Meal Replacement Shakes Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Global Meal Replacement Shakes Companies and the market is segmented by Product Type (Ready-to-Drink Products and Powdered Products), Distribution Channel (Convenience Stores, Hypermarkets/Supermarkets, Specialty Stores, Online Retail Stores, and Other Distribution Channels), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The market size and values are provided in terms of (USD Million) during the forecast years for the above segments.

Meal Replacement Shake Market Size

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Meal Replacement Shakes Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 8.49 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration High

Major Players

Meal Replacement Shakes Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Meal Replacement Shake Market Analysis

The meal replacement shakes market is projected to register a CAGR of 8.49% during the forecast period.

Meal replacement products are gaining traction among consumers who are monitoring special diets, majorly those managing weight or watching their blood sugar levels due to diabetes. According to the National Health Survey Digital, the percentage of people affected by obesity in England was 26% for women and 25% for men last year. The increase in the prevalence of such conditions has been propelling the market across the globe. Additionally, the market targets consumers with time constraints, busy lifestyles, and hectic work schedules by helping them replace their meals with healthier and nutritious shakes 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, through various online channels.

Moreover, the attributes associated with convenient meal replacement options such as ready-to-drink meal replacement products and cereal bars, which eliminate the need for milk and a bowl at breakfast or act as easy on-the-go lunches and dinners, are leading to the surge in demand for meal replacement products to get the required energy and nutritional benefits in convenient, easy-to-stow package. Many consumers prefer protein bars and protein shakes to consume between meals or to replace a meal altogether. For others, protein meal replacement products are a way to indulge in a small treat, as they are perceived to be healthier than other sweet items.

The shift in consumer behavior from animal products is majorly due to people's rising concern about animal welfare, personal health, and, most importantly, sustainability. The intake of animal protein is associated with high cholesterol levels, fat, and calories, which increases the risk of cardiac diseases, high blood sugar levels, and obesity. Hence, people are showing an inclination toward vegan sources of protein. This has created a good platform for the growth of plant-based or vegan edible bars across the world. For instance, Vega offers vegan snack bars. Its offerings are vegan-certified, non-GMO project verified, gluten-free, and free of artificial flavors and preservatives.

Meal Replacement Shake Market Trends

Rising Demand for Convenient and Small-Portion Diet Food

The replacement shakes offer a portable, convenient, and often healthier choice for a quick, on-the-go meal or an immediate consumption choice to stave off hunger. The availability of a variety of types and flavors is an added factor responsible for driving the market. As a result, meal replacement shakes are becoming extremely popular, especially among the working-class population, teenagers, people living in hostels, and bachelors. 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 the The Centers for Disease Control and Prevention, in 2021, the adult obesity rate in the United States was 30% or higher in 41 states, with a rate of 35% or higher in 19.

Many consumers are preferring protein shakes for consumption between meals or to replace a meal altogether. According to a survey conducted by open survey, on convenience food consumption among South Koreans performed in September 2021, about a quarter of respondents said they consumed convenience foods every two to three days. About as many people indicated that they would consume these items once a week. Consumers in South Korea consumed convenience foods 7.2 times a month on average. Additionally, consumers have been looking for healthy alternatives to convenience foods which are expected to drive the market studied.

Meal Replacement Shakes Market: Adult Obesity Rates at or above 30%, United States, 2018-2021

North America Accounted for the Largest Market Share

The North American region accounted for the largest share, in terms of revenue, in 2022. The United States is one of the leading markets for meal replacement shakes in the North American region. Local players introduced meal replacement shakes which are not only low in calories but also healthy. Thus, these products are emerging as a popular choice among consumers in the region. Moreover, market players are focusing on introducing all-organic meal replacement shakes, to cater to the needs of consumers. Moreover, the multi-purpose functionality and on-the-go convenience of meal replacement shakes are attracting consumers across North America.

Companies are actively innovating new products to maintain their position in the market. For instance, in 2019, Soylent, a well-known meal replacement producer in the United States, launched a strawberry four-pack drink to bring new items to consumers, allowing them to engage with its brand in new ways. The growing consumer inclination toward sports and workout activities has increased the demand for nutritional meal replacement shakes, as they provide an instant energy boost and satisfy hunger after a workout. Additionally, the high level of industry profitability and the growing propensity of buyers to opt for sustainable products are expected to provide opportunities for the players operating in the market to expand their presence in the region.

