Meal Replacement Market worth $15.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 3, 2021 /PRNewswire/ -- According to MarketsandMarkets™ "Meal Replacement Market by Product Type (Ready-to-Drink, Bars, Powder), Distribution Channel (Offline and Online), and Region (North America, Europe, Asia Pacific, South America, and RoW) - Global Forecast to 2026", published by MarketsandMarkets™, the global meal replacement market size is estimated to be valued at USD 11.9 billion in 2021 and is projected to reach USD 15.5 billion by 2026, recording a CAGR of 5.4% during the forecast period in terms of value. It is driven by increasing prevalence of obesity and diabetes coupled with the increasing population of health-conscious consumers and changing consumer lifestyle and availability of convenient nutritious meals in the form of meal replacement.
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The bar segment is projected to grow at a second-high CAGR in the meal replacement market
Based on product type, the bar segment is forecasted to grow at a second-high CAGR. Meal replacement bars are an alternative to a complete meal. These bars are fortified with proteins, carbohydrates, fats, vitamins and minerals, and fiber in an adequate quantity required by an average person in a day. These bars are an excellent choice for meal-on-the-go and for weight management programs. Bars are convenient to carry and have a longer shelf-life compared to ready-to-drink options. Owing to these factors the segment is projected to grow at a significant rate.
The supermarket & hypermarkets segment in the offline format accounts for the largest market share in the meal replacement market
Based on offline format stores, supermarkets & hypermarkets segment is the largest segment in the overall meal replacement market. This share can be attributed to the large shelf spaces available in supermarkets. Not only in developed countries such as the US, but consumers in many developing countries such as China, Thailand, India, and Indonesia have started opting for grocery shopping from supermarkets since retail chains are becoming highly organized.
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The North America region is the largest region in the meal replacement market in the forecast period
North America is the largest region in the global meal replacement market in the forecast period. The presence of major meal replacement product manufacturers such as Abbott Laboratories (US), Amway (US), Herbalife Nutrition (US), Atkins (US), Kellogg Co. (US) among others, further drives the market in the region.
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Key Players:
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Abbott Laboratories (US), Glanbia (Ireland), Amway (US), Herbalife Nutrition (US), Nestle (Switzerland), Atkins (US), Huel (UK), Kellogg Co. (US), Skin Enterprises Inc. (US) and USANA Health Sciences Inc. (US).
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