Overview and Scope
Meal replacement shakes are formulated beverages designed to substitute for a regular meal. They are typically rich in essential nutrients, including proteins, vitamins, minerals, and sometimes fiber, to ensure a balanced nutritional profile similar to a conventional meal. Meal replacement shakes are often used for weight management, convenience, or nutritional supplementation, and they come in various flavors and forms, including ready-to-drink bottles and powdered mixes.
Sizing and Forecast
The meat replacement shakes market size has grown strongly in recent years. It will grow from $5.20 billion in 2023 to $5.64 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to increasing pace of life, growth of fitness, growing preference for preventive health management, rise busy lifestyles and hectic work schedules, and rising demand for nutritional products.
The meat replacement shakes market size is expected to see strong growth in the next few years. It will grow to $7.93 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to growing consumer awareness, rising concerns about sustainability, rise in working women populace, rising demand for convenient and small-portion diet food, and increases plant-based ingredients. Major trends in the forecast period include advances in biotechnology and data analytics, shakes made with plant-based and sustainably, product innovation, introducing shakes that are vegan and gluten-free, and rising technology and digital platforms.
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Segmentation & Regional Insights
The meal replacement shakes market covered in this report is segmented –
1) By Product Type : Ready-To-Drink Products, Powdered Products
2) By Form: Powder, Liquid
3) By Flavor: Vanilla, Chocolate, Mocha, Berries, Other Flavors
4) By Nature Meals: Organic, Conventional
5) By Distribution Channel: Direct Sales, Indirect Sales, Modern Trade, Convenience Stores, Independent Grocery Retailers, Specialty Food Stores, Online Retail, Other Retail Formats
North America was the largest region in the meal replacement shakes market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the meal replacement shakes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for plant-based food is expected to propel the growth of the meal replacement shakes market going forward. Plant-based foods are derived from plants, including fruits, vegetables, grains, nuts, seeds, legumes, and products from these ingredients. The increasing demand for plant-based food is due to its health benefits, environmental sustainability, biodiversity preservation, and ethical and animal welfare concerns. Meat replacement shakes help promote plant-based foods by offering a convenient, nutritious, and satisfying alternative to meat, supporting individual health and broader environmental and ethical goals. For instance, in December 2021, according to the Plant Based Foods Association, a US-based food association, in 2023, 60% of U.S. households purchased plant-based foods, maintaining the same level as the previous year. Plant-based foods accounted for 1.1% of the total retail food and beverage dollar sales in 2023. Therefore, increasing demand for plant-based food drives the meal replacement shakes market.
Key Industry Players
Major companies operating in the meal replacement shakes market are Abbott Laboratories, The Kellogg Company, Glanbia PLC, Herbalife Nutrition, Perrigo Company Plc, The Simply Good Foods Company, Organic Inc., Bob’s Red Mill Natural Foods Inc., Ripple Foods, Idealshape LLC , Soylent Inc., Medisys Biotech Pvt Ltd., Fast&Up, Nouveau Medicament (P) Ltd., Saturo Food GmbH, HLTH Code, Elev8 Brands Inc., Marico Pvt Ltd., The Divine Foods, Damhert Nutrition
The meal replacement shakes market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
……..
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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