Meal replacement drink is a healthy beverage that is high in nutrients, vitamins, and minerals and may be used in place of a complete meal by offering regulated levels of nutrients and calories. The meal replacement drink suffices an individual’s hunger by providing daily nutrients such as proteins, fibers, carbohydrates, and healthy fats. Furthermore, they help to replenish an individual’s calorie requirements, contribute to immune system enhancement, maintain body weight, and provide important nutrients to the body. They are available as ready-to-drink shakes or as a powder that can be mixed with soy milk or milk.
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.
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The COVID-19 pandemic disrupted food &beverage supply chains all across the globe. Consumption habits of consumers have changed by the perception of the risk associated with COVID-19. Consumer’s fear of potential food and beverages shortages has fueled the hoarding trend. The hoarding had led to an increase in the demand for food and beverage products; however, industries were unable to meet this market demand. The vaccination drive and lockdown practices to prevent the spread of the virus globally are likely to aid the market growth for regaining its place in the beverage sector.
he hectic schedule of the consumers are forcing them to look for food alternatives to replenish the nutrient requirements is expected to boost the growth of meal replacement drinks market.
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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).
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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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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