Meal Replacement Drinks Market Size Worth $20 Billion By 2031: IndustryARC
Feb 27, 2024
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The Global Meal Replacement Drinks Market size is predicted to reach $20 billion by 2031, growing at a CAGR of 7.5% during the forecast period 2024-2031 according to the latest market research report published by IndustryARC. The growing popularity of meal replacement drinks is a significant advance in the food and beverage industry. Meal replacement drinks are liquids that are intended to be a balanced and convenient replacement for traditional meals and are poised to propel the market growth, finds IndustryARC in its recent report, titled “Meal Replacement Drinks Market Size, Share & Trends Analysis Meal Replacement Drinks Market By Product Type (Ready-to-drink and Shake Premix), By Flavor (Vanilla, Chocolate, Strawberry, Banana, Coffee, Berry, Tropical Nutty and Others), Ingredient Type (Protein-based Meal Replacement Drinks Carbohydrate-based Meal Replacement Drinks, Fat-based Meal Replacement Drinks, Vitamins and Minerals-based Meal Replacement Drinks, Fiber-based Meal Replacement Drinks, and Others), By Packaging Type (Bottles, Tetra Packs, Pouches, Single Serve Packets), By Sales Channel (Online Channels, Convenience Stores, Hypermarkets/Supermarkets, Drug Stores & Pharmacies, and Others), By Region and Segment Forecasts, 2024-2031”
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North America to Register Highest Growth:
The Meal Replacement Drinks industry in this region is expanding due to the rise in demand for Meal replacement products provide a practical solution for busy North Americans who struggle to find time for healthy meals. These convenient alternatives offer a quick and nutritious option to fuel their fast-paced lifestyles, ensuring they can maintain a balanced diet even when on the go.
For instance, according to the United States Department of Agriculture, U.S. consumers allocated 11.3% of their disposable personal income to food in 2022, the demand for meal replacement drinks in North America is driven by the busy schedules of individuals seeking convenient and time-saving alternatives to traditional meals.
Meal Replacement Drinks Market 2024-2031: Segmentation
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Meal Replacement Drinks Market Report – Key Takeaways:
Shake Premixes is to register to lead the market
The Shake premixes segment had more than one-third of the market share 75% in 2023. Shake premixes are a practical solution for people on the go. These meal replacement drinks provide a quick and easy way to satisfy hunger while still supplying important nutrients. Because of the variety of flavors offered, customers can have a delightful and satisfying shake wherever they are. These premixes are great for the rushed professional or student.
Chocolate Flavor Register Highest Growth
Chocolate Flavor is analyzed to grow with the highest CAGR of 7.4% during the forecast period. Interestingly, the chocolate flavor has registered the highest growth in the meal replacement drinks market, aligning with global consumer preferences for indulgent yet nutritious options, driving its popularity in both domestic and international markets.
According to the United States Department of Agriculture, U.S. Chocolate and Cocoa Products Exports in 2022 were Canada $844 million, Mexico $244.04 million, European Union $34.11 million, and Japan $33.87 million. The increase in Chocolate and Cocoa Product exports revealed that there was a growing taste for chocolate flavors, which raised the demand for meal-replacement drinks. Consumers seek the delicious flavor of chocolate in convenient, healthy beverages, fuelling the market for these goods' expansion.
APAC is Leading the Market
APAC region held a major market share of 37% in 2023. The APAC region is becoming more open to meal replacement drinks as they offer a convenient and nutritionally balanced solution for their busy lifestyles. As a result, there is a growing market for meal replacement drinks, especially among those seeking a quick and healthy alternative to traditional meals. Manufacturers are exploring strategies to make these products more affordable, potentially expanding their appeal beyond higher income groups, thereby tapping into the evolving preferences of the APAC consumer base.
Additionally, in the year 2021, Goodmylk, a prominent plant-based dairy alternative company in India, has recently introduced two new products: Plant-Based Paneer and Plant-Based Nutrition Drink. This expansion into plant-based paneer and meal replacement drinks demonstrates the company's commitment to providing innovative and sustainable alternatives to traditional dairy products.
