Meal replacement: Key market research findings
- Online sales of meal replacement products
- Meal replacement products are portion controlled
Technavio has released a new market research report on the global meal replacement market, which is expected to grow at a CAGR of 7% between 2016 and 2020. Meal replacement products have high nutritional value, and are considered as naturally healthy food options. Meal replacement products act as a substitute for a solid meal containing all the major nutrients. Weight loss is one of the major motivating factors driving the dales of meal replacement products. The Americas dominate the global market for meal replacement, accounting for 61% of the overall market share. Increase in aging population in the region has led to the demand for meal replacement products, such as ready-to-drink shakes and energy bars, as they aid in weight loss and are a source of improved nutrition.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, this market is witnessing growth in the online sales of meal replacement products. Various websites such as Healthkart.com, vitacost.com, and wallmart.com are now offering protein shakes, protein bars, and other supplements for online purchase. Also, these sites have live chat options that provide instant support to people who face any kind of difficulty while purchasing products,” Vijay Sarathi, Arushi Thakur, Lead Analyst, Food & Beverages, Technavio Research
With the increase in the grab-and-go trend in the population, meal replacement products are fast becoming the food of choice because they are convenient and high in nutrition. Working population and students look for ready-to-eat (RTE) food products that fulfill their daily nutrition requirements. Consumers are increasingly opting for organic and gluten-free products. The most popular aspect of meal replacement products is that the portion part is taken care of and the products are designed to provide ample nutrition with a limited number of calories. Meal replacement products fuel metabolism and are considered as a complement to the weight-loss plan.
The key vendors in the global meal replacement market are Abbott Nutrition, Herbalife, Kellogg and SlimFast. The market is subject to rapidly changing consumer demands and preferences. The market is highly fragmented because of the presence of numerous small and large vendors. The vendors in the market compete on the basis of price, quality, innovation, service, reputation, and promotion. Intense competition prevails in this market, which has led vendors to reduce their process to gain more market share.
A more detailed analysis is available in the Technavio report, Global Meal Replacement Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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