Meal Replacement Market Surges to USD 16.62 Billion by 2031, Propelled by 4.40% CAGR - Verified Market Research®
Lewes, Delaware, Aug. 06, 2024 (GLOBE NEWSWIRE) -- The Global Meal Replacement Market Size is projected to grow at a CAGR of 4.40% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 11.78 Billion in 2023 and is expected to reach USD 16.62 Billion by the end of the forecast period.
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Browse in-depth TOC on “Global Meal Replacement Market Size”
202 - Pages
126 – Tables
37 – Figures
Scope Of The Report
| REPORT ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2020-2031 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2018-2022 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Abbott Laboratories, Amway, Atkins, Nestle, Herbalife Nutrition, Glanbia Plc, Kellogg Co., Soylent, Huel, and Slimfast. |
| SEGMENTS COVERED |
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| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Meal Replacement Market Overview
Health Consciousness: The increasing awareness of customers regarding their health is a major factor contributing to the growth of the Meal Replacement Market. The increasing emphasis on balanced nutrition and healthier lifestyles among consumers is driving the need for convenient and nutritionally adequate meal replacement options, leading to market growth.
Busy Lifestyles: In today's fast-paced lifestyles, there is limited time available for traditional meal preparation. Meal replacements provide a handy alternative for individuals who are frequently on the move and need to maintain their nutritional requirements. This is particularly beneficial for busy professionals and students. The increasing dependence on fast and nutritious choices is a powerful driver for the growth of the market.
Weight Management Trends: The growing emphasis on weight management and fitness is driving the growth of the Meal Replacement Market. There is an increasing need in the market for products that help with weight reduction and maintenance. These products are popular among a wide range of people who are looking for efficient and manageable diet options.
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High Product Costs: The high cost of meal replacement products can hinder their broad use. The presence of high costs may dissuade consumers who are sensitive to price, so restricting market expansion and motivating businesses to investigate cost-efficient production techniques that do not compromise quality.
Nutritional Skepticism: Doubts regarding the nutritional efficacy and safety of meal replacement products can impede the expansion of the market. Consumers frequently doubt the sufficiency of these goods in comparison to whole meals, so it is crucial for companies to highlight product transparency and scientifically supported advantages.
Regulatory Challenges: The Meal Replacement Market faces difficulties due to strict regulatory regulations that govern food safety and labeling. Adhering to these regulations can lead to higher production expenses and cause delays in introducing products, which can impact market dynamics. Market players must prioritize both adherence and product appeal to ensure success.
Geographic Dominance:
The Meal Replacement Market in North America is primarily led by factors such as strong customer awareness, busy lifestyles, and the wide availability of improved products. The strong influence of this region greatly affects the growth of the market, prompting international companies to develop new and diverse product offerings. Europe closely monitors and takes advantage of health trends and regulatory assistance. Asia-Pacific is becoming a profitable market because of increasing urbanization and disposable incomes, suggesting significant growth potential in these areas.
Meal Replacement Market Key Players Shaping the Future
Major players, including Abbott Laboratories, Amway, Atkins, Nestle, Herbalife Nutrition, Glanbia Plc, Kellogg Co., Soylent, Huel, and Slimfast. and more, play a pivotal role in shaping the future of the Meal Replacement Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Meal Replacement Market Segment Analysis
Based on the research, Verified Market Research® has segmented the global Meal Replacement Market into Product, Distribution Channel, And Geography.
To get market data, market insights, and a comprehensive analysis of the Global Meal Replacement Market, please Contact Verified Market Research®.
- Meal Replacement Market, by Product
- Powder
- Ready To Drink
- Protein Bar
- Meal Replacement Market, by Distribution Channel
- Offline
- Online
- Meal Replacement Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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Global Bulk Food Ingredients Market Size By Type (Primary Processed, Secondary Processed), Application (Food and Beverages, Snacks and Spreads, Ready Meals, Confectionery Products, Bakery Products), By Geography, And Forecast
Global Food E-Commerce Market Size By Type (Grocery Delivery, DTC Products, Ready-to-Eat Meals & Meal Kits,), Delivery Channel (Store Pickup, Home Delivery), End-User (Businesses, Households), By Geography, And Forecast
Global Adult Meal Replacement Market Size By Product (Bar, Beverage, Powder), Distributional Channel (Retail stores & Hyper Super Markets, Online Stores), By Geography, And Forecast
Best Meal Kit Services introducing tastes and flavors to people’s lives
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