According to IMARC Group’s latest report, titled “Meal Replacement Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” the global meal replacement products market size reached US$ 13.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 20.0 Billion by 2028, exhibiting a growth rate (CAGR) of 7.1% during 2023-2028.
Meal replacement products are pre-packaged, calorie-restricted foods that can be mixed with various liquids to make smoothies or beverages, as they have been proven effective for weight reduction and management. They are enriched with essential vitamins, minerals, lipids, proteins, fiber, and complex carbs that help to replace unhealthy or high-calorie meals and stifle subsequent food cravings.
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Meal Replacement Products Market Trends:
The growing prevalence of various lifestyle diseases, including obesity and diabetes, owing to the extensive consumption of unhealthy ready-to-eat (RTE) processed foods with high-calorie density, is primarily driving the market growth. Furthermore, changing dietary preferences on account of increasing health consciousness and the growing consumer awareness regarding the benefits of eating balanced diets are augmenting the demand for meal replacement products.
Moreover, the advent of plant-based, non-genetically modified organisms (non-GMOs) modified product variants in diverse flavor profiles and their availability across diverse online and offline shopping platforms, including convenience and grocery stores, are stimulating the market growth. Besides this, the rising disposable incomes, ongoing aggressive promotional activities by manufacturers, and the increasing need to fulfill nutritional requirements while regulating weight are supporting the market growth.
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Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined with some of the key players.
Key Market Segmentation:
The report has categorized the market based on product type, distribution channel and application.
Breakup by Product Type:
Breakup by Distribution Channel:
Breakup by Application:
Breakup by Region:
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