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Meal Replacement Market Size, Share, Competitive Landscape, and Regional Analysis

Meal Replacement Market Size, Share, Competitive Landscape, and Regional Analysis

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. The demand for meal replacement products is attributed to increasing prevalence of obesity and diabetes, coupled with the increasing population of health-conscious consumers, changing consumer lifestyle and availability of convenient, nutritious meal in the form of meal replacement.

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Powder segment is the largest market for meal replacement market globally.

Powders are consumed in the form of shakes with the addition of water or low-calorie milk. The rapid adoption of meal replacement powder as a part of weight management will drive the market for meal replacements products. Meal replacement powder is mixed with water or milk of choice (low-calorie, plant-based, low-fat, toned milk, flavored milk, among others) for consumption. These are available in various flavors, the most popular being chocolate, vanilla, and strawberry. Various companies are into the manufacturing of powder form meal replacement products, such as Nestle and Huel. Nestle offers meal replacement chocolate and cacao powder and has presence in various regions such as Middle East, Africa, North America, Asia Pacific and Europe.

The emergence of plant-based and vegan meal replacement products

Meal replacements made from vegan ingredients are stocked with plant protein, fiber, good fats, and vital vitamins and minerals. A new breed of fluid meals called vegan meal replacements can perfectly substitute regular food. Some meal replacements come in single-serving bottles that are ready-to-eat (drink), making them a fantastic alternative for food on-the-go, while others are available as a powder that can be combined with milk or water to produce a shake. They are delicious and nutrient-dense. Specifically designed for patients and athletes, the US-based Vejii Holdings launched a plant-based meal replacement called Heal in 2021 that includes plant-based protein, powdered fruits and vegetables, anti-inflammatory superfood extracts, probiotics, and prebiotics.

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North America dominated the meal replacement market and is projected to grow with a CAGR of 4.6% during the forecast period (2021–2026)

North America holds the largest market share and is anticipated to grow at a compound annual growth rate (CAGR) of 4.6% during the forecast period. According to the CDC, chronic diseases such as diabetes, cancer, heart disease, and stroke affect six out of ten Americans. These chronic illnesses are the primary contributors to healthcare costs and are the leading causes of death and disability in the United States.

The US health department's Dietary Guidelines for Americans provide recommendations to meet nutrient requirements, promote health, and prevent diseases. These guidelines are updated and published every five years by the US Departments of Health and Human Services (HHS) and Agriculture (USDA). The presence of health policies that emphasize healthy eating and improved lifestyle choices, coupled with consumers' willingness to spend on meal replacement products, contributes to the larger market share in the US.

Top Companies in the Meal Replacement Market

The key players in this market include Abbott Laboratories (US), Amway (US), Glanbia PLC (Ireland), Herbalife Nutrition (US), and Nestle (Switzerland).

Abbott Laboratories is an American multinational company that specializes in various fields such as nutrition, medical devices, diagnostics, and pharmaceuticals. It has over 99,000 employees and is spread across 150 countries, advancing global health. Abbott has a variety of brands through which it innovates products. Some of the brands include Ensure, Vital, and Glucerna, among others. The company has its global presence in Asia Pacific, Europe, the Middle East, South Africa, North America, and South America.

Amway is a multilevel marketing company that specializes in the manufacturing of beauty, health, and home care products. It is a global community that has a presence in over 100 countries. The company is primarily focused on manufacturing macronutrient supplements that can be used as meal replacement products. It offers products worldwide through its brands, such as Nutrilite, Artistry, Attitude, XS, and Amway Queen, among others. The type of products offered by the company include BodyKey by Nutrilite Meal Replacement Shake Mix.

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