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Meal Replacement Shake Market to Expand Significantly by 2034
The meal replacement shake market is undergoing significant growth, reaching US$ 5,189.6 million in 2024. The market is expected to show a moderate upward trend with a CAGR of 5.7% over the past decade. By 2034, the market is projected to exceed an expected value of US$ 9,035.8 million, indicating its continued popularity among health-conscious consumers.
Meal replacement shakes and products are gaining popularity among consumers, especially those managing weight or diabetes, due to their convenience and nutritional benefits. The eCommerce sector is expected to support this growth, with ready-to-drink shakes and cereal bars becoming popular choices. The shift toward vegan protein due to animal welfare concerns is driving the growth of plant-based or vegan shakes.
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Meal replacement shakes are popular among the working class, teenagers, hostel dwellers, and bachelors, as they are effective weight-loss tools for overweight or obese individuals with diabetes. The powdered meal replacement market is expected to continue growing in the next decade due to increasing global consumption by fitness enthusiasts.
North America’s market has the prime revenue share, with the United States leading the way. Asia Pacific is expected to witness a sales boost in India, China, Malaysia, and Thailand, with international companies establishing industrial facilities and small-scale companies leveraging emerging segments like non-GMO, sugar-free, soy-free, gluten-free, and vegan products.
“While traditional meal replacement shakes hold sway, the quest for novel sustainable choices fuels interest in nutrition and organic alternatives that industry players are capitalizing”- says an analyst at FMI.
Key Takeaways from the Market Study
• The United States is experiencing significant growth in the meal replacement shake market, and it is anticipated to register a CAGR of 3.1%. This growth is driven by the growing preference for preventive health management practices.
• Germany’s market is expected to develop at a CAGR of 5.5%, driven by the growing preference for organic and vegan meal replacement drinks.
• China’s market is predicted to rise at a CAGR of 6.3%, driven by the focus on branding and collaboration among industry players.
• Japan’s market is expected to progress at a CAGR of 7.3%, driven by the aging population and rising obesity rates.
• India’s market is expected to expand at a CAGR of 8.1%, driven by the availability of variety of meal replacement shakes, along with rising online retail platforms.
Competitive Landscape in the Meal Replacement Shake Market
The market is highly competitive, with major players focusing on research and development, expanding distribution networks, innovating product ranges, and launching marketing initiatives. Emerging segments like sugar-free, vegan, gluten-free, soy-free, and non-GMO products are leveraging opportunities.
Key Companies in the Meal Replacement Shake Market
• Saturo Food GmbH
• Healthy Natural Solutions
• Amway
• Futricio
• Medisys Biotech Pvt. Ltd.
• Abbott Laboratories
• Nutrition and Santé SAS
• Organic, Inc.
• Herbalife Nutrition
• Perrigo Company Plc.
• Nouveau Medicament (P) Ltd.
• Trinkkost GmbH
• Damhert Nutrition
Recent Developments
• In February 2024, the Hlth code launched the complete meal of plant-based shakes for those consumers who are vegan and vegetarians.
• In November 2022, BOL Foods, the plant-based real meal-oriented company, publicized its plan to collaborate with Huel and Soylent in the meal replacement market with their newly launched powdered shakes.
Key Coverage in the Meal Replacement Shake Market Report
• Nutritional supplements industry analysis
• Meal replacement products market trends
• Shake substitutes industry
• Market demand for meal replacement shakes
• Competitive landscape in shake market
• Market segmentation of meal replacement products
• Industry growth factors for nutritional supplements
• Market share of meal replacement shake brands
• Emerging opportunities in meal replacement sector
Key Segments
By Form:
• Powder
• Liquid
By Flavor:
• Vanilla
• Chocolate
• Mocha
• Berries (strawberry, raspberry, others)
• Other Flavors (Mint, Peanut Butter, Coconut, etc
By Distribution Channel:
• Direct Sales
• Indirect Sales
• Modern Trade
• Convenience Stores
• Independent Grocery Retailers
• Specialty Food Stores
• Online Retail
• Other Retail Formats
By Region:
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America