Meal Replacement Market Growth by Emerging Trends, Analysis, & Forecast

The global meal replacement market size to be valued at $15.5 billion by 2026 and is expected to grow at a compound annual growth rate (CAGR) of 5.4% during the forecast period. This growth is attributed to the increasing prevalence of health issues such as obesity, diabetes, and cardiovascular diseases, which has prompted consumers to become more aware of weight loss and management diets. Meal replacement products, which provide essential nutrients, fiber, and protein within 200 to 400 calories, have become a convenient and all-inclusive option for individuals seeking a healthier lifestyle. As a result, the demand for meal replacement products is anticipated to continue growing, contributing to the market's expansion.

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Meal Replacement Market Trends

As the global population becomes more health-conscious and the prevalence of overweight issues and diabetes increases, the demand for meal replacement products is expected to grow. Nutritional supplements that aid in weight loss are becoming more relevant as people seek out efficient ways to shed pounds. This increased demand has led to a surge in investment in the market.

However, the high cost of meal replacements compared to conventional meals can be a barrier to growth. The additional manufacturing techniques used to enhance the nutritional value of these products contribute to their higher price point. Despite this challenge, the growing awareness of the benefits of healthy eating habits is expected to fuel the market's growth.

In developing regions, the rising incidence of chronic diseases and obesity rates, combined with an increasing interest in health and nutrition, is driving demand for meal replacement products. As consumers become more aware of the importance of consuming nutritious foods, the market for these products is expected to expand. This presents an opportunity for meal replacement manufacturers to expand their businesses into new markets and meet the needs of a growing population of health-conscious consumers.

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North America dominated the meal replacement market and is projected to grow with a CAGR of 4.3% during the forecast period (2021- 2026)

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.

The key players in this market include Abbott Laboratories (US), Amway (US), Glanbia PLC (Ireland), Herbalife Nutrition (US), and Nestle (Switzerland).

Growth Opportunities in the 3D Food Printing Market

The global 3D food printing market is estimated to account for nearly USD 201 million in 2022 and is projected to reach a value of nearly USD 1,941 million by 2027, growing at a CAGR of 57.3% from 2022. Large-scale manufacturing of food in commercial kitchens has exacerbated the problem of food waste. 3D food printing is a distinguished approach to reducing waste throughout consumption by utilizing food products such as meat off-cuts, leftover fruits and vegetables, and seafood by-products. Thus, with increasing awareness among consumers about food wastage and environmental issues, more consumers and food suppliers are anticipated to adopt 3D food printers. This is projected to drive the 3D food printing market.

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Drivers: Bourgeoning demand for gourmet food

3D food printing provides the ability to personalize food according to individual needs. The increasing market for customized food is a major reason for the growth of the 3D food printing market. The advancement in technology has made people busier with their work, and they often fail to experience their favorite food due to the shortage of time. This gives rise to the market for customized food; however, the customized food items need to be mixed with appropriate preservatives to keep them fresh. Frequent consumption of preservatives is not good for health in the long run. Thus, 3D food printing technology provides an option to have homemade freshly cooked food for the users.

Opportunities: Growth in demand from the hospitality industry

The hospitality industry has shown huge interest in 3D food printing technology. The capability of the 3D food printers to print food in various complex designs, which is not possible manually, has gained the attention of many famous chefs around the world. According to the companies offering 3D food printers, it would provide chefs an opportunity to present food with various complex designs, which was not possible through the traditional preparation methods. Although the idea of the companies offering 3D food printers to replace microwaves with 3D food printers for household uses is far from reality, the users are likely to prefer to have food in various designs sometimes for fun. Thus, the hospitality industry is expected to provide ample opportunities for the 3D food printing market.

The commercial segment is estimated to account for the largest share in the global market in 2021

By vertical, the commercial segment is estimated to account for the largest share in the market in 2022. Commercial segment is estimated to witness growth due to major demand of 3D printed food can be served through baking industry, restaurants, confectionaries and retail store. The companies are working on their products to make them more efficient so that they would be able to provide more options for customized food to the customers. For a instance, BeeHex, the company manufacturing the 3D pizza printers, has demonstrated the use of their Chef3D food printer to print pizzas in various shapes. Thus, the ability of 3D food printers to print food in complex designs to provide customized food would drive the market for 3D food printers in coming years with the developments in technology.

