Meal Replacement Shakes Market Expected to Reach $7 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Meal Replacement Shakes Market," The Meal Replacement Shakes Market Size was valued at $3 billion in 2022, and is estimated to reach $7 billion by 2032, growing at a CAGR of 9.1% from 2023 to 2032.

Meal replacement shakes is a nutritious beverage enriched with nutrients, vitamins, and minerals that may be used in place of a complete food meal by providing controlled amounts of nutrients and calories. A Meal replacement shakesatisfies an individual's appetite by supplying daily nutrients such as proteins, fibers, carbs, and beneficial fats. Furthermore, meal replacement beverages serve to refill an individual's calorie demands, strengthen immune system, maintain weight control, and provide body with important nutrients. Meal replacement beverages are available in the form of ready-to-drink shakes or as a powder that can be blended with soy milk or milk.

Majority of individuals confuse protein shakes with Meal replacement shakes. Protein shakes are intended to improve physical performance and muscle mass. Meal replacement shakes, on the other hand, are intended for weight control, wound healing, and rehabilitation. Protein shakes are intended to be consumed before and after a strenuous workout, whereas Meal replacement shakes are intended to replace breakfast, lunch, or supper. Meal replacement shakes give the same nutrients as a meal, whereas protein shakes are designed to meet an individual's protein needs. The misinterpretation of protein shakes for meal replacement shakes poses a challenge for meal replacement industry participants. Lack of knowledge about meal replacement shakes and protein shakes is impeding sales and has a negative influence on the Meal Replacement Shakes Market Growth.

Surge in demand for meal replacement shakes among athletes and those involved in strenuous physical activities is driving the growth of the meal replacement shakes market. Other Meal Replacement Shakes Market Trends boosting the market include increase in athlete community and rise in the number of sportspersons in emerging nations. Furthermore, surge in consumer interest in physical fitness as well as increase in the number of fitness facilities and health clubs are expected to fuel Meal Replacement Shakes Industry growth. Meal replacement product is an important part of a diet as individuals who are engaged in fitness have to consume more than 5-6 meals in a day. Therefore, meal replacement shakes come in handy for individuals who want a small portion of food to complete their daily diet. Manufacturers are concentrating on diversifying their product portfolios by developing new tastes with added health advantages. As flavored Meal replacement shakes are popular among teens and adults, they are targeting different age groups. The manufacturing of meal replacement beverages, including natural components, such as natural fruit pulp, is likely to drive market expansion by allowing manufacturers to add value to their goods.

Major Meal replacement shakes companies use artificial flavors in their products due to their easy availability and cost-effectiveness. Artificial flavors provide taste and color. However, harmful components present in artificial flavors gives rise to dental caries in consumers, thus declining the sales of Meal replacement shakes. The minimal acceptance of Meal replacement shakes made with artificial tastes is hindering the market growth. Owing to low market acceptance, companies might include natural flavoring in Meal replacement shakes. Natural flavorings provide an authentic taste without the use of chemicals while also providing natural health benefits that customers will appreciate.

The global Meal replacement shakes market is segmented into product type, flavor, sales channel, and region. Depending on product type, the market is categorized into liquid and powder. On the basis of flavor, it is segregated into vanilla, chocolate, strawberry, banana, and others. By sales channels, it is categorized 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).

Players operating in the global Meal replacement shakes market have adopted various developmental strategies to expand their Meal replacement shakes market share, increase profitability, bring myraid Meal Replacement Shakes Market Opportunities and remain competitive in the market. The key players included in the Meal Replacement Shakes Market Analysis are 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. The other market players are National Beverage Corporation, Biofood EST, Saturo Foods GmbH, Nutrition & Sante Iberia SL, Soylent, Inc., Peeroton GMBH, Marico Pvt Ltd., Formulite Pty Ltd., NU Skincare inc., and Zywie Ventures Private Limited.

Key Market Findings

• Based on form, the powder segment dominated the global market in the year 2022, and is likely to remain dominant during the Meal Replacement Shakes Market Forecast period.
• By flavor, chocolate segment dominated the global market in the year 2022 and is likely to remain dominant during the forecast period.
• Based on sales channel, supermarkets/hypermarkets segment dominated the global market in the year 2022, and is likely to remain dominant during the forecast period.
• Based on region, North America region dominated the global market in the year 2022, and is likely to remain dominant during the forecast period.