NEW YORK, Dec. 15, 2023 /PRNewswire/ — The meal replacement market size is expected to grow by USD 5.79 billion from 2023 to 2028, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 6.94% during the forecast period. Health benefits associated with meal replacement products are notably driving the meal replacement market. However, factors such as a lack of awareness about meal replacement products may impede market growth. The market is segmented by Product (Powdered products, Edible bars, Ready-to-drink, and Others), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The sample report is available in PDF format
Key Segment Analysis
The powdered products segment will be significant during the forecast period. Gym-goers, athletes, and people with various health problems lead this segment’s growth. Asian countries like India, Hong Kong, China, and South Korea witness strong growth for the products in this segment. Furthermore, factors like the availability of a wide range of products by different brands will contribute to the powdered products segment spearheading the growth of this segment. To know additional highlights and key points on various market segments and their impact in coming years, View a PDF Sample Report.
Geographical Market Analysis
North America will contribute 37% to the growth of the global market during the forecast period. The consumers in this region search for convenient, healthy food products that fulfill their daily nutritional requirements. Other factors that fuel the growth of the regional meal replacement market include the change in lifestyle, rapid urbanization, and a rise in disposable income will spur regional market growth. Additional factors include the rising awareness regarding the health benefits of meal-replacement products such as edible bars and shakes. During the lockdowns, eBay Inc. and Amazon were some of the major market players that focused on supplying essentials, especially food products, to customers.
Company Insights
The meal replacement market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market’s competitive landscape and offers information on several market companies, including:
Abbott Laboratories, Atkins Nutritionals Inc., Blue Diamond Growers, Bobs Red Mill Natural Foods Inc., Cambridge Commodities Ltd., Conagra Brands Inc., Glanbia plc, Healthy N Fit International Inc., Herbalife International of America Inc., ITOCHU Corp., Kellogg Co., Natures Bounty, Nestle SA, Nutiva Inc., Nutricore Biosciences Pvt. Ltd., NutroActive Industries Pvt. Ltd., RITS Lifesciences Pvt Ltd., The Kraft Heinz Co., Unilever PLC, Zoic Pharmaceuticals Pvt. Ltd.
View a PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.
Related Reports:
The yogurt market is estimated to grow at a CAGR of 6.23% between 2022 and 2027. The size of the market is forecasted to increase by USD 42.2 billion.
The pureed food market size is expected to increase to USD 3.70 billion from 2021 to 2026, at a CAGR of 5.5%.
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Meal Replacement Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.94% |
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Market growth 2024-2028 |
USD 5.79 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
5.84 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 37% |
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Key countries |
US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Abbott Laboratories, Atkins Nutritionals Inc., Blue Diamond Growers, Bobs Red Mill Natural Foods Inc., Cambridge Commodities Ltd., Conagra Brands Inc., Glanbia plc, Healthy N Fit International Inc., Herbalife International of America Inc., ITOCHU Corp., Kellogg Co., Natures Bounty, Nestle SA, Nutiva Inc., Nutricore Biosciences Pvt. Ltd., NutroActive Industries Pvt. Ltd., RITS Lifesciences Pvt Ltd., The Kraft Heinz Co., Unilever PLC, and Zoic Pharmaceuticals Pvt. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Distribution Channel
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
