The global meal replacement market size was valued at USD 11.9 billion in 2021 and is expected to grow at a CAGR of 5.4% from 2021 to 2026. The revenue forecast for 2026 is projected to reach $15.5 billion. The base year for estimation is 2021, and the historical data spans from 2021 to 2026.

Meal Replacement Market Drivers:

• Busy lifestyles and convenience: Consumers seek quick, healthy meal options.
• Health consciousness: Rising demand for portion-controlled, nutritious food.
• Weight management: Meal replacements are used for calorie control and weight loss.
• Popularity of plant-based and organic options.

Product Types:

• Meal replacement drinks (shakes, liquids)
• Meal replacement bars
• Powders for mixing
• Soups
• Shelf-stable and frozen meals

Market Challenges:

Changing consumer preferences: Maintaining taste and variety is crucial.
Overcoming misconceptions about nutritional value.

Meal Replacement Market Trends

The meal replacement market is on an upward swing, and here are some key trends driving this growth:

• Health and Convenience: Consumers are increasingly looking for healthy yet convenient food options. Meal replacements fit the bill perfectly, offering portion-controlled meals packed with nutrients like protein, fiber, vitamins, and minerals. This caters to busy lifestyles where people might not have time for elaborate meal prep.
  Focus on Specific Diets: There’s a growing demand for meal replacements that cater to specific dietary needs. This includes options for plant-based, vegan, paleo, and keto diets.
  Clean Label and Better Flavor: Consumers are savvier and want to know what’s in their food. Meal replacement companies are responding by using clean label ingredients and focusing on improving flavor to make their products more enjoyable.
• Rise of Plant-Based Options: The plant-based food trend is spilling over into meal replacements. Consumers are looking for options that are both healthy and sustainable, and plant-based meal replacements fit that criteria.
  Market Expected to Grow: The global meal replacement market size was valued at USD 11.9 billion in 2021 and is expected to grow at a CAGR of 5.4% from 2021 to 2026. The revenue forecast for 2026 is projected to reach $15.5 billion. 

Meal Replacement Market Opportunities: The emergence of plant-based and vegan meal replacement products

Meal replacements made from vegan ingredients are stocked with plant protein, fiber, good fats, and vital vitamins and minerals. A new breed of fluid meals called vegan meal replacements can perfectly substitute regular food. Some meal replacements come in single-serving bottles that are ready-to-eat (drink), making them a fantastic alternative for food on-the-go, while others are available as a powder that can be combined with milk or water to produce a shake. They are delicious and nutrient-dense. Specifically designed for patients and athletes, the US-based Vejii Holdings launched a plant-based meal replacement called Heal in 2021 that includes plant-based protein, powdered fruits and vegetables, anti-inflammatory superfood extracts, probiotics, and prebiotics.

North America dominated the meal replacement market and is projected to grow with a CAGR of 4.6% during the forecast period (2021–2026)

North America accounted for the largest market share and is expected to grow at a CAGR of 4.6% during the forecast period. CDC suggests that chronic diseases, such as diabetes, cancer, heart disease, and stroke, affect six out of ten Americans. Chronic illnesses are the main contributors to health care costs as well as the major causes of death and disability in the United States.

Dietary Guidelines for Americans (Dietary Guidelines), provided by the US health department, offer recommendations to satisfy nutrient requirements, advance health and fend off diseases The Dietary Guidelines are updated and published every five years by the US Departments of Health and Human Services (HHS) and Agriculture (USDA). The presence of health policies focusing on healthy eating and improved lifestyle choices, together with the willingness of consumers to spend on meal replacement products, contribute to the larger share of the US.

Top Companies in Meal Replacement Market

• Abbott Laboratories (US)
• Herbalife Nutrition (US)
• Amway (US)
• Glanbia Plc (Ireland)
• Atkins (US)