The meal replacement market size has grown strongly in recent years. It will grow from $17.27 billion in 2023 to $18.54 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth during the historical period can be attributed to the consumer shift towards convenience foods, the expansion of retail availability, the influence of the fitness and sports industry, innovations in ingredient formulations, and the prevailing trends in weight management and fitness.
The meal replacement market size is expected to see strong growth in the next few years. It will grow to $25.74 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth in the forecast period is driven by various factors such as a shift in retail strategies, the expanding health-conscious consumer base, ongoing innovation in ingredient formulations, the broader availability of functional meal replacements, and an increase in personalized nutrition solutions. Key trends expected during this period encompass personalized nutrition solutions tailored to individual needs, the demand for convenience catering to busy lifestyles, continued innovation in formulations, a focus on health and weight management, and the growing use of functional ingredients in food products.
The growing prevalence of obesity and diabetes is expected to drive the expansion of the meal replacement market in the future. Factors contributing to the rise in diabetes include ethnicity, aging, and lifestyle choices. Meal replacement products are commonly used in diabetes management as they help maintain weight loss. Additionally, due to their high nutrient content and low calorie count, these products can also aid in managing obesity. For instance, data published by the International Diabetes Federation in December 2021 indicated that 537 million adults aged 20 to 79 were living with diabetes, resulting in 6.7 million deaths attributed to the condition in 2021. Projections suggest that by 2030, the global diabetes population will increase to 643 million individuals. As a result, the growing prevalence of obesity and diabetes is fueling the growth of the meal replacement market.
The increasingly busy lifestyles and time constraints of modern living are expected to drive the growth of the meal replacement market in the coming years. Busy lifestyles and time limitations refer to the hectic and fast-paced nature of contemporary life, where individuals often have limited time for various activities due to work commitments, family responsibilities, social engagements, and other obligations. These factors are leading to a growing demand for meal replacement products, which offer a convenient and time-saving alternative for people who struggle to prepare traditional meals. Meal replacement products provide quick, easy, and nutritionally balanced options that cater to the needs of busy individuals. For example, in April 2022, a survey conducted on approximately 10,600 international workers by Asana Inc., a US-based mobile and web work management tool, revealed that office workers spent over 50% of their day on busy work rather than accomplishing their primary tasks. Similarly, according to the annual work index held in October 2021, people spent 58% of their time on activities related to work, such as discussing work, seeking information, navigating between applications, managing shifting priorities, and seeking status updates. Therefore, increasingly busy lifestyles and time constraints are driving the demand for meal replacement products.
Innovation in meal replacement products is a significant trend gaining traction in the meal replacement market. Companies within this industry are increasingly forming partnerships to drive the development of new technologies and the launch of innovative products. For example, in May 2021, Unilever, a UK-based company known for its meal replacement products, teamed up with ENOUGH, a UK-based food-tech company. This collaboration aims to create new plant-based meat products leveraging ENOUGH's unique zero-waste fermentation process technology. By partnering with ENOUGH, Unilever aims to enhance its potential for future innovations within its meal replacement portfolio.
Leading companies in the meal replacement market are prioritizing advanced products, such as nutritious meal replacement bars, to better cater to the needs of their current consumers. Nutritious meal replacement bars are food items that offer a diverse range of nutrients and are designed to provide a convenient and nutritionally balanced alternative to traditional meals. For instance, in June 2022, CTRL, a US-based company specializing in meal replacement products, introduced Meal On-the-Go Bars. These bars come in new and appealing flavors packed with wholesome ingredients that satisfy hunger on-the-go. The bars are available in two flavors: Magic Charms and Chocolate Chip Cookie Dough. They are not only delicious but also nutritious, with each Meal On-the-Go Bar containing 15 grams of high-quality whey protein, 240 calories, 27 grams of healthy carbohydrates, and 9 grams of fiber. These bars go beyond typical protein bars, as they are enriched with vitamins, minerals, proteins, macros, and a base of roasted cashew butter flavored with honey, along with other beneficial components. They are designed to satisfy hunger while prioritizing health.
In 2022, Solace Nutrition, a medical nutrition company specializing in manufacturing effective nutrition formulas as dietary supplements to assist individuals in managing their nutritional requirements, acquired R-Kane Nutritional for an undisclosed sum. This acquisition marks a strategic expansion for Solace into an adjacent nutrition market. R-Kane Nutritional, based in the US, specializes in high-protein meal replacements designed for weight management.
Major companies operating in the meal replacement market report are Nestlé S.A., Unilever PLC, Abbott Laboratories Inc., GlaxoSmithKline PLC, The Kraft Heinz Company, Atkins Nutritionals Inc., Kellogg Company, General Mills Inc., Amway Corporation, Glanbia PLC, Herbalife Nutrition Ltd., Nu Skin Enterprises Inc., Blue Diamond Growers Inc., Usana Health Sciences Inc., Oatly Group AB, Huel Limited, Garden of Life LLC, Quest Nutrition LLC, Orgain Inc., ThinkThin LLC, SlimFast Holdings Inc., Ripple Foods Inc., No Cow Inc., Bob's Red Mill Natural Foods Inc., Soylent Nutrition Inc., RXBAR LLC, Perfect Bar LLC, NutriBullet LLC, Epic Provisions Inc., MealSquare LLC, Labrada Nutrition LLC, Dymatize Nutrition LLC.
