The meal replacement drinks market size was valued at $4,460.0 million in 2020 and is estimated to reach $9,036.9 million by 2030, registering a CAGR of 7.6% from 2021 to 2030.
Meal replacement drink is a healthy beverage that is high in nutrients, vitamins, and minerals and may be used in place of a complete meal by offering regulated levels of nutrients and calories. The meal replacement drink suffices an individual's hunger by providing daily nutrients such as proteins, fibers, carbohydrates, and healthy fats. Furthermore, they help to replenish an individual's calorie requirements, contribute to immune system enhancement, maintain body weight, and provide important nutrients to the body. They are available as ready-to-drink shakes or as a powder that can be mixed with soy milk or milk.
However, the usage of additives and artificial sweeteners in meal replacement drinks leads to dental problems negatively impacting the meal replacement drinks market growth. Consumers look for the products that contain natural flavor without compromising the quality.
The global meal replacement drinks market is segmented into product type, flavor, sales channel, and region. Depending on product type, the market is categorized into ready-to-drink and shake premix. By flavor, it is segregated into vanilla, chocolate, strawberry, banana, and others. On the basis of sales channels, it is segregated into hypermarkets/supermarkets, drug stores & pharmacies, convenience stores, online channels, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, United Arab Emirates, South Africa, and rest of LAMEA).
According to meal replacement drinks market analysis, on the basis of product type, the shake premix segment has gained major share in the global market in 2020, and is expected to sustain its market share during the meal replacement drinks market forecast period. Shake premix is widely available in the market across all regions. Consumers are attracted to the quality of the product and prefer to purchase shake premix more than other alternatives available in the market.
According to meal replacement drinks market trends, on the basis of flavor, the chocolate segment were dominated the global market in 2020, with a CAGR of 6.9%. This is attributed to the fact that chocolate has a rich taste with a creamy and silky texture that provides a unique flavor and aroma that attracts consumers. The flavor of chocolate provides a bitter-sweet taste that enhances the taste buds.
By Product Type
Ready-to-drink segment would exhibit the highest CAGR of 8.1% during 2020-2030, owing to the increased demand of ready-to-drink as it offers ease of drinking straight out of the pack.
On the basis of sales channel, the hypermarkets/supermarkets segment has dominated the global market during the forecast period. This is attributed to the fact that hypermarkets/supermarkets offer a convenient experience of diverse shopping under a single roof to the consumers. In addition, they provide consumers a premium advantage, i.e., availability of various products, product discounts, assistance of sales representatives, and easy checkouts. These advantages are expected to drive the growth of hypermarkets/supermarkets during the forecast period.
By Flavor
Strawberry segment would exhibit the highest CAGR of 9.6% during 2020-2030, owing to the health benefits associated with consuming strawberry and refreshing taste.
Region wise, North America dominated the meal replacement drinks market in 2020, and is expected to be dominantduring the forecast period. The dominance of the market is largely due to existence of meal replacement drinks operations in North America and the availability of several variants of flavors that are preferred by consumers according to the taste. Moreover, increase in knowledge of health awareness in consumers about the available product increases the revenue of meal replacement drinks in North America.
By Sales Channel
Online channel segment would exhibit the highest CAGR of 9.5% during 2020-2030, owing to the increased association of internet and e-shopping with consumers in developing region.
Players operating in the global meal replacement drinks market have adopted various developmental strategies to expand their meal replacement drinks market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Amway International Inc, Abbott Laboratories, Trinkkost GmbH, Perrigo Company, Herbalife International of America, Inc., Nestle S/A, Kellogg Company, Huel Inc., Atkins US., and USANA Health Sciences Inc.
By Region
Asia-Pacific would exhibit the highest CAGR of 9.0% during 2020-2030, owing to the increase in demand and adoption of innovative meal replacement drinks products among consumers in the region.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the currentmarket trends, estimations, and dynamics of the market size from 2021 to 2030 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assist to determine the prevailing meal replacement drinks market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the meal replacement drinks industry.
Meal Replacement Drinks Market Report Highlights
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Analyst Review
According to CXOs, the occurrence of obesity and weight-related concerns in individuals is rapidly growing, prompting people to change toward healthier eating options. Obesity raises an individual's risk of diabetes, cardiovascular mortality, and hypertension. Meal replacement products are ideal long-term weight management options, as they help people lose more weight than other strategies.
Hectic lifestyles of the urban population as well as surge in working population have reduced the time available for the consumption of an entire meal. As a result, to meet their calorie requirements, the populace is migrating toward handy and small-portion meal options. Nutrition bars and ready-to-drink shakes are portable, convenient, and a healthier option for a short, on-the-go meal or instant consumption. The availability of meal replacement products in a variety of varieties and tastes, on the other hand, is a driving element of the industry. As a result, these bars and ready-to-drink shakes are gaining popularity, particularly among the working class population, youths, hostel dwellers, and bachelors.
The global meal replacement drinks market size was valued at $4,460.0 million in 2020, and is estimated to reach $9,036.9 million by 2030, registering a CAGR of 7.6% from 2021 to 2030.
The global meal replacement drinks market registered a CAGR of 7.6% from 2021 to 2030.
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The forecast period in the meal replacement drinks market report is from 2021 to 2030.
The top companies that hold the market share in meal replacement drinks market include Amway International Inc, Abbott Laboratories, Trinkkost GmbH, Herbalife International of America, Inc., and Nestle S/A.
The meal replacement drinks market report has 3 segments. The segments are product type, flavor, and sales channel.
The emerging countries in the meal replacement drinks market are likely to grow at a CAGR of more than 11% from 2021 to 2030.
Post COVID-19, the ease of lockdown had improved the supply chain for meal replacement drinks products and with the increasing population in Asia-Pacific region the demand for meal replacement drinks has improved.
North America will dominate the meal replacement drinks market by the end of 2030.
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