The From the global meal replacement market It is expected to reach $18.61 billion in 2030 and register a 5.2% compound annual revenue growth rate over the forecast period, according to the latest analysis from reports and data. Changing consumer lifestyles and increasing health awareness among consumers are major factors that are expected to drive market revenue growth during the forecast period.
The meal replacement market is booming in developing countries due to rising rates of obesity, an aging population and an increased awareness of nutritious foods. There is an increase in lifestyle related diseases such as diabetes, osteoporosis and cardiovascular diseases in countries such as Japan, South Korea and India, which is expected to drive market revenue growth. Obesity is also a growing health problem in many countries. The increasing frequency of chronic diseases is expected to be an opportunity for the meal replacement market and drive the growth of the market during the forecast period.
Increased awareness of consumer health and expansion of the e-commerce industry are among the factors that are expected to drive the growth of the Meal Replacement Shaker market. After the COVID-19 pandemic, customers have become more concerned about their health and have also realized that adequate nutrition and hydration are essential for the human body to stay healthy. Eating healthy foods is also a preventative measure to avoid future health care expenses. People who eat a well-balanced diet tend to be healthier, have better immune systems, and have a lower risk of developing chronic and infectious diseases. There is a steady rise and acceptance of a nutritious diet to replace regular meals, which is driving the growth of the meal replacement market.
However, meal replacements contain artificial ingredients. Synthetic ingredients help preserve the product. Many of these foods also contain added artificial flavors and sweeteners that can be harmful to your health. The presence of undesirable ingredients like artificial flavors, sugar to improve taste and preservatives is expected to hamper the growth of the market to some extent.
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Some highlights of the report
- The ready-to-drink segment is expected to register a steady compound annual growth rate (CAGR) during the forecast period due to the increasing popularity of packaged energy drinks. Additionally, celebrity endorsements, package design and digital marketing lead to consumer acceptance of ready-to-drink meals, which is expected to boost segment revenue growth over the forecast period.
- The fitness segment is expected to register a steady rate of revenue growth during the forecast period. The revenue growth of this segment is expected to be driven by the increasing demand for meal replacement foods among fitness enthusiasts. Many gyms promote and sell meal replacements to build healthy eating habits among their customers, which is expected to drive revenue growth for this segment.
- Europe is expected to record a steady rate of revenue growth during the forecast period due to the growing awareness of the benefits of meal replacements. In addition, the growing acceptance of meal replacements made with natural ingredients and the growing concerns about gluten-free diets are the factors that are expected to drive the revenue growth of the market in the region.
- Companies included in the Global Market Report include Abbott Laboratories, Kellogg Corporation, Herbalife Nutrition Ltd., Unilever plc, Amway Corp., Nestlé SA, Howell Inc, Glanbia plc, General Mills, Inc, and Bob’s Red Mill Natural Foods, Inc. and Nu Skin Enterprises and Usana Health Sciences, Inc.
- On August 12, 2020, Glanbia Nutritionals, a wholly owned subsidiary of Glanbia Corporation, acquired Canada’s custom flavor designer Foodarom for US$45.0 million. The acquisition will enhance the company’s flavor and nutritional solutions by expanding its ability to provide customers with enhanced ingredient system formulations and ready-to-delivery flavors.
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Reports and data have segmented the global Meal Replacement market into segments on the basis of product type, application, distribution channel, and region:
Product type forecast (revenue, billion USD, 2019-2030)
- ready to drink
- protein bars
Application forecast (revenue, billion USD, 2019-2030)
- Weight loss
- physical form
Distribution channel forecast (revenue, billion USD, 2019-2030)
- Hypermarkets and supermarkets
- convenience stores
- Specialty Stores
Regional Outlook (Revenue, billion USD, 2019-2030)
- North Amarica
- Asia Pacific
- Latin america
- Middle East and Africa
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