Market Research Report
Meal Replacement Market, By Products, By Distribution Channel and Geography - Analysis, Share, Trends, Size, & Forecast From 2014 - 2025
|Published by||AnalystView Market Insights||Product code||874741|
|Published||Content info||118 Pages
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|Meal Replacement Market, By Products, By Distribution Channel and Geography - Analysis, Share, Trends, Size, & Forecast From 2014 - 2025|
|Published: June 1, 2019||Content info: 118 Pages||
Meal Replacement Market, By Products (Edible Bars, Powered and Ready-to-Drink Products), By Distribution Channel (Hypermarkets, Grocery Retailers, Supermarkets, Online Retailers, and Food Services) and Geography (North America, Europe, Asia Pacific, and RoW) - Analysis, Share, Trends, Size, & Forecast From 2014 - 2025.
The meal replacement market was valued at USD 15.34 billion by 2017, growing with 6.5% CAGR during the forecast period, 2018-2025.
Meal replacement products industry is quickly gaining ground across the globe owing to the changing in consumer lifestyles and hectic schedules. These products are catering to a specific set of consumer requirements such as people looking for gaining muscle mass, losing weight etc. Such foods are primarily designed to mimic the nutritional profile of real food as much as possible with the right mixture of healthy calories, fats, carbohydrates and protein. The market is positively influenced by rising incidence of lifestyle disorders such as diabetes, obesity, and others; wherein these products act as the best alternative option for lack of regular meals.
The industry is shifting towards mature and diversify business models, and new entries into the market space is opening up opportunities for paleo, keto and vegan meal replacement products. Also, owing to the emerging concept for fitness support or digestive health, plant-based and non-dairy meal replacement products are in demand. As per the statistics by U.S. based Plant Based Foods Association, the demand for plant-based food products grew by over 20% during the year 2017-2018.
In terms of products, the market is divided into edible bars, powered and ready-to-drink products. Powered product accounted for the significant revenue share. Garden of Life Raw Organic Meal, Vega One All-In-One, Idealshake, Nature's Bounty Complete Protein and Vitamin and Labrada Lean Body are some of the powered products commercially available.
In terms of distribution channel, the industry is categorized into hypermarkets, grocery retailers, supermarkets, online retailers, and food services. Of these, the same of meal replacement products from hypermarket and supermarket accounted for highest revenue share.
North America accounted for the highest revenue share. Skyrocketing obesity population coupled with new product developments support the regional growth. For instance, local companies are introducing meal replacement foods like protein shakes with low in calories and contains healthy nutrition, thereby making it a popular choice among end-users in the region. On contrary, Asia Pacific regions is projected to grow with fastest growth rate owing to the large population base, growing consumer awareness coupled with increasing investment by new players.
It is noted that large number of key players are gaining investor to expand product offering in multiple meal replacement niches. For instance, established in 2013, Soylent is a fastest growing meal replacement product manufacturer. The company introduced Soylent Squared series product, engineered with 5 grams of plant protein and 36 essential nutrients. Along with, company's Soylent Drinks, Soylent Bridge and Soylent Powder products are gaining popularity among the customers. The company's capital funding partner includes Tao Capital Partners, Lerer Hippeau Ventures and Andreessen Horowitz.
Some of the vendors in the meal replacement market are as follows;
The market size and forecast for each segment and sub-segments has been considered as below:
The scope of this report covers the market by its major segments, which include as follows:
9.1.1. Company Snapshot
9.1.2. Financial Performance
9.1.3. Product Benchmarking
9.1.4. Strategic Initiatives