Market Size of Asia-Pacific Meal Replacement Products Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.40 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Meal Replacement Market Analysis
The Asia-Pacific meal replacement products market size is expected to grow from USD 3,731.26 million in 2023 to USD 5,088.20 million by 2028 at a CAGR of 6.40% during the forecast period.
- Meal replacement products are gaining traction among consumers who are monitoring their diet patterns, especially those who are managing their weight or controlling their blood sugar levels. Additionally, the market mainly targets consumers with time constraints, busy lifestyles, and hectic work schedules by helping them replace their meals with healthier and nutritious products instead of conventional snacks.
- Asia-Pacific has one of the world's highest obesity rates. In India, the percentage of overweight or obese women grew from 20.6% in 2016 to 24% in 2021, according to the National Family Health Survey (NFHS). The prevalence among men, on the other hand, rose by nearly 22.9% in 2021. Such factors are expected to drive the region's demand for meal replacement products.
- The industry caters to consumers with time restrictions, demanding schedules, and busy lifestyles by assisting them in switching from standard snacks to healthy meals. On the contrary, a large proportion of the population is health and fitness conscious, which is expected to boost the demand. The weight management trend has boosted the demand for meal replacement bars and powders in the food industry, making Australia the largest market for meal replacement products in the Asia-Pacific region.
- However, due to factors such as high prices and less sustainability speculated for long-term consumption of meal replacement products, the market faces constraints in expanding its consumer base. Products like supplement powders and shakes are generally consumed by those who are willing to spend exponentially high to satiate their hunger.
