Meal Replacement Market Dynamics & Global Forecast to 2026

The global meal replacement market size is projected to reach USD 15.5 billion by 2026, recording a CAGR of 5.4% during the forecast period in terms of value. The market for meal replacement has huge potential across developing regions such as Asia Pacific, South America, and Africa. The expansion of the operations of key industry participants across Asia Pacific has supported the region's growth in the market. Asia Pacific has a large population, with a rising number of millennials moving toward healthy eating, thereby proliferating the demand for meal replacement. Furthermore, the increasing trend of organic and plant-based meal replacement products, especially from North America and Europe, presents enormous growth opportunities to the market players.

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Market Dynamics:

Drivers: Increasing prevalence of obesity and diabetes coupled with the increasing population of health-conscious consumers

The population of obese people is increasing globally and has tripled since 1975. Obesity being one of the largest health problems, has shifted from being the most common problem in developed countries to countries with all income levels. Owing to the rising cases of obesity, individuals are adopting meal replacement plans as an effective tool for weight loss. Obesity increases the risk of diabetes, cardiovascular mortality, dyslipidemia, and hypertension, among others. Meal replacement weight management solutions are suitable for the long-term as they help in losing more weight compared to other interventions.

Additionally, the increasing awareness regarding healthy lifestyles is projected to drive the global market. There is an increasing trend and adoption of a nutritious diet to replace regular meals with convenient and easy options such as meal replacements.

Restraints: High cost of meal replacement products

Science and technology help people identify food that will help them manage their weight and overall health. Meal replacements involve significantly high costs, which could act as a restraint for the growth of the market. Compared to the regular meal, the cost of a nutritious meal replacement is higher owing to the involvement of additional manufacturing processes to improve the nutritional value of the product. The high cost of meal replacement is attributed to the high cost of research and development and customization. With the increasing health concerns and changing lifestyles, consumers have shifted to meal replacement products to improve their overall health. Meal replacement products being less economic might restrict the market growth.

Opportunities: Growth of the meal replacement market from emerging economies

The emerging economies are witnessing a surge in spending for nutritious food, which is attributed to the growing awareness among consumers. The growth of meal replacement across emerging geographies is also owing to the rising obesity rates, an increase in sedentary lifestyle, aging population, and increased interest in health and nutrition. Furthermore, countries such as India, Australia, and Japan are witnessing a rise in the development of lifestyle diseases such as cardiovascular diseases, type 2 diabetes, and osteoporosis. Additionally, countries in the Asia Pacific region have registered high growth rates for overweight and obesity. Similarly, obesity has become one of the rising health concerns across South America. In 2021, Brazil had approximately 15,733.6 thousand people with diabetes, which is expected to reach 23,223.6 thousand by 2045. These geographies with a rising prevalence of chronic diseases are anticipated to create opportunities for the market players of meal replacement to expand their business across new markets.

Challenges: Misinterpretation of protein shakes for meal replacement shakes

Most people mistake protein shakes for meal replacement shakes. Protein shakes are designed for athletic performance and muscle gain. Whereas meal replacement shakes are designed for weight management, wound healing, and convalescence, among other applications. Protein shakes are meant for consumption before and after an intense workout, whereas meal replacement shakes are meant for replacing breakfast, or lunch, or dinner. Meal replacement shakes provide complete nutrition as of a meal, whereas protein shakes only fulfil the protein requirement of the person. The misunderstanding of protein shakes for meal replacement shakes is challenging for the market players. The unclear understanding of meal replacement shakes and protein shakes hampers the sales and impacts the growth of the market for meal replacement.

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Key players in this market include Abbott Laboratories (US), Glanbia (Ireland), Amway (US), Herbalife Nutrition (US), Nestle (Switzerland), Atkins (US), Huel (UK), Kellogg Co. (US), Skin Enterprises Inc. (US) and USANA Health Sciences Inc. (US).

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This release was published on openPR.