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The Asia Pacific market is projected to grow at the highest CAGR during the forecast period

The market in Asia Pacific is projected to grow at the highest rate with the reducing cost of the technology in the coming year. Countries such as China, South Korea, and Japan are working actively in the 3D food printing market, signifying the promising future for 3D food printing technology in the coming years

Key Players:

Key players in this market include 3D systems (US), TNO (Netherlands), NATURAL MACHINES (Spain), Choc edge (UK), Systems & Materials Research Corporation (US), byFlow B.V. (Netherlands), beehex (US), CandyFab (US), ZMORPH S.A (Poland) and Wiiboox (China)

Lactase Market Growth Opportunities by 2027

The global lactase market is projected to reach USD 336 million by 2027, at a CAGR of 6.3%, in terms of value, between 2022 and 2027. It is estimated to be valued at USD 247 million in 2022. Lactose is a type of sugar found in milk and other dairy products, lactase is an enzyme that helps in breaking down the milk sugar lactose into simple sugars, namely glucose and galactose. Factors, such as increasing demand for lactose-free and rising product development & innovations in other application areas like pharmaceutical, dietary supplements, and infant nutrition are expected to boost the demand for lactase on a global level. Key players in the market are introducing new food products like lactose-free cream, ice cream, and milk alternatives to address the growing lactase-deficient population.

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Drivers: Growing lactose intolerance in infants and adults

The development of primary lactose intolerance is temporary and found in premature infants before their small intestine is fully developed. Secondary intolerance is seen in adults when they have a digestive issue in the small intestine. Secondary lactose intolerance is triggered by conditions such as Crohn’s disease or gastroenteritis. According to the National Center for Biotechnology Information (NCBI), nearly 65% of the global population is prone to lactase deficiency. Thus, this has led to an increase in the production of lactose-free dairy products, which helps the lactose-intolerant population to avoid gastrointestinal problems.

Restraints: Rising preference for dairy-free alternatives and vegan diets

The major requirements by consumers recently have been the need for dairy alternatives for removing the problems of cow milk allergy, calorie concerns, lactose intolerance, and the prevalence of hypercholesterolemia. There are other factors such as price, taste exploration, and environmental concerns due to which the shift is seen. Plant-based products are cheaper as compared to meat and dairy products. The manufacturing of lactose-free products is on the higher side due to the usage of the enzyme. Dairy alternatives and vegan products offer different ingredients, tastes, and textures to consumers.

By application, the food & beverages segment is estimated to occupy the largest market share in terms of value

By application, the food & beverages segment is estimated to occupy the largest market share in the lactase market. The lactase enzyme is an enzyme that some people are unable to produce in their small intestines. Without it, lactase-deficient people cannot break down the natural disaccharide in milk. Adding lactase to milk hydrolyzes the lactose naturally found in milk, leaving it slightly sweet but digestible. This property of the enzyme increases its wider application in the food & beverages industry.

Asia Pacific is projected to grow with the highest CAGR in the lactase market during the forecast period

The Asia Pacific region is projected to grow at the highest CAGR during the forecast period and occupies a significant share in the global lactase market. The increasing awareness regarding lactose intolerance in both adults and infants is gaining momentum in the region. Additionally, the demand for lactose-reduced infant formula and lactose-free products for adult nutrition is significantly catering to the growth of the lactase market in the region. Asia Pacific is also witnessing significant expansion in terms of production by key players operating in the market. The regional manufacturers are currently focusing on new product developments and strategic deals such as partnerships, collaborations, and expansions to create more awareness among consumers and cater to the growing demand.

