PUBLISHER: The Business Research Company | PRODUCT CODE: 1470320
PUBLISHER: The Business Research Company | PRODUCT CODE: 1470320
Meal replacement products are nutritional substitutes designed to provide a convenient and balanced alternative to traditional meals. These products are formulated to deliver a comprehensive set of essential nutrients, including proteins, carbohydrates, fats, vitamins and minerals, in a controlled and standardized manner.
The meal replacement market consists of sales of meal replacement products by entities (organizations, sole traders and partnerships) engaged in the manufacturing of these products, that are used as a substitute for solid foods that contain the essential quantities of calories and nutrients for the body.
The global meal replacement market was valued at $11,625.6 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 7.0%.
Growing Health Consciousness Among Consumers
Growing health consciousness among consumers boosted the growth of the meal replacement market during the historic period. There was an increase in consumers actively controlling their weight and working toward their fitness objectives. Because health-conscious customers frequently lead hectic lives, convenience plays a major role in the foods they choose. Meal replacement solutions are popular among those looking for a simple and well-rounded dietary alternative since they are designed to deliver important nutrients in a handy and regulated manner. For instance, in October 2022, according to a study of 2,000 US adults aged 30 and above, commissioned by Nutrisystem, a US-based commercial provider of weight loss products and services and conducted by OnePoll, a UK-based international market research agency, surveys, consumer insights and opinion polling revealed that 71% of Americans were more health-conscious post-pandemic. Additionally, in March 2020, according to a 2019 American Heart Association poll, millennials born between 1981 and 1996 (people aged 24 to 39 at the end of 2020) were more likely than older generations to practice healthy habits, including eating a balanced diet and getting regular exercise. Therefore, growing health consciousness among consumers drove the growth of the meal replacement market.
Focus On Launch Of New Products To Meet Unique Nutritional Needs Through Specialized Formulations
Major companies operating in the meal replacement market are focusing on launching new product lines to gain a competitive edge in the market. For example, in November 2023, Abbott, a US-based healthcare company, launched a new version of PediaSure, known as PediaSure with Nutri-Pull System. This new product is designed to support the growth and development of children, particularly those who are experiencing catch-up growth. The Nutri-Pull system is a special blend of ingredients, including vitamin K2, vitamin D, vitamin C and casein phosphopeptides (CPPs). This combination is formulated to support catch-up growth in children by enhancing the absorption of essential nutrients. In simple terms, the PediaSure with Nutri-Pull system provides a unique mix of ingredients that help children get the important nutrients they need, promoting healthy growth during crucial developmental stages.
The global meal replacement market is concentrated, with a small number of players dominating the market. The top ten competitors in the market made up to 44.3% of the total market in 2022.
Meal Replacement Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global meal replacement market as it emerges from the COVID-19 shut down.
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? The meal replacement market global report from The Business Research Company 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 history and forecasts market growth by geography. It places the market within the context of the wider meal replacement market; and compares it with other markets.
Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by product, by application and by distribution channel.
Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the meal replacement market.
Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by product, by application and by distribution channel in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
Briefs on the financials comparison between major players in the market.
Briefs on competitive dashboard of major players.
Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
This section includes recommendations for meal replacement providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.