Global Meal Replacement Shakes Market: Market CAGR (%), by Region, Global, 2022

Meal Replacement Shake Industry Overview

The global meal replacement shakes market is consolidated, with the top players accounting for a major market share. The manufacturers are increasing their investments in R&D, marketing, product innovation, and the expansion of their distribution channels, to maintain their positions in the market. Moreover, the global players in the market include Abbott Laboratories, Amway Corp., Glanbia PLC, Nestle S.A., and Herbalife Nutrition. Most of the companies in the market are focusing on leveraging the opportunities offered by the emerging segments, like sugar-free, vegan, gluten-free, soy-free, and non-GMO products. Owing to the rise in demand of meal replacement products across the globe, new players have been focussing on product innovations, expansions, mergers and acquisitions in order to thrive in the market. For example, in 2021, Sustenance, a Singaporean meal-replacement company, expanded to Australia, the company entered the market with ready-to-drink shakes produced with calorie-restricted, plant-based ingredients derived from actual food. Such factors are expected to fragment the market for meal replacements in the long run.

Meal Replacement Shake Market Leaders

  1. Abbott Laboratories

  2. Nestlé S.A.

  3. Glanbia PLC

  4. Amway Corp.

  5. Herbalife Nutrition

*Disclaimer: Major Players sorted in no particular order

Meal Replacement Shakes Market Concentration
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Meal Replacement Shake Market News

  • March 2023: Nestle invested an undisclosed amount of money in meal replacement start-up YFood. The Munich-based start-up offers meal replacements including meal-replacement snack bars, drinks, and powders.
  • September 2021: Abnormal, a company located in Cheshire, committed GBP 1 million to the introduction of a new personalized, nutritionally balanced meal service.
  • April 2021: Two new products, Plant-Based Paneer and Plant-Based Nutrition Drink have been released by Goodmylk, a firm that makes vegan dairy alternatives. Over three days, the company announced the products in a series of back-to-back posts on social media.

Meal Replacement Shake Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Ready-to-Drink Products

      2. 5.1.2 Powdered Products

    2. 5.2 Distribution Channel

      1. 5.2.1 Convenience Stores

      2. 5.2.2 Hypermarkets/Supermarkets

      3. 5.2.3 Specialty Stores

      4. 5.2.4 Online Retail Stores

      5. 5.2.5 Other Distribution Channels

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Russia

        5. 5.3.2.5 Spain

        6. 5.3.2.6 Italy

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Abbott Laboratories

      2. 6.3.2 Amway Corp.

      3. 6.3.3 Bob's Red Mill Natural Foods

      4. 6.3.4 Herbalife Nutrition

      5. 6.3.5 Glanbia PLC

      6. 6.3.6 The Simply Good Foods Company

      7. 6.3.7 The Kellogg Company

      8. 6.3.8 Nestlé S.A.

      9. 6.3.9 The Kraft Heinz Company

      10. 6.3.10 Ripple Foods

      11. 6.3.11 Abnormal

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Meal Replacement Shake Industry Segmentation

A meal replacement product is a beverage, bar, soup, etc. with a set amount of calories and nutrients that is meant to replace a solid meal. The global meal replacement shakes market is segmented by product type, distribution channel, and geography. Based on product type, the market is segmented into ready-to-drink products and powdered products. By distribution channel, the market studied is segmented into convenience stores, hypermarkets/supermarkets, specialty stores, online retail stores, and other distribution channels. The study also covers the global level analysis of the major regions, such as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).

Product Type
Ready-to-Drink Products
Powdered Products
Distribution Channel
Convenience Stores
Hypermarkets/Supermarkets
Specialty Stores
Online Retail Stores
Other Distribution Channels
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Russia
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Meal Replacement Shake Market Research FAQs

The Global Meal Replacement Shakes Market is projected to register a CAGR of 8.49% during the forecast period (2024-2029)

Abbott Laboratories, Nestlé S.A., Glanbia PLC, Amway Corp. and Herbalife Nutrition are the major companies operating in the Global Meal Replacement Shakes Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Global Meal Replacement Shakes Market.

The report covers the Global Meal Replacement Shakes Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Meal Replacement Shakes Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Food Replacement Shakes Industry Report

Statistics for the 2024 Food Replacement Shakes market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Food Replacement Shakes analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Meal Replacement Shakes Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)