The Global Meal Replacement Market is estimated to be valued at US$14.01 Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031.

Key players operating in the meal replacement market are Abbott Laboratories, Amway, Atkins, Blue Diamond Growers, General Mills, Glanbia Plc, Herbalife Nutrition, Huel, Kellogg Co., Nestle, Nu Skin Enterprises, Inc., Slimfast, Soylent, Unilever, Usana Health Sciences Inc., Wild Oats Markets., Zoic Pharmaceuticals, Laboratoire PYC, Bariatrix Europe, and Kisan Products.

The growing demand for convenient and healthy substitutes to regular meals owing to busy lifestyles is a key factor driving the Meal Replacement Market Growth. People have less time for meal preparation due to longer working hours. Growing health awareness and busy lifestyles are fueling demand for meal replacements globally. The market is witnessing an increasing demand for low-calorie, gluten-free, vegan and plant-based substitutes. Key players are expanding their product portfolio and global footprint to cater to the growing demand.

Market drivers

 The increasing prevalence of obesity and chronic diseases associated with unhealthy diets has brought nutrition and wellness to the forefront. People are increasingly focusing on weight management and disease prevention through diet control and meal replacements suit these needs. Furthermore, convenient packaging and availability through online retail and e-commerce are augmenting the accessibility of these products. Manufacturers are launching varied product types catering to diverse consumer preferences such as vegetarian, vegan, organic and gluten-free options. Innovation and customization as per changing tastes are expected to boost meal replacement sales.

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