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Key Market Players:

Key players in this market include CHR. Hansen Holdings A/S (Denmark), Kerry Group plc. (Ireland), Koninklijke DSM N.V. (the Netherlands), Novozymes A/S (Denmark), Merck KGaA (Denmark), IFF (US), Amano Enzyme (Japan), Advanced Enzyme Technologies (India), Novact Corporation (US), Antozyme Biotech Pvt. Ltd (India), Nature Biosciences Pvt. Ltd (India), Aumgene Biosciences (India), Creative Enzymes (US), Biolaxi Enzymes Pvt. Ltd (India), Enzyme Biosciences Pvt. Ltd (India), Infinita Biotech (India), Mitushi Biopharma (India), Oenon Holdings Inc. (Japan), Ultreze Enzymes (India), and Senson (Finland)

Dietary Supplements Market to Record Steady Growth by 2027

The report "Dietary Supplements Market by type (Botanicals, Vitamins, Minerals, Amino Acids, Enzymes, Probiotics), Function (Additional Supplements, Medicinal Supplements, Sports Nutrition), Mode of Application, Target Consumer and Region - Global Forecast to 2027", is estimated at USD 155.2 billion in 2022; it is projected to grow at a CAGR of 7.3% to reach USD 220.8 billion by 2027.

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The ageing population in the eastern and western countries have propelled the market growth of dietary supplements. According to the UKs Food Standard Agency (FSA), the majority of supplement consumers, are over 55 years old. These supplements are bought in the belief that old age can be joyful and pain-free, with a body of research pointing to memory enhancement, joint strengthening, and a vitality boost of glucosamine, ginkgo, and ginseng.

The Botanical segment by type is projected to achieve the Highest CAGR growth in the Dietary Supplements market.

The demand for the botanicals ingredients included in the dietary supplements solutions had driven because of their consumer-perceived benefits, such as functional benefits and being "closer-to-nature," as well as their ability to impart pleasant flavours. Furthermore, attractive flavours and colors produced from natural sources are a vital part in dietary supplements solutions. Some of the advantages of botanical dietary supplements are, Low cost compared to prescription drug, It can be obtained without a prescription, Has the potential to be effective, despite the lack of evidence, and Contribute to a sense of self-sufficiency.

By function, the additional supplements segment is estimated to account for the largest market share in the Dietary Supplements market.

This category includes supplements that can be consumed without a doctors prescription. Minerals, herbs or other botanicals, amino acids, enzymes, and a variety of other ingredients can be found in dietary supplements. Tablets, capsules, gummies, and powder, as well as drinks and energy bars, are all forms of dietary supplements. According to the National Center for Health Statistics, 57.6% of US adults aged 20 and above used a dietary supplement, with women (63.8%) using more than men (50.8%). Dietary supplement use increased with age in both sexes but was highest in women aged 60 and above (80.2%)

The tablet form segment by mode of application is estimated to account for the largest market share of the Dietary Supplements market over the forecast period.

Longevity of tablet form drives market growth. Compressed tablets are typically meant to be swallowed without being broken, chewed, or dissolved. This tablet type will usually only begin to break down after reaching the stomach (or some other stretch of the gastrointestinal tract). Compressed tablets have the advantage of being generally stable and available in various sizes and shapes. As a result, a wide range of dietary supplements can be easily incorporated into tablet form. For this reason, compressed tablets are popular

The elderly segment is projected to observe the highest CAGR growth in the Dietary Supplements market during the forecast period.

Dietary supplements in pill or liquid form are popular among the elderly. These are often nutrients under-consumed among older adults, such as calcium and vitamin D (in high demand) & B12. In older adults, vitamin D helps support skeletal health by building and protecting bones. According to the National Health and Nutrition Examination Survey, nearly 20% of elderly Canadian, European, and American adults have a vitamin D deficiency. Medical experts recommend 20 to 25 micrograms of vitamin D per day. The Commodity Supplemental Food Program (CSFP) provides nutritious USDA packaged food to low-income older adults to support a healthy dietary pattern.

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Asia Pacific is projected to achieve the highest CAGR growth in the Dietary Supplements market.

The rising influence of westernization, the growing millennial population, and increasing awareness are the key drivers of market growth. According to the UN, in 2019, 60% of the 1.8 billion global population of millennials reside in Asia. This population is active, enthusiastic about fitness, and continuously seeking innovative products. As a result, millennials are prominent consumers of dietary supplements in the region. Veganism has also become popular in the region, alongside rising demand for plant-based food products, especially in India, China, Australia, and Indonesia. This key factor would eventually pave the way for herbal supplements to grow significantly in value sales during the forecast period in the Asia Pacific.