North America was the largest region in the meal replacement market in 2023. Asia-Pacific is expected to be the fastest-growing region in the meal replacement market share in the forecast period. The regions covered in the meal replacement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the meal replacement market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
In the meal replacement market, the main types of products are powdered products, edible bars, ready-to-drink products, and others. Powdered products are available in various forms and are designed to be substitutes for solid foods, providing the necessary calories and nutrients for the body. They are used in various applications such as weight gain, weight loss, physical fitness, and wound healing. These products are distributed through hypermarkets, supermarkets, convenience stores, online platforms, and other channels.
The meal replacement market research report is one of a series of new reports that provides meal replacement market statistics, including meal replacement industry global market size, regional shares, competitors with a meal replacement market share, detailed meal replacement market segments, market trends and opportunities, and any further data you may need to thrive in the meal replacement industry. This meal replacement market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The meal replacement market consists of sales of drinks, bars, soups, sparkling water. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The meal replacement market size is expected to see strong growth in the next few years. It will grow to $25.74 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth in the forecast period is driven by various factors such as a shift in retail strategies, the expanding health-conscious consumer base, ongoing innovation in ingredient formulations, the broader availability of functional meal replacements, and an increase in personalized nutrition solutions. Key trends expected during this period encompass personalized nutrition solutions tailored to individual needs, the demand for convenience catering to busy lifestyles, continued innovation in formulations, a focus on health and weight management, and the growing use of functional ingredients in food products.
The growing prevalence of obesity and diabetes is expected to drive the expansion of the meal replacement market in the future. Factors contributing to the rise in diabetes include ethnicity, aging, and lifestyle choices. Meal replacement products are commonly used in diabetes management as they help maintain weight loss. Additionally, due to their high nutrient content and low calorie count, these products can also aid in managing obesity. For instance, data published by the International Diabetes Federation in December 2021 indicated that 537 million adults aged 20 to 79 were living with diabetes, resulting in 6.7 million deaths attributed to the condition in 2021. Projections suggest that by 2030, the global diabetes population will increase to 643 million individuals. As a result, the growing prevalence of obesity and diabetes is fueling the growth of the meal replacement market.
The increasingly busy lifestyles and time constraints of modern living are expected to drive the growth of the meal replacement market in the coming years. Busy lifestyles and time limitations refer to the hectic and fast-paced nature of contemporary life, where individuals often have limited time for various activities due to work commitments, family responsibilities, social engagements, and other obligations. These factors are leading to a growing demand for meal replacement products, which offer a convenient and time-saving alternative for people who struggle to prepare traditional meals. Meal replacement products provide quick, easy, and nutritionally balanced options that cater to the needs of busy individuals. For example, in April 2022, a survey conducted on approximately 10,600 international workers by Asana Inc., a US-based mobile and web work management tool, revealed that office workers spent over 50% of their day on busy work rather than accomplishing their primary tasks. Similarly, according to the annual work index held in October 2021, people spent 58% of their time on activities related to work, such as discussing work, seeking information, navigating between applications, managing shifting priorities, and seeking status updates. Therefore, increasingly busy lifestyles and time constraints are driving the demand for meal replacement products.
Innovation in meal replacement products is a significant trend gaining traction in the meal replacement market. Companies within this industry are increasingly forming partnerships to drive the development of new technologies and the launch of innovative products. For example, in May 2021, Unilever, a UK-based company known for its meal replacement products, teamed up with ENOUGH, a UK-based food-tech company. This collaboration aims to create new plant-based meat products leveraging ENOUGH's unique zero-waste fermentation process technology. By partnering with ENOUGH, Unilever aims to enhance its potential for future innovations within its meal replacement portfolio.
Leading companies in the meal replacement market are prioritizing advanced products, such as nutritious meal replacement bars, to better cater to the needs of their current consumers. Nutritious meal replacement bars are food items that offer a diverse range of nutrients and are designed to provide a convenient and nutritionally balanced alternative to traditional meals. For instance, in June 2022, CTRL, a US-based company specializing in meal replacement products, introduced Meal On-the-Go Bars. These bars come in new and appealing flavors packed with wholesome ingredients that satisfy hunger on-the-go. The bars are available in two flavors: Magic Charms and Chocolate Chip Cookie Dough. They are not only delicious but also nutritious, with each Meal On-the-Go Bar containing 15 grams of high-quality whey protein, 240 calories, 27 grams of healthy carbohydrates, and 9 grams of fiber. These bars go beyond typical protein bars, as they are enriched with vitamins, minerals, proteins, macros, and a base of roasted cashew butter flavored with honey, along with other beneficial components. They are designed to satisfy hunger while prioritizing health.