Rising Demand for Sports Nutrition and Performance
The increasing popularity of plant-based diets has created a demand for vegan and vegetarian meal replacement options. Companies that offer plant-based meal replacement drinks can tap into this growing market and cater to individuals with specific dietary preferences or restrictions.
For instance, the International Social Security Association in 2021, suggests that many athletes can safely consume 2 g of protein per 1 kg of body weight daily, compared with the RDA of 0.8 g/kg. The rising demand for sports nutrition and performance is expected to continue to fuel the growth of the meal-replacement drink market in the coming years.
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Key Opportunity Analysis:
The increasing popularity of vegan and plant-based diets
The increasing popularity of plant-based diets has created a demand for vegan and vegetarian meal replacement options. Companies that offer plant-based meal replacement drinks can tap into this growing market and cater to individuals with specific dietary preferences or restrictions.
For instance, Soylent, the plant-based meal replacement company, has successfully evolved from a tech product to a nutritional supplement. With a focus on providing convenient and nutritious options for busy individuals, Soylent has gained popularity and is projected to reach $100 million in sales this year.
The Aging Population and Senior Nutrition Present a Significant Opportunity to Market
As the global population continues to age, there is a need for nutritionally dense and easy-to-consume meal options for seniors. Meal replacement drinks can provide essential nutrients conveniently and easily digestibly, making them suitable for older adults who may have difficulty chewing or preparing meals. For instance, according to the World Health Organization, by 2050, the world's population of people aged 60 years and older will double by 2.1 billion. As a result, the growing aging population presents a significant opportunity for the meal replacement drinks market.
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The Report also Covers the Following Areas:
Meal Replacement Drinks Market Size and Forecast
Meal Replacement Drinks Market Trends
Meal Replacement Drinks Market Analysis by Product Type
Meal Replacement Drinks Market 2024-2031: Key Highlights
CAGR of the market during the forecast period 2024-2031
Value Chain analysis of key stake holders
Detailed analysis of market drivers and opportunities during the forecast period
Meal Replacement Drinks Market size estimation and forecast
Analysis and predictions on end users’ behavior and upcoming trends
Competitive landscape and Vendor market analysis including offerings, developments, and financials
Comprehensive analysis of challenges and constraints in the Meal Replacement Drinks Market
Covid and Ukrainian Crisis Impact:
The COVID-19 pandemic has had a significant impact on various aspects of our lives, including our dietary habits. With restrictions and lockdowns in place, many people have turned to meal-replacement drinks as a convenient and nutritious option. These drinks provide a quick and easy solution for those unable to access fresh food or facing time constraints. As a result, the demand for meal replacement drinks has surged during these challenging times.
Ukraine is known for its agricultural exports, including wheat and sunflower oil, which are essential components of some meal replacement products. Increased production costs and transportation expenses have contributed to these price hikes these disruptions have led to increased prices for these ingredients, affecting the overall cost of the meal-replacement drinks market.
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List of Key Market Players in the Meal Replacement Drinks Market:
The Global Meal Replacement Drinks Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- Soylent Nutrition, Inc
- Nestlé
- MyDrink Beverages
- Abbott
- Herbalife International of America, Inc
- Kellogg Company
- Huel Inc.
- USANA Health Sciences Inc.
- Ample Foods
- Ripple foods
- Amway
- Saturo Foods
- Medisys Biotech Private Limited
- OWYN
- True Protein Pty Ltd
Related Reports:
Drinkable Meals Market – The Drinkable Meals market is projected to grow at a CAGR of 5.12% from 2024 to 2031. The drinkable meals market is experiencing a surge in demand as consumers seek convenient and nutritionally balanced options. This trend reflects the growing need for on-the-go, healthy meal solutions
Ready Meal Market –The Ready Meal market is projected to grow at a CAGR of 10.9% during the forecast period from 2024 to 2031. The ready-meal market is witnessing robust demand driven by busy lifestyles and convenience-seeking consumers. Quick, ready-to-eat options with diverse cuisines continue to attract a growing customer base.
Sports Food Market – The Sports Food Market is growing at a CAGR of 4.7% during the forecast period from 2024 to 2031. The sports food market is rapidly growing, catering to athletes' nutritional needs with products like protein bars, supplements, and energy gels, fuelled by increasing fitness awareness and demand for performance-enhancing options
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