Meal Replacement Global Market Report 2023

Major players in the meal replacement market are Abbott Laboratories, Amway Corp., Atkins, Blue Diamond Growers, General Mills Inc., Glanbia plc, Herbalife Nutrition Ltd., Huel Ltd., Kellogg Company, Nestle SA, The Kraft Heinz Company, Unilever plc, Usana Health Sciences Inc.

New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Meal Replacement Global Market Report 2023" - https://www.reportlinker.com/p06311737/?utm_source=GNW
, GlaxoSmithKline plc., SlimFast, Nu Skin Enterprises Inc., and Bob’s Red Mill Natural Foods.

The global meal replacement market grew from $16.16 billion in 2022 to $17.51 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The meal replacement market is expected to grow to $23.32 billion in 2027 at a CAGR of 7.4%.

The meal replacement market consists of sales of drinks, bars, soups, sprakling water.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

The meal replacement are used as a substitute for solid foods that contain the required quantities of calories and nutrients for the body.Meal replacement refers to a protein- and nutrient-enriched product intended to replace a meal.

These are available in powdered drink form or as ready-made drinks.

North America was the largest region in the meal replacement market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the meal replacement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of products in the meal replacement market are powdered products, edible bars, ready-to-drink, and others.Powdered products refer to the products that are available in various powdered forms and are mainly intended as substitutes for various solid foods with the necessary amounts of calories and nutrients that are required for the body.

These are used in weight gain, weight loss, physical fitness, wound healing, and other applications and are distributed through hypermarkets, supermarkets, convenience stores, online, and other distribution channels.

The increasing prevalence of obesity and diabetes is expected to propel the growth of the meal replacement market going forward.Increasing diabetes is due to factors such as ethnicity, aging, and lifestyle.

Meal replacement products are mostly used to treat diabetes by maintaining weight loss.However, as they are high in nutrients yet low in calories, they can also be used to treat obesity.

For instance, In December 2021, according to the statistics published by International Diabetes Federation, a Belgium-based, non-profit diabetes association, 537 million adults (20-79 years) recorded living with diabetes, and 6.7 million people died of diabetes in 2021. However, by 2030, it is anticipated that there will be 643 million people worldwide will have diabetes . Therefore, the increasing prevalence of obesity and diabetes is driving the growth of the meal replacement market.

Innovation in meal replacement products is a key trend gaining popularity in the meal replacement market.Companies in the meal replacement industry are forming various partnerships to develop new technologies and launch new products.

For instance, in May 2021, Unilever, a UK-based company operating in meal replacement products, partnered with ENOUGH, a UK-based food-tech company. This partnership develops new plant-based meat products using ENOUGH’s unique zero-waste fermentation process technology and will increase Unilever’s potential with future innovations in the meal replacement portfolio.

In 2022, Solace Nutrition, a medical nutrition company that manufactures effective nutrition formulas as dietary supplements to help individuals manage their nutritional needs, acquired R-Kane Nutritional for an undisclosed amount.This acquisition helps Solace’s strategic extension into an adjacent nutrition market.

R-Kane Nutritional is a US-based company that specializes in high protein meal replacements for managing weight in individuals.

The countries covered in the meal replacement market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The meal replacement market research report is one of a series of new reports that provides meal replacement market statistics, including meal replacement industry global market size, regional shares, competitors with a meal replacement market share, detailed meal replacement market segments, market trends and opportunities, and any further data you may need to thrive in the meal replacement industry. This meal replacement market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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