Meal Replacement Products Market Poised for Growth of USD 23.1 Billion by 2034 | Future Market Insights, Inc.

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Jul 29, 2024, 10:15 ET

The U.S. meal replacement market is expected to grow at a compound annual growth rate (CAGR) of 5.5% during the forecast period, with revenue reaching USD 6.5 billion by 2034.

The meal replacement products market is bolstered by the Increasing rates of obesity and diabetes, and they are gravitating more and more toward meal replacement items, the accessibility of different varieties and flavors are propelling the market growth.

Meal Replacement Products Market is projected to grow at a CAGR of 6.4% by 2034 Driven by Shifting Consumer Lifestyles, and Demand for Convenient Nutrition Solutions

NEWARK, Del., July 29, 2024 /PRNewswire/ -- The Meal Replacement Products market has an estimated market valuation of USD 14.1 Billion in 2024 and is projected to grow at a CAGR of 6.4% to reach a market valuation of USD 23.1 Billion by 2034.

The developing market trend is for consumers to eat healthier, due to concerns about being overweight, lifestyle diseases, and a need to keep their weight in check. Health-conscious people buy meal replacement products that are made for them to meet their dietary needs while reducing caloric intake. In addition, the increasing awareness of nutrition and wellness among consumers has persuaded them to incorporate meal replacements into a balanced diet.

This has been caused by increased busy schedules that have no time hence driving meal replacement products. These products can be prepared and consumed quickly hence suitable for those individuals with tight working hours which cannot permit them to prepare traditional food. Notably, convenience is a major driver, particularly in urban areas and among professionals who want nutritious snacks fast.

Manufacturers in the meal replacement market continuously come up with new ways of meeting different consumer needs and wants. One approach taken is innovation to accommodate various dietary preferences like gluten-free diets, lactose intolerance, or veganism among others. Also, the innovations improve taste texture, and nutritional values meant for the acceptance and satisfaction of all consumers.

Online retailing channels have boosted the market's potential through increased visibility as well as ease of access by meal makers. Online platforms enable manufacturers to expand globally beyond physical stores because they can reach more customers. More so, direct-to-consumer models plus subscription services ease product delivery and heighten customer involvement.

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Increasing prevalence of various chronic diseases such as diabetes, obesity, cardiovascular diseases, and high cholesterol is resulting in growing consumer awareness about weight management and healthy diets. This factor is expected to lead to surging demand for meal replacement products during the forecast period (2024 to 2034).

Key takeaways from the meal replacement products market study:

The meal replacement product market is projected to grow at a CAGR of 6.4% during the forecast period (2024-2034)
The United States meal replacement product is expected to grow by 28.5% to reach a market share during the forecast period.
Based on product type, the ready-to-eat food segment is expected to dominate the meal replacement product industry with a 44.5% market share in 2024 however

"The meal replacement products market shows promising growth driven by health-conscious consumer trends, convenience, and innovation in nutritional formulations. Expansion in online retail and busy lifestyles further propels market demand." says Nandini Roy Choudhury, Client Partner at Future Market Insights

Which is the Most Preferred Meal Replacement Product Type?

"Meal Replacement Powder to Gain Immense Popularity"

By product type, the powdered meal replacement products segment is expected to remain at the forefront in the next decade with their increasing consumption by a large number of fitness enthusiasts across the globe.

Rising need to follow a healthy diet in day-to-day lives is also expected to encourage gyms to promote the adoption of powdered meal replacement products. Apart from that, ready-to-drink beverages, including energy drinks are expected to show steady growth in the upcoming decade.

Which is the Leading Distribution Channel in Meal Replacement Products Market?

"Meal Replacement Products Suppliers Are Launching Online Shopping Sites"

In terms of distribution channel, the online retailers sub-segment under the indirect segment is projected to dominate the global meal replacement products market. Increasing penetration of the internet and rising adoption of e-commerce sites as a shopping medium among consumers are compelling meal replacement products suppliers to introduce their products on online portals for business expansion.

Who is winning?