In 2022, Solace Nutrition, a medical nutrition company specializing in manufacturing effective nutrition formulas as dietary supplements to assist individuals in managing their nutritional requirements, acquired R-Kane Nutritional for an undisclosed sum. This acquisition marks a strategic expansion for Solace into an adjacent nutrition market. R-Kane Nutritional, based in the US, specializes in high-protein meal replacements designed for weight management.
Major companies operating in the meal replacement market report are Nestlé S.A., Unilever PLC, Abbott Laboratories Inc., GlaxoSmithKline PLC, The Kraft Heinz Company, Atkins Nutritionals Inc., Kellogg Company, General Mills Inc., Amway Corporation, Glanbia PLC, Herbalife Nutrition Ltd., Nu Skin Enterprises Inc., Blue Diamond Growers Inc., Usana Health Sciences Inc., Oatly Group AB, Huel Limited, Garden of Life LLC, Quest Nutrition LLC, Orgain Inc., ThinkThin LLC, SlimFast Holdings Inc., Ripple Foods Inc., No Cow Inc., Bob's Red Mill Natural Foods Inc., Soylent Nutrition Inc., RXBAR LLC, Perfect Bar LLC, NutriBullet LLC, Epic Provisions Inc., MealSquare LLC, Labrada Nutrition LLC, Dymatize Nutrition LLC.
North America was the largest region in the meal replacement market in 2023. Asia-Pacific is expected to be the fastest-growing region in the meal replacement market share in the forecast period. The regions covered in the meal replacement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the meal replacement market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
In the meal replacement market, the main types of products are powdered products, edible bars, ready-to-drink products, and others. Powdered products are available in various forms and are designed to be substitutes for solid foods, providing the necessary calories and nutrients for the body. They are used in various applications such as weight gain, weight loss, physical fitness, and wound healing. These products are distributed through hypermarkets, supermarkets, convenience stores, online platforms, and other channels.
The meal replacement market research report is one of a series of new reports that provides meal replacement market statistics, including meal replacement industry global market size, regional shares, competitors with a meal replacement market share, detailed meal replacement market segments, market trends and opportunities, and any further data you may need to thrive in the meal replacement industry. This meal replacement market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The meal replacement market consists of sales of drinks, bars, soups, sparkling water. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Meal Replacement Market Characteristics3. Meal Replacement Market Trends and Strategies32. Global Meal Replacement Market Competitive Benchmarking33. Global Meal Replacement Market Competitive Dashboard34. Key Mergers and Acquisitions in the Meal Replacement Market
4. Meal Replacement Market - Macro Economic Scenario
5. Global Meal Replacement Market Size and Growth
6. Meal Replacement Market Segmentation
7. Meal Replacement Market Regional and Country Analysis
8. Asia-Pacific Meal Replacement Market
9. China Meal Replacement Market
10. India Meal Replacement Market
11. Japan Meal Replacement Market
12. Australia Meal Replacement Market
13. Indonesia Meal Replacement Market
14. South Korea Meal Replacement Market
15. Western Europe Meal Replacement Market
16. UK Meal Replacement Market
17. Germany Meal Replacement Market
18. France Meal Replacement Market
19. Italy Meal Replacement Market
20. Spain Meal Replacement Market
21. Eastern Europe Meal Replacement Market
22. Russia Meal Replacement Market
23. North America Meal Replacement Market
24. USA Meal Replacement Market
25. Canada Meal Replacement Market
26. South America Meal Replacement Market
27. Brazil Meal Replacement Market
28. Middle East Meal Replacement Market
29. Africa Meal Replacement Market
30. Meal Replacement Market Competitive Landscape and Company Profiles
31. Meal Replacement Market Other Major and Innovative Companies
35. Meal Replacement Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Meal Replacement Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on meal replacement market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for meal replacement? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Product: Powdered Products; Edible Bars; Ready-to-Drink; Other Products
2) By Application: Weight Gain; Weight Loss; Physical Fitness; Wound Healing; Other Applications
3) By Distribution Channel: Offline; Hypermarkets and Supermarkets; Convenience Stores; Online; Other Distribution Channels
Key Companies Mentioned: Nestlé S.A.; Unilever PLC; Abbott Laboratories Inc.; GlaxoSmithKline plc; The Kraft Heinz Company
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Nestlé S.A.
- Unilever PLC
- Abbott Laboratories Inc.
- GlaxoSmithKline plc
- The Kraft Heinz Company
- Atkins Nutritionals Inc.
- Kellogg Company
- General Mills Inc.
- Amway Corporation
- Glanbia plc
- Herbalife Nutrition Ltd.
- Nu Skin Enterprises Inc.
- Blue Diamond Growers Inc.
- Usana Health Sciences Inc.
- Oatly Group AB
- Huel Limited
- Garden of Life LLC
- Quest Nutrition LLC
- Orgain Inc.
- ThinkThin LLC
- SlimFast Holdings Inc.
- Ripple Foods Inc.
- No Cow Inc.
- Bob's Red Mill Natural Foods Inc.
- Soylent Nutrition Inc.
- RXBAR LLC
- Perfect Bar LLC
- NutriBullet LLC
- Epic Provisions Inc.
- MealSquare LLC
- Labrada Nutrition LLC
- Dymatize Nutrition LLC
