Meal Replacement Market to grow at a CAGR of 6.94% during 2024-2028
The Meal Replacement Market is expected to grow at a CAGR of 6.94% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 5794.79 million. The Meal Replacement Market has experienced significant growth due to the increasing preference for protein bars and shakes among health-conscious consumers. The rising awareness regarding the health benefits associated with protein-rich foods has fueled this trend. Protein bars, in particular, offer a convenient and nutritious option, boasting high protein and fiber content, as well as low carbohydrates and sodium levels. These nutritional powerhouses also provide essential minerals, vitamins, and antioxidants, contributing to muscle and tissue repair. Furthermore, the burgeoning fitness industry, with its proliferation of gyms and health clubs, is expected to further boost demand for protein bars and meal replacement shakes throughout the forecast period.
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Technavio analysts predict that the Powdered products subsegment will lead the Product segment during 2024 and 2028 The global meal replacement market is projected to expand significantly during the forecast period, fueled by a growing consumer base comprising fitness enthusiasts, athletes, and individuals with health concerns. The powdered product segment holds a dominant market share, driven by its convenience, portability, and nutritional benefits. Asian countries, including India, Hong Kong, China, and South Korea, are witnessing robust growth in this market, owing to increasing health consciousness and changing dietary preferences. Powdered meal replacement products are manufactured using high-quality ingredients such as casein, pea, soy, whey, and egg proteins, which deliver essential micronutrients, including minerals, grains, vitamins, greens, additional fats, fibers, and thickeners.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish health benefits associated with meal replacement products
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The meal replacement market has witnessed significant growth in recent years due to the increasing health problems caused by unhealthy lifestyles and unbalanced diets. Health-conscious consumers are increasingly seeking nutritionally balanced options to maintain a healthy lifestyle and manage various health issues, including chronic diseases such as cardiovascular diseases, diabetes, and obesity. These lifestyle-related ailments contribute significantly to the disease burden and mortality rates in public health. Meal replacement products, available in ready-to-drink and powder forms, offer a convenient solution for individuals looking to improve their nutritional intake. These products are designed to provide essential vitamins, minerals, fiber, protein, and other nutrients necessary for a healthy diet. With the rise of health awareness and social media influence, meal replacements have become popular among fitness and wellness enthusiasts, offering nutritionally balanced options for those with busy schedules or those looking to manage their weight. Plant-based meal replacements have gained popularity due to their ethical and environmental benefits, making them an attractive choice for those seeking to adopt a healthier lifestyle. The meal replacement market is expected to continue growing as more people prioritize their health and seek convenient, nutritious options to support their wellbeing.
According to Technavio's market research, the global meal replacement market is positioned within the larger context of the global packaged foods and meats market, which falls under the food products segment of the comprehensive food, beverage, and tobacco market. This market encompasses food processing vendors engaged in food processing to eliminate microorganisms and enhance shelf life. Technavio determines the market size by aggregating the revenues of the participating vendors. It is important to note that this market does not encompass manufacturers of food processing equipment or producers of packaged alcoholic and non-alcoholic beverages, excluding mineral waters.
The Meal Replacement Market is experiencing significant growth, fueled by the health benefits associated with meal replacement products. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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