amazing Grass Herbalife Kraft Heinz MET-Rx Onnit Labs Orgain Ultimate Superfoods GlaxoSmithKline Nestl Nouveau Dietetique Nutiva Nutrisystem Abbott Glanbia SlimFast The market size and forecast for each segment and sub-segments has been considered as below:
Traders, Distributors, and Suppliers Manufacturers Government and Regional Agencies Research Organizations Consultants Distributors SCOPE OF THE REPORT
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The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCTS
Edible Bars Powered Products Ready-to-Drink Products MARKET, BY DISTRIBUTION CHANNEL
Hypermarkets Grocery Retailers Supermarkets Online Retailers Food Services MARKET, BY REGION
North America The U.S. Canada Europe Germany France Rest of Europe Asia Pacific India China Rest of APAC Rest of the World The Middle East and Africa Latin America
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NEAR INDIRA SHANKAR NAGARI, BHUSARI COLONY,KOTHRUD
Western Market Research is a global player, among top market research companies, with a niche in intelligent industry analysis, business report, syndicate, comprehensive and secondary research report having in-depth data analysis based on historical trends and forecast, segmentation, major players, market size and market share. Our research firm comprises analysts with insights on market overviews providing business consulting services resulting in breakthrough primary and secondary market research reports.