Key Market Players:

The key players in this market include Amway Corp (US), Herbalife International of America, INC. (US), ADM (US), Pfizer INC (US), Abbott (US), Nestle (Switzerland), Otsuka Holding Co, LTD (Japan), H&H Group (China), Arkopharma (France), Bayer AG (Germany), Glanbia Plc (Ireland), Natures Sunshine Products Inc (US), Fancl Corporation (Japan), Danisco (Denmark), Bionova (India), American Health (US), Pure Encapsulations LLC (US), GlaxoSmithKline, PLC (UK). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.

Meal Replacement Market to Witness Unprecedented Growth in Coming Years

According to MarketsandMarkets "Meal Replacement Market by Product Type (Ready-to-Drink, Bars, Powder), Distribution Channel (Offline and Online), and Region (North America, Europe, Asia Pacific, South America, and RoW) - Global Forecast to 2026", The global meal replacement market has been influenced by changing consumer lifestyles, people are inclined toward meals that are full of nutrition, vitamins, minerals, and other dietary supplements. The growth in the number of health-conscious consumers across the globe is proliferating the demand for meal replacement products.

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Powder segment is the largest market for meal replacement market globally.

Powders are consumed in the form of shakes with the addition of water or low-calorie milk. The rapid adoption of meal replacement powder as a part of weight management will drive the market for meal replacements products. Meal replacement powder is mixed with water or milk of choice (low-calorie, plant-based, low-fat, toned milk, flavored milk, among others) for consumption. These are available in various flavors, the most popular being chocolate, vanilla, and strawberry. Various companies are into the manufacturing of powder form meal replacement products such as Nestle and Huel. Nestle offers meal replacement chocolate cacao powder and has presence in various regions such as Middle East, Africa, North America, Asia Pacific and Europe.

Online segment is witnessing a high growth rate for the meal replacement products during the forecast period.

Online segment is witnessing a high growth rate owing to the rising smartphone and internet penetration, which is increasing the sales of online meal replacement products. COVID-19 has changed the purchasing pattern of the consumers globally. Consumers are now purchasing products online and choosing the health safety and convenience over the offline purchasing experience globally. In addition to this, increasing internet penetration in under developed countries will also drive the online segment growth.

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North America holds the largest market share for meal replacements products in 2021

In 2021, North America accounted for a market share of 29.28% in the global meal replacement market. The market in the region is highly diversified, and manufacturers are strongly focusing on the development of new meal replacement products to cater to the demand from end users. Although North America holds the largest share, the meal replacement market is matured and is projected to grow at a steady CAGR of 4.6% during the forecast period.

The key players in this market include Abbott Laboratories (US), Amway (US), Glanbia PLC (Ireland), Herbalife Nutrition (US), and Nestle (Switzerland).

Coconut Oil Market to Showcase Continued Growth in the Coming Years

The report "Coconut Oil Market by Product Type (RBD, Virgin, and Crude), Source (Dry Coconut and Wet Coconut), Application (Food Beverages, Cosmetics Personal Care Products, and Pharmaceuticals), Nature and Region - Global Forecast to 2027", is estimated to be valued at USD 5.7 billion in 2022. It is projected to reach USD 7.4 billion by 2027, recording a CAGR of 5.5% during the forecast period. The global coconut oil market has been influenced by some of the macroeconomic and microeconomic factors witnessed in some key countries. This would prove strong enough to drive the market significantly in terms of value sales during the forecast period. With the rise in demand and preference for natural cosmetic ingredients, the trend of clean-label and plant-based products has significantly boosted the utilization of coconut oil derivatives in the food industry. Coconut oil is used as a thickener and binder, and this enhances its properties, such as smoothness, hardness, gloss, and whiteness.

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Pharmaceutical market is a relatively untapped and small market in comparison to other non-food applications and the rapidly growing food beverage market.

Coconut oil is used as one of the components of cosmetic ingredient, majorly as a smoothening agent and as a source of smooth skin and to improve the dryness of skin and hairs. Companies are focusing on the development of extraction and processing of coconut oil to discover new beauty applications. Coconuts are the primary source of coconut oil. Coconut oil in food and beverages acts as a cooking oil replacer in order to enhance the flavor. It is a source of carbohydrates, which helps in improving digestibility.

