Meal Replacement Market Revenue, Size, Report Analysis 2022, Competitive Strategies, Trends & Growth Opportunities to 2030: SPER Market Research
The global meal replacement products market is estimated to observe proficient growth from 2021 to 2030. The effective growth in the incidence of diabetes and obesity and increasing health consciousness among customers are the foremost aspects projected to propel the global meal replacement products market. In addition, the effective growth in customer awareness of the importance of weight management is predicted to propel the requirement for a variety of meal replacement products. Several product advancements, such as the launch of plant-based and organic meal replacement beverages free of artificial colors, sweeteners, gluten, and preservatives, are also predicted to underwrite the global meal replacement products market growth.
Manufacturers are fostering their efforts in research and development, product innovation, and the growth of their distribution channels to maintain their market positions. Manufacturers aim on delivering new products with varied nutritional properties to target a younger customer base. Some of the market’s proficient trends have been digital marketing and celebrity endorsements.
According to the SPER market research, ‘Meal Replacement Market Size, Share & Trends Analysis By Product Types, By Distribution Channel, Regional Outlook, Competitive Strategies and Segment Forecasts to 2030’ states that the meal replacement market is predicted to reach USF 19.8 billion by 2030 with a CAGR of 5.8%. Owing augment in diabetes, obesity, and healthy eating habit provide fire to the growth of the meal replacement market.
The UN report proposes that the percentage of chronic disease-connected mortality in the total number of deaths around the globe is anticipated to augment to more than 60% and represent nearly 50% of the global disease burden by 2030. Maintaining a healthy weight, exercising consistently, and eating a balanced diet are the foremost factors of a healthy lifestyle that may decrease the chance of developing chronic diseases by as much as nearly 70%. Therefore, individual and group customers are making small but attainable alterations to lifestyle behaviors to confirm good health.
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In addition, according to the United States Department of Agriculture (USDA), Americans spend more than half their food budget on ready-to-eat food, looking for small, and time-saving meals. This augments the requirement for protein bars, shakes, and energy bars, further propelling the market studied. The nutrition bars propose a convenient, portable, and often healthier choice for a speedy, on-the-go meal or immediate consumption. The accessibility of dissimilar types and flavors is an added aspect propelling the market.
Asia Pacific is predicted to observe the fastest CAGR during the review period. Speedy urbanization, growing population, and awareness concerning several nutritional dietary demands in emerging countries involving China and India are predicted to propel the growth. In addition, the increasing e-commerce in these regions is predicted to foster the sales of meal replacement products. Several manufactures choose the digital channel for advertising and reaching untapped or physically impenetrable markets to develop their market penetration. This is predicted to positively propel industry growth.
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Sara Lopes, Business Consultant – U.S.A.
SPER Market Research