Global Meal Replacement Products Market - Growth, Trends and Forecasts (2018 - 2023)
The global meal replacement products market is expected to register a CAGR of 7.1%. Heightened obesity rates and increased demand for convenience products are the two long-term trends that have strongly favored the meal replacement and the ready meals market. There is a growing demand for protein bars and shakes, and this trend has the potential to drive the market in the coming years.
Convenience and Increasing Health Awareness are the Major Growth Drivers
The global meal replacement products market is largely driven by factors such as busy lifestyles, rapid urbanization, increasing healthy food consumption habits and food convenience. The modern lifestyle has led to significant changes in the dietary habits of people. Consumers are becoming more health conscious and seeking food products which are convenient and has more nutritional content. The rise in the number of fitness centers and clubs also has a positive influence on the demand for high protein meal replacement products.
The rapid growth of the e-commerce sector will also aid the prospects for meal replacement market growth. Websites like vitacost.com, healthkart.com, and wallmart.com offer a wide array of protein shakes, protein bars, and other supplements for online purchase. These sites offer live interactive chat sessions to provide instant support to individuals who face challenges while purchasing these products.
Although there is a steady growth in the market, there are certain factors restricting the market. These factors include availability of local alternatives with regional taste, and high production and marketing costs.
Powdered Product Holds the Largest Share
In 2016, the powered product accounted for the highest market share. This is mainly due to the presence of these products as a part of sports nutrition since a long time as they were traditionally consumed by fitness enthusiasts and athletes. Many patients relied on the powdered meal replacement products as their sole source of nutrition for years. Meal replacement is an upcoming trend especially among office-goers, adults, and infants. Consumers are preferring the ready-to-drink products because of its convenience.
North America Dominating the Current Market
North America is the largest market for meal replacement product and will account for close to 48% of the market share. Factors like an increasing aging population and the rising awareness of proactive healthcare practices will boost the growth in North America over the forecast period. The US is the largest consumer of meal replacement products in North America, due to a high rate of obesity, diabetes, cardiovascular, and other health related problems among the consumers.Major PLAYERS: ABBOTT NUTRITION, BLUE DIAMOND GROWERS, BOB'S RED MILL NATURAL FOODS, HEALTHY 'N FIT INTERNATIONAL, GENERAL MILLS, GLANBIA, KELLOGG'S, KRAFT HEINZ, NESTLÉ, CAMPBELL FOODSERVICE CO., NUTRISYSTEM, SLIMFAST, ULTIMATE SUPERFOODS., UNILEVER, and GLAXOSMITHKLINE PLC., amongst others.
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