The effective growth in the prevalence of different chronic diseases likewise obesity, diabetes, cardiovascular diseases, and high cholesterol is resulting in increasing customer awareness about weight management and healthy diets. This aspect is predicted to lead to a surging requirement for a meal replacement product throughout the review duration.
Changing lifestyles of individuals around the globe coupled with growing requirements for high-quality, healthy food, and tasty products are predicted to propel the market growth. There is an increment in the acceptance of a nutritious food diet that can replace traditional meals. The replacement meals must be strong and easy to make so that they can fit into the fluctuating and busy lifestyle of individuals these days. No one wants to play with their health thus the population of health-conscious individuals is growing. But apart from this they also want to have easy meals which can take less period in making to suffice their requirements of the nutrition to the body. This aspect is propelling the growth of the market.
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 2032’ state that the Meal Replacement Market is predicted to reach USD 40.39 billion by 2032 with a CAGR of 6.79%.
Impact of COVID-19 on the Meal Replacement Market
The COVID-19 pandemic has had an optimistic impact on the market. The outbreak of the lethal virus constrained customers around the world to accept a healthy living lifestyle. The requirement for the industry throughout the period intensified due to the augmented customer awareness concerning a healthy diet. Limited movement of individuals owing to the global lockdown along with the deduct in activity level, led to the augmented level of stress, anxiety, and even depression among customers, further resulting in extreme eating and eventually falling for weight gains. The concept of eating healthy food observed immense assistance throughout this pandemic, and customers’ determination to keep themselves self-immune had become of utmost significance. This accelerated the growth of meal replacements in the universal industry.
Unhealthy dietary changes, growing sedentary lifestyle, growing accessibility of high caloric density convenience foods, and increasing portion sizes are the aspects accountable for the high prevalence of obesity epidemic and diabetes, which in turn, is predicted to increase the growth of the meal replacement market. Packaged and convenient food replacement products have been obtaining popularity among customers over the years. An enlarge in the number and variability of portable and administered food replacement snacks, drinks, and bars, along with their easy accessibility and convenience both in grocery stores as well as restaurants and expediency store, is propelling the growth of the industry.
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North America is predicted to observe a proficient share of the global industry. Meal replacement products are evolving as a healthy substitute among patrons as market players present around the region are announcing meal replacement protein bars, ready-to-drink shakes, and powders that are healthy and necessitate low calories. Nonetheless, the growing prevalence of health-connected problems likewise cardiovascular syndromes, high blood pressure, obesity, diabetes, and many more, among individuals around the region is probably to push the requirement for the meal replacement market.
Meal Replacement Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Abbott Laboratories, Amway, Atkins, Glanbia, Herbalife Nutrition, Huel, Kellogg Co., Nestle, Skin Enterprises Inc., USANA Health Sciences Inc.
Meal Replacement Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Product Types: Based on the Product Types, Global Meal Replacement Market is segmented as; Bars, Powder, Ready to drink, Others.
By Distribution Channel: Based on the Distribution Channel, Global Meal Replacement Market is segmented as; Convenience stores, Hypermarkets & supermarkets, Offline, Online, Specialty stores, Others.
By Region: North America, Europe, and the Asia-Pacific area all have sizable Global Meal Replacement Markets. Because of the rising rates of obesity and the rising demand for convenience foods, North America now has the largest market. With an emphasis on natural and organic meal replacement products, the European market is also expanding.
The market in the Asia Pacific region is anticipated to experience substantial expansion. There are also significant growth prospects in other regions, including South America, the Middle East, and Africa.
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