The Meal Replacement Market Size Is Expected To Reach $25.7 Billion By 2028 At A CAGR Of More Than 8% As Per The Business Research Company's Meal Replacement Global Market Report 2024
LONDON, Jan. 30, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Meal Replacement Global Market Report 2024, the meal replacement market has exhibited robust growth, escalating from $17.27 billion in 2023 to $18.54 billion in 2024, marking a Compound Annual Growth Rate (CAGR) of 7.4%. The upward trend in the historic period is attributed to the increasing consumer preference for convenient foods, retail expansion, the influence of the fitness and sports industry, innovations in ingredient formulations, and the surge in weight management and fitness trends.
Future Projections:
Anticipating continued strength, the meal replacement market is expected to reach $25.74 billion in 2028, boasting a CAGR of 8.5%. The projected growth in the forecast period is underpinned by shifts in retail strategies, a growing health-conscious consumer base, continuous innovation in ingredient formulations, the expansion of functional meal replacements, and a rise in personalized nutrition solutions. Key trends in this period encompass personalized nutrition solutions, catering to busy lifestyles, formulation innovations, a focus on health and weight management, and the integration of functional ingredients.
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Addressing Digestive Health:
The escalating prevalence of digestive diseases, including irritable bowel syndrome (IBS) and Crohn's disease, is poised to fuel the growth of the meal replacement market. Individuals grappling with these conditions often find it challenging to consume traditional solid foods, making meal replacements in the form of liquid shakes or specialized foods a recommended solution by healthcare professionals. In Canada, over 322,600 individuals were estimated to live with inflammatory bowel diseases (IBD) in 2023, a figure projected to rise to about 470,000 by 2035, underscoring the imperative role meal replacements play in supporting individuals with digestive health challenges.
Key Industry Players and Innovations:
Major companies driving the meal replacement market include Nestlé S.A., Unilever PLC, Abbott Laboratories Inc., and others. These industry leaders are strategically launching new product lines to gain a competitive edge. For instance, in November 2023, Abbott introduced PediaSure with Nutri-Pull System, designed to support the growth and development of children experiencing catch-up growth. This innovative product utilizes a special blend of ingredients, including vitamin K2, vitamin D, vitamin C, and casein phosphopeptides (CPPs), to enhance nutrient absorption and promote healthy growth during crucial developmental stages.
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Market Segmentation:
- Product: Powdered Products, Edible Bars, Ready-to-Drink, Other Products
- Application: Weight Gain, Weight Loss, Physical Fitness, Wound Healing, Other Applications
- Distribution Channel: Offline (Hypermarkets and Supermarkets, Convenience Stores), Online, Other Distribution Channels
The powdered products segment emerged as the largest in 2023, accounting for 51.2% of the total meal replacement market.
Various stakeholders, including manufacturers, retailers, investors, and healthcare professionals, can leverage this comprehensive meal replacement market report for strategic insights and informed decision-making. The meal replacement market report serves as a valuable resource for understanding market dynamics, identifying growth opportunities, and aligning strategies with the evolving landscape of the meal replacement market.
Meal Replacement Global Market Report 2024 by The Business Research Company provides insights on the meal replacement market size, meal replacement market segments, meal replacement market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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