Market Size of Global Meal Replacement Shakes Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
