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Meal Replacement Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
Global meal replacement products market is segmented on the basis of Product Type (Ready-to-Drink Products, Nutritional Bars, Powdered Products, Other Product Types), Distribution Channel (Convenience Stores, Hypermarkets/Supermarkets, Specialty Stores, Online Retailers, Other Distribution Channels), and by Geography.
- ABOUT THIS REPORT
- Market Snapshot
- Market Overview
- Scope of the Report
- Key Market Trends
- Competitive Landscape
- Major Players
- TABLE OF CONTENTS
Market Snapshot
Study Period:
2016 - 2026
Base Year:
2020
Fastest Growing Market:
Asia Pacific
Largest Market:
North America
CAGR:
8.19 %
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Market Overview
The global meal replacement products market is projected to register a CAGR of 8.19% during the forecast period (2020- 2025).
- Meal replacement products are gaining traction among the consumers who are monitoring special diets, majorly those managing weight, or watching their blood sugar levels due to diabetes. Additionally, the market targets consumers with time constraints, busy lifestyles, and hectic work schedules, by helping them replace their meals with healthier and nutritious products over conventional snacks.
- The high growth rate registered by the e-commerce sector is expected to aid the growth of the market studied. As vendors can market their product offerings, such as protein shakes and protein bars, through various online channels.
IMPACT OF COVID-19 ON THE MARKET
- Starting with the initial containment among consumers of meal replacement products, the pandemic may create a spike in demand due to panic buying. However, the demand will be short lived and, going further, the physical ability to purchase foods, loss of income, and freezing of the economic sector may lead to a massive decline in the sales of the category.
- The indefinite lockdown globally has initiated unprecedented challenges for health, where consumers’ adaptation of this lifestyle has been touted as the new normal. Lesser movements have led to a temptation to stress, leading to excessive eating and ultimately falling for weight gains. The concept of healthy eating has witnessed tremendous support during this period, and consumers effort to keep themselves self-immune has been of utmost importance.
Scope of the Report
The global meal replacement products market is segmented by product type into ready-to-drink products, nutritional bars, and powdered products, and other product types. By distribution channel, the market studied is segmented into convenience stores, hypermarkets/supermarkets, specialty stores, and online retailer stores, and others. The various health benefits associated with the consumption of meal replacement products are driving the growth of the market studied. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle- East, and Africa.
| By Product Type | |
| Ready-to-Drink Products | |
| Nutritional Bars | |
| Powdered Products | |
| Other Product Types |
| By Distribution Channel | |
| Convenience Stores | |
| Hypermarkets/Supermarkets | |
| Specialty Stores | |
| Online Retailers | |
| Other Distribution Channels |
| By Geography | |||||||||
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Key Market Trends
Rising Demand for Convenient and Small-portion Food
The hectic lifestyles of the people have led to disturbed food habits, owing to which, the demand for on-the-go nutrition has increased over the years. Meal replacement shakes and nutrition bars are simple and effective weight loss tools for overweight or obese people with diabetes. These products have shown advantages over self-selective weight-loss diets. According to a survey conducted by Welch’s in 2017, about 92% of millennials reported having been replacing their meals with snacks. The data depicts a growing consumer inclination toward short meals, portraying an increasing demand for healthier, better-for-you meal replacement products in the market.
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North America Accounted for the Largest Market Share
The North American region accounted for the largest share, in terms of revenue, in 2019. The United States is one of the leading markets for meal replacement products in the North American region. Local players introduced meal replacement products, such as protein shakes, which are not only low in calories but also healthy. Thus, meal replacement products are emerging as a popular choice among consumers in the region.
Moreover, market players are focusing on introducing all-organic meal replacement shakes, in order to cater to the needs of consumers. Moreover, the multi-purpose functionality and on-the-go convenience of meal replacement products, such as drinks, are attracting consumers across North America. In addition, the presence of retail outlets that are suitable for convenient foods to benefit from both planned and impulse purchases, poise advantage that other snacks don't have.
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Competitive Landscape
The global meal replacement products market is highly competitive, with the top players accounting for half of the total market share. The manufacturers are increasing their investments in R&D, marketing, the innovation of their products, and the expansion of their distribution channels, in order to maintain their positions in the market. Moreover, the global players, such as the Simply Good Foods Company, Amway Corp., focusing on leveraging the opportunities offered by the emerging segments, like sugar-free, vegan, gluten-free, soy-free, and non-GMO products.
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Table Of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Ready-to-Drink Products
5.1.2 Nutritional Bars
5.1.3 Powdered Products
5.1.4 Other Product Types
5.2 By Distribution Channel
5.2.1 Convenience Stores
5.2.2 Hypermarkets/Supermarkets
5.2.3 Specialty Stores
5.2.4 Online Retailers
5.2.5 Other Distribution Channels
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 Italy
5.3.2.4 Spain
5.3.2.5 France
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 South Africa
5.3.5.2 United Arab Emirates
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Abbott Laboratories
6.4.2 Amway Corp. (Alticor)
6.4.3 Bob's Red Mill Natural Foods
6.4.4 Herbalife Nutrition
6.4.5 Glanbia PLC
6.4.6 The Simply Good Foods Company
6.4.7 The Kellogg Company
6.4.8 Nestle SA
6.4.9 The Kraft Heinz Company
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
*List Not Exhaustive
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