The global market for meal replacement products is highly competitive with numerous players including Abbott Laboratories, Amway Corporation, Kellogg Co., Nestle S.A., Atkins Nutritionals Inc., Glanbia plc., Herbalife Nutrition Ltd among others being prominent brands in this market space. To enhance their product portfolios' appeal on wider consumer bases thereby creating deeper brand loyalty; these leading businesses are pursuing expansion strategies and innovative ideas.

Some of these industry leaders are partnering with start-ups or smaller companies to develop unique flavors that can help increase their shares in the sector.

for example, The "Yes! Plant Protein Bars" were launched by Nestle in 2020 to include natural ingredients like nuts and peas. This launch aimed at providing consumers with a nutrition-packed meal option full of essential nutrients exemplifying Nestlés' dedication to product innovation and fulfilling changing customer needs in the meal replacement market.

Get valuable insights into the Meal Replacement Products Market:

Future Market Insights, in its new offering, provides a thorough, detailed, and unbiased analysis of the Meal Replacement Product market, presenting Historical Demand data for the years 2019-2023 and Forecast statistics for the years 2024-2034. The study categorizes valuable insights into the Meal Replacement Product market based on Product Type, Source, Distribution Channel, and Region. As per product type, the segment has been categorized into, the segment has been categorized into Ready-to-eat Food, Ready-to-drink Beverages, Powder, Fruits, Plant Protein Shakes, Protein Bars, and Others This segment is further categorized into Plant-based and Synthetic and application segment include Direct and Indirect (Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Independent Retailers, and Online Retailers) in key Regions of North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa.

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Key Segments of Market Report

By Product Type:

As per Product Type, the segment has been categorized into Ready-to-eat Food, Ready-to-drink Beverages, Powder, Fruits, Plant Protein Shakes, Protein Bars and Others

By Source:

This segment is further categorized into Plant-based and Synthetic

By Application:

Direct and Indirect (Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Independent Retailers, and Online Retailers)

By Region:

Industry analysis has been carried out in key countries of North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa.

About the Food & Beverage Division at Future Market Insights:

Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 Billion+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.

Authored by:  

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.    

She has exceptional analytical skills and often brings thought leadership to the table.   

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.  

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor's Degree in Electrical Engineering from Nagpur University, India.   

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.  

Explore FMI's related ongoing Coverage in Food and Beverage Domain:   

The global meal replacement bars market is expected to reach a market valuation of US$ 11.8 Bn by 2022, accelerating at a CAGR of 8.05% during the forecast period (2022-2032), to reach US$ 25.6 Bn by 2032.

The meal replacement shake market is experiencing significant growth, proceeding toward a valuation of US$ 5,189.6 million in 2024, surpassing the previous year's figures.

The fish meal industry share is estimated to show consistent growth throughout the forecast period, expanding at a CAGR of 4.4%.

The global oatmeal market size is anticipated to expand at 5.7% CAGR through 2034. The sector's value is estimated to reach USD 6,063 million in 2024 and USD 10,557 million by 2034.

The overall sales of flax seed meals are projected to grow at a robust CAGR of 6.2% between 2023 and 2033, totaling around US$ 18,613.0 million by the end of 2033.

According to Future Market Insights research, during the projected period, the Krill Meal market is expected to grow at a CAGR of 3.6%.

The global plant based meal kit market is predicted to grow from US$ 954.2 million in 2022 to US$ 2,528.5 million by 2032. Overall sales of plan based meal kits are projected to accelerate at a stellar CAGR of 16.5%.

The global chilled meal kits market size is expected to reach US$ 10,062 million in 2023 and further accelerate at a CAGR of 16.3% between 2023 and 2033.

The overall sales of fish meal alternative products are projected to grow at a robust CAGR of 7.1% between 2023 and 2033, totaling around US$ 3,674.0 million by the end of 2033.

The global demand for frozen ready meals rising at a CAGR of 5.2% throughout the forecast period. By 2034, the global market valuation is expected to total US$ 73,862.0 million.

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