According to a new report published by Allied Market Research, titled, “Meal Replacement Drinks Market by Product Type, Flavor, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030” The meal replacement drinks market size was valued at $4,460.0 million in 2020 and is estimated to reach $9,036.9 million by 2030, registering a CAGR of 7.6% from 2021 to 2030. Meal replacement drink 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 drink satisfies 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 drinks. 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 drinks 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 growth of the meal replacement business.
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Surge in demand for meal replacement drinks among athletes and those involved in strenuous physical activities is driving the meal replacement drinks market growth. Other factors 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 provide meal replacement drinks market opportunities for 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 drinks 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 the meal replacement drinks market expansion by allowing manufacturers to add value to their goods.
Major meal replacement drink 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 drinks. The minimal acceptance of meal replacement drinks made with artificial tastes is hindering the market growth. Owing to low market acceptance, companies might include natural flavoring in meal replacement drinks. Natural flavorings provide an authentic taste without the use of chemicals while also providing natural health benefits that customers will appreciate.
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The meal replacement drinks market is segmented into product type, flavor, sales channel, and region. Depending on product type, the market is bifurcated into ready-to-drink and shakes premix. Depending on 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).
Key Findings Of The Study
- According to meal replacement drinks market analysis, on the basis of product type, the ready-to-drink segment is projected to witness the highest CAGR of 5.3%, in revenue terms, during the meal replacement drinks market forecast period.
- Depending on flavor, the vanilla segment is expected to dominate the market from 2020 to 2030.
- According to meal replacement drinks market trends, by sales channel, the hypermarkets/supermarkets segment is expected to grow at a significant CAGR during the forecast period.
- U.S. was the largest country, in terms of revenue generation for meal replacement drinks industry in 2020.
- Asia-Pacific is anticipated to witness highest growth rate, registering a CAGR of 7.4% from 2021 to 2030.
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Players operating in the global meal replacement drinks market have adopted various developmental strategies to expand their meal replacement drinks market share, increase profitability, and remain competitive in the market. The key players profiled in this report include 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.
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