Meal Substitutes Market is projected to reach a value of US$18.3 Billion by 2030

According to the report published by Virtue Market Research, the Meal Substitutes Market was valued at US$ 11.5 Billion in 2022 and is projected to reach a market capitalization of US$ 18.3 billion by 2030. Over the forecast period of 2023-2030, the market is estimated to grow at a CAGR of 5.98%. The meal substitutes market is a rapidly growing segment of the food industry that offers consumers a convenient and healthy way to replace traditional meals. Meal substitutes are products that are designed to be nutritionally complete and to provide all the essential vitamins, minerals, and nutrients that a person would need in a meal. They can come in a variety of forms, including shakes, bars, powders, and ready-to-drink beverages. Many of the major food and beverage companies have entered the market in recent years, adding to the competition. The market is also characterized by a high level of innovation, with companies constantly developing new and improved products to meet the evolving needs and preferences of consumers.

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One of the main drivers of the meal substitute market is convenience. Many consumers have busy lifestyles and are looking for meal options that are quick and easy to prepare & consume. Meal substitutes, such as ready-to-drink shakes and protein bars, offer a convenient and portable meal option that can be consumed anywhere, without the need for any preparation. This has made meal substitutes a popular choice among busy professionals, students & athletes. As more people choose to avoid animal commodities, there is a growing demand for plant-based meal substitutes that provide the necessary nutrients and protein. This has led to an increase in the number of vegan and vegetarian meal substitutes on the market, such as protein powders made from pea, soy, or hemp protein. Weight management is also a significant driver of the meal substitute market. Many consumers use meal substitutes as a way to manage their weight, either by replacing a meal with a low-calorie option or as part of a structured diet plan. Meal substitutes can provide a controlled amount of calories, nutrients, and protein, making it easier for consumers to monitor their calorie intake and achieve their weight loss goals. Additionally, many meal substitutes are formulated with added ingredients, such as fiber and protein, which can help to curb hunger and reduce the desire to snack between meals.

The pandemic has led to an increase in demand for meal substitutes as consumers seek convenient and healthy meal options to consume at home. As people have been spending more time at home, the need for easy-to-prepare meals has grown, and many consumers have turned to meal substitutes as a way to fill this need. On the other hand, the pandemic has also disrupted the supply chain and manufacturing processes of the meal substitutes market. With many manufacturing facilities forced to shut down or operate at reduced capacity due to social distancing measures, the production of meal substitutes has been impacted. Additionally, with supply chain disruptions and increased demand for certain ingredients, the cost of raw materials used in meal substitutes has increased, which may affect pricing and availability for some products. Furthermore, the COVID-19 pandemic has also led to an increase in health and wellness concerns among consumers, which has driven demand for meal substitutes with added vitamins, minerals, and functional ingredients that support immune health. This has led to an increased demand for meal substitutes with added vitamin C, zinc, and other immune-boosting ingredients.

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Segmentation Analysis:
The Global Meal Substitutes Market segmentation includes:

By Type:
• Ready-to-drink
• Protein bars
• Powders.

The main types of meal substitutes include powdered meal substitutes, available to drink meal substitutes, meal replacement bars & others such as cookies, soups, and frozen meals. In 2022, the ready-to-drink segment held the majority of the revenue shares due to the ease-of-consumption. The market segmentation further helps companies to understand the preferences and needs of different consumers and tailor their product offerings accordingly. For instance, consumers who value convenience may prefer ready-to-drink options, while those who want to customize their meal substitutes may prefer powdered mixes. Many consumers are looking for meal substitute products made with organic and natural ingredients that are perceived to be healthier and more sustainable. This has led to an increase in product offerings that are marketed as organic or made with non-GMO ingredients. Meal substitute companies are expanding their reach by entering new distribution channels such as convenience stores, vending machines, and e-commerce platforms. This allows them to reach a wider range of consumers and offer more convenient purchasing options.

By Distribution Channel:
• Online sales
• Offline sales

With the growth of e-commerce, online sales have become a significant distribution channel for meal substitutes. Online sales include purchases made through a company's own website or through e-commerce platforms such as Amazon, Walmart, and other online retailers. The benefits of online sales include convenience and accessibility, which allow companies to reach a wider audience without the overhead costs of physical storefronts. Personalized meal plans and subscription services are also popular online, as consumers seek more customized and convenient meal solutions. Offline sales for meal substitutes can be further broken down into several categories, including supermarkets and hypermarkets, specialty stores, convenience stores, and vending machines. Supermarkets and hypermarkets offer a wide range of meal substitute products and are the most common offline distribution channel. Specialty stores, such as health food stores and vitamin shops, are also popular, as they cater to consumers with specific dietary needs and preferences. Convenience stores and vending machines offer a quick and easy option for consumers on the go.

Regional Analysis:

The North America region is predicted to have a significant market share due to the presence of major players in the meal substitutes market, high health consciousness among consumers, and increasing demand for vegan and plant-based products. Europe is predicted to have a growing market share due to the increasing prevalence of obesity, weight management concerns, and the growing popularity of vegan and plant-based diets. Asia Pacific is predicted to have a significant growth rate due to increasing health awareness and the rising prevalence of lifestyle-related diseases, along with growing urbanization and increasing disposable incomes. Considering the Rest of the World the major contributors are Latin America, the region is predicted to have a growing market share due to the increasing health consciousness and the growing demand for organic and plant-based food products Whereas in the Middle East and Africa, it is predicted to have a growing market share due to increasing health concerns and growing urbanization, along with the increasing demand for organic and plant-based food products.

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Latest Industry Developments:

● In November 2021, Huel, a UK-based meal replacement brand, raised $108 million in a funding round to expand its business and product offerings.

● In July 2021, Nestle Health Science acquired a majority stake in Vital Proteins, a US-based collagen-based nutrition brand, to expand its product offerings in the meal substitute market.

● In January 2020, Soylent, a US-based meal replacement brand, launched a new product called Soylent Squared, a 100-calorie snack bar designed to be a convenient and healthy meal substitute option.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.