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Meal Replacement Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Meal Replacement Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • March 2021
  • 136 pages
  • ID: 6039468
  • Format: PDF
  • Mordor Intelligence LLP
Up to $750 off Until Jun 20th 2021

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The global meal replacement products market was valued at USD11,006.79 million in 2020, and it is projected to witness a CAGR of 7.64% during the forecast period, 2021-2026.

The meal replacement products market is more established in the Western countries, preferably in the European and North American regions. However, the Asia-Pacific region poses an imminent growth potential over the coming years. Currently, all the countries of the world have been intensively affected by the coronavirus, thus potentially harming economic growth.

The indefinite lockdown globally has initiated unprecedented challenges for health, where consumers’ adaptation of this lifestyle has been touted as the new normal. Lesser movements have led to a temptation to stress, leading to excessive eating and ultimately falling for weight gains. The concept of healthy eating has witnessed tremendous support during this period, and consumers’ effort to keep themselves self-immune has been of utmost importance. Thereby supported the sales of meal replacements in the global market.

Meal replacement products are gaining traction among 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.

By product type, nutrition bars led the market due to the diverse variety of products available in terms of flavor, portion size, and functionality, when compared to other segments, like powdered supplements or RTD products. Moreover, nutrition bars are relatively cheaper than other meal replacement products, making consumers more vulnerable to try them

Key Market Trends
Rising Demand for Convenient and Small-portion Food

According to the United States Department of Agriculture (USDA), Americans spend more than half of their food budget on convenient foods, looking for small and time-saving meals. This is increasing the demand for products like protein bars, energy bars, and shakes, further driving the market studied. The nutrition bars offer a portable, convenient, and often healthier choice for a quick, on-the-go meal or an immediate consumption choice. The availability of various types and flavors is an added factor driving the market. As a result, these bars are becoming extremely popular, especially among the working-class population, teenagers, people living in hostels, and bachelors. 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 a 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. Moreover, the multi-purpose functionality and on-the-go convenience of meal replacement products, such as drinks, are attracting consumers across North America. In addition, the presence of retail outlets that are suitable for convenient foods to benefit from both planned and impulse purchases, poise advantage that other snacks don’t have. ?

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, the 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., 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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