The global meal replacement market as per revenue was estimated to be worth $11.9 million in 2021 and is poised to reach $15.5 billion by 2026, growing at a CAGR of 5.4% from 2021 to 2026. Chronic diseases continue to loom over global public health as a persistent threat. According to the UN, by 2030, chronic diseases will account for 70% of all deaths worldwide and 56% of the global disease burden. However, there is hope. Making small yet impactful lifestyle changes such as maintaining a healthy weight, regular exercise, and a balanced diet can reduce the risk of developing chronic diseases by up to 80%. As a result, individuals and groups are embracing new behavior changes, such as incorporating meal replacements into their diets to meet their nutritional needs.
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Meal replacements are becoming increasingly popular as they provide a complete range of balanced and sufficient nutrients, helping consumers prioritize their health and adopt more health-promoting diets. As a result, the market for meal replacements is expected to expand as more people prioritize their health and wellbeing.
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.
High costs of meal replacement products
A nutritious meal replacement is more expensive than a conventional meal as additional manufacturing processes are required to increase the product's nutritional value. It may deter the growth of the meal replacement market. The high expense of meal replacement is linked to the increased cost of research, development, and personalization.
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North American Dominance in Meal Replacements
North America accounted for the largest market share of 29.5% in 2020 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.
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