Meal Replacement Products Market Size, Share, Growth, Trends and Industry Research Report
by Susan Hill Business ConsultantThe
global meal replacement products market size is expected
to reach USD 25.02 billion by 2025, according to a new report by Grand View
Research, Inc. It is projected to register a CAGR of 6.5% during the forecast
period. Rising demand for healthy and nutritious food is anticipated to fuel
the growth. High prevalence of obesity, diabetes, and cardiovascular diseases
among others is expected to drive consumer awareness regarding weight loss and
weight management diets, which in turn, will prompt the use of meal replacement
products.
Meal
replacement powder accounted for largest market share owing to rapid adoption
of by health conscious consumers in developed countries from North America and
Europe. High consumer awareness regarding the advantages of meal replacement
products is expected to bode well for the overall product demand. Ease of
handling and consumption is expected drive the demand for meal replacement
powder in the forthcoming years. The manufactures are investing in production
of ready-to-drink meal replacement products owing to the rising popularity of energy
drinks.
Offline
distribution channel held the largest market share in 2018. Significant presence
of some of the leading product manufacturers in countries such as U.S. and
Germany is projected to fuel the demand for meal replacement products. Factors
such as access to internet and promotional activities by leading manufacturers
are expected to further drive the growth.
North
America held the largest market share in 2018 due to high prevalence of obesity
and associated disorders in U.S. Increasing hectic lifestyle is anticipated
drive the demand for time-saving alternatives for regular meals, which in turn
is projected to fuel the regional market. Strict regulations related to food
nutrition are projected to drive the growth of the market in North America as
well as Europe. Asia Pacific, on the other hand, is expected to witness the
fastest growth over the forecast period due to increasing awareness regarding
meal replacement products among millennials in countries such as China and
India.
Key market
players engage in business partnerships, mergers and acquisitions, and product
innovation to capture greater market share. In April 2019, Soylent, one of the
major manufacturers of meal replacement products signed an agreement with
Walmart. Under this agreement, Soylent will roll out five of its ready-to-drink
meal replacement drinks in 4,378 Walmart stores in U.S.
Further key
findings from the report suggest:
- Protein bars
segment is projected to ascend with a CAGR of 6.9% from 2019 to 2025
- Ready-to-drink
segment is expected to register the fastest CAGR over the forecast period,
due to rapid growth of the beverage industry
- Offline
distribution channel held the largest market share of over 90% in 2018
- Major players
operating in the meal replacement products market are Kellogg, Abbott
Nutrition, Herbalife, and Unilever
Access full
research report on global meal replacement products market:
www.grandviewresearch.com/industry-analysis/meal-replacement-products-market
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Created on Oct 24th 2019 03:57. Viewed 352 times.