Meal replacement products are complete, nutritious foods usually available as powders or bars that can replace one or more meals per day. Advantages of meal replacement products include convenience, portion control, precise nutrition, weight management benefits etc. With increasing health concerns like obesity and weight gain, people are shifting to healthier alternatives like meal replacement products.

The Global Meal Replacement Market is estimated to be valued at US$ 14.01 Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the meal replacement market are Abbott Laboratories, Amway, Atkins, Blue Diamond Growers, General Mills, Glanbia Plc, Herbalife Nutrition, Huel, Kellogg Co., Nestle, Nu Skin Enterprises, Inc., Slimfast, Soylent, Unilever, Usana Health Sciences Inc., Wild Oats Markets., Zoic Pharmaceuticals, Laboratoire PYC, Bariatrix Europe, and Kisan Products. Growing health concerns have resulted in increased demand for Meal Replacement Market Trends Abbott Laboratories captured around 17% of the global market share in 2022.

Rising health consciousness of people is driving the demand for meal replacements globally. The market witnessed fastest growth in Asia Pacific over 2021-2022 due to increasing obesity rates and growing health awareness. Brands are focusing on global expansion by entering emerging markets like India, China etc to tap the growth opportunities.

Market Drivers
The main driver propelling the growth of the meal replacement market is increasing health consciousness amongst consumers. People are more focused on losing weight, maintaining calorie intake and overall well-being. Meal replacements help achieve weight loss and management goals conveniently without compromising on nutrition. Growing obesity rates especially in developed nations like US is also augmenting the demand.

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