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Meal Replacement Market Growth by Emerging Trends, Analysis, & Forecast to 2026

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Meal Replacement Market Growth by Emerging Trends, Analysis, & Forecast to 2026

November 16
18:28 2022
Meal Replacement Market Growth by Emerging Trends, Analysis, & Forecast to 2026
MarketsandMarkets™
The global meal replacement market has been influenced by changing consumer lifestyles, people are inclined toward meals that are full of nutrition, vitamins, minerals, and other dietary supplements. The growth in the number of health-conscious consumers across the globe is proliferating the demand for meal replacement products.

The global meal replacement market will grow to USD 15.5 billion by 2026, growing at a CAGR of 5.4% during the forecast period. Meal replacement products are an alternative to meals containing all the required nutrients, with low calories and high protein. Meal replacement products are also developed to help consumers with busy lifestyles and less time to get a meal’s worth of nutrients with less effort and more convenience. The global meal replacement market is witnessing growth due to the increasing consumer interest in healthy eating, the rise in obesity and other lifestyle-related diseases, and growing awareness regarding meal replacement in developing countries. These factors encourage market players to invest in developing countries to gain a larger market share.

Meal Replacement Market

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The powder segment is identified to be the fastest growing among the various product type of meal replacement during the forecast period

The meal replacement powder segment accounted for the largest share during the forecast period. The large powder market share is attributed to its product versatility, easy availability, and longer shelf-life across the globe, including developing regions such as Asia and South America. The availability of a wide range of flavors is anticipated to attract more customers who focus on weight management and leading a healthy lifestyle.

Online segment is witnessing a high growth rate for the meal replacement products during the forecast period.

Online segment is witnessing a high growth rate owing to the rising smartphone and internet penetration, which is increasing the sales of online meal replacement products. COVID-19 has changed the purchasing pattern of the consumers globally. Consumers are now purchasing products online and choosing the health safety and convenience over the offline purchasing experience globally. In addition to this, increasing internet penetration in under developed countries will also drive the online segment growth.

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The Asia Pacific is registering the fastest growth during the forecast period

The Asia Pacific region is expected to be the fastest growing during the forecast period. The growth is anticipated by increasing health consciousness, rapid urbanization, rising population, and various dietary nutritional requirements in developing nations like China and India. In addition, With the rising concerns of chronic diseases, people across the Asia Pacific are adopting healthy eating habits, which boosts the demand for meal replacement in the region.

Key players in this market include Abbott Laboratories (US), Herbalife Nutrition (US), Amway (US), Glanbia Plc (Ireland), and Atkins (US).

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