South America Meal Replacement Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

South America meal replacement products market is projected to grow with a CAGR of 6.11% during the forecast period (2020 - 2025).

Key Highlights

• With increasing awareness about a healthy diet among the consumers across the region, nutritional bars have become immensely popular, replacing chocolates, cakes, and biscuits as convenient options to the consumers. Key players operating in the market studied are continuously differentiating their products in terms of flavors, ingredients, size, and packaging, in order to gain competitive advantage.
• Moreover, the dominance of meal replacement options in South America is enabling on-the-go snacks product brands to launch price-friendly options, thereby, expanding the product reach is comparatively nascent markets of the region, such as Peru, Chile, Venezuela, etc.
• Furthermore, the support of the government further drives the market. Argentina’s government increased its budget by 50% around USD 184 million for public food and nutrition policies by the end of 2019 with an effort to drive financial support to the food programs in the country. The following measure is expected to have a positive impact on the demand for meal replacement products in the country.

Key Market Trends

Nutritional Bars Continue to Dominate the Market Share

The South America meal replacement market is driven by the increasing popularity of high-quality premium snacking options, especially among the affluent class. However, nutritional bars that are considered as a high-nutrient profile meal replacements still continue to move into the mainstream packaged food and meal replacement product in the country and show its domination. Growth of nutritional bars is projected to be supported not only by demand from the more traditional customer base of athletes, serious gym-goers, and body-builders but also by expanding usage amongst average consumers. As the consumer demand for convenient and healthy meal replacement options is growing and it is considered to be a primary attribute for sales of edible bars in South America.

Brazil is the Largest Market in the Region

In Brazil, consumers more than ever are paying attention to the type of products and supplements they are consuming for health and wellbeing. The health and wellness trend can be expected to remain the most important influence on developments in meal replacement products in Brazil. Owing to this factor, it is pushing the sales of nutritional bars in the country, as Brazilians want to have snacks that are not only low in added sugar but also offer clear health benefits. Therefore, in protein bars, the trend toward high-protein diets and sports nutrition may continue to underpin remarkable sales growth of meal replacement products during the forecast period. Moreover, the trend toward gluten-free and low-sodium claims is also fetching increasing popularity in the Brazilian meal replacement bar market.

Competitive Landscape

The South America meal replacement products market is projected to witness an upsurge in the forecast period, owing to rising consumer awareness about the products and the entrants of various leading players such as Amway, Herbalife, Glanbia PLC and others. Product launch and expansion are the most preferred strategy by the players operating in the market. The global players are also expanding their business in the region seeking growth opportunities, thus, driving the market studied.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support