Increasing use of Coconut oil in bakery products

Coconut oil is gaining popularity in the US due to several health benefits offered by it; it helps in reducing weight, strengthening the immune system, preventing heart disease, and staving off dementia and Alzheimer’s disease. In the food industry, coconut oil is used extensively in baked products, processed foods, and infant formulas. The use of organic coconut oil in the bakery coupled with the increasing growth of the bakery industry is projected to propel the demand for coconut oil.

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North America is expected to be the third largest market during the forecast period.

North American coconut oil market is completely driven by the US market. The US coconut oil industry has witnessed technological advancement, which has increased its usage in various industries. In the US, coconut oil is primarily used in organic form in the confectionery products a s a health beneficial. It is also used as a base for gelling agents in confections, for thickeners in products such as pastry and pie fillings, and in instant puddings. The growing trend of ready-to-eat meals and processed food is also driving the coconut oil market in the region. Coconut oil is frequently used in food applications due to its functional properties.

The key players in this market include Tate Lyle (UK), Emsland (Germany), Ingredion Incorporated (US), and Avebe (Netherlands).

Growth Opportunities in the Gummy Supplement Market

According to a research report "Gummy Supplements Market by Type (Vitamin Gummies, Omega Fatty Acid Gummies, Collagen Gummies, CBD Gummies), Starch Ingredient (Supplements With Starch, Starchless Systems), Distribution Channel, End User, Functionality & Region - Global Forecast to 2028" published by MarketsandMarkets, the global Gummy supplement market is projected to reach USD 48.5 billion by 2028 from USD 24.6 billion by 2023, at a CAGR of 14.5% during the forecast period in terms of value. The World Health Organization (WHO) estimates that more than two billion people worldwide suffer from micronutrient insufficiency. Iron, vitamin A, and iodine deficiencies are the most prevalent worldwide, particularly in youngsters and pregnant women. Micronutrient deficits are disproportionately prevalent in low- and middle-income counties. Micronutrient deficiencies can induce evident and serious health issues, but they can also produce less clinically noticeable decreases in energy, mental clarity, and overall capacity. This may result in poorer academic performance, decreased productivity at work, and a higher chance of contracting other illnesses and medical disorders. A lot of these inadequacies can be avoided by taking supplements. Thus, consumers are gradually adopting gummy supplements which provide the required number of vitamins, minerals, and other micronutrients in a convenient and tasteful form.

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Vitamin gummies segment is anticipated to have the largest share among gummy types in 2023

The global market for gummy vitamins is currently experiencing tremendous growth. Gummy vitamins typically have delicious fruity flavors and all the necessary micronutrients. Therefore, a lot of individuals choose gummy vitamins over conventional vitamins, especially kids and elder people who have problems swallowing tablets. In the upcoming years, the nutraceutical business is expected to see a significant increase in sales of vitamin gummies. Working-class consumers who seek to balance health factors like folic acid, metabolic health, and glycemic index in an effort to address problems like bone strength, immunity, and vitamin deficiencies will also contribute significantly in the expansion of the gummy supplements market.

The kids segment is projected to grow at the fastest rate among all the other end-users in the Gummy Supplements market in 2023

Gummy supplements have grown in popularity as a convenient way to provide kids with the vitamins and minerals they require without having to consume a range of foods. Gummy supplements meet the changing demands of children. They supply comprehensive nourishment in an uncomplicated way to the kids. They are superior to normal vitamins and more appealing to capture kids' interest and make them easier to ingest. Unlike tablets or pills, gummies are easier for kids to swallow since they are shaped like sweets. Additionally, according to the scientific article titled “Intraindividual double burden of overweight and micronutrient deficiencies or anemia among preschool children”, published in 2020, an estimated 29% of preschool children worldwide are vitamin A deficient, 18% are anemic, and 17% are at danger of low zinc intake. Thus, the soaring rates of micronutrient deficiencies can be reduced with the help of gummy supplements, augmenting its market growth.

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North America region is witnessing the highest growth rate in the Gummy Supplements market

According to a 2022 report from the American Psychological Association, financial troubles, along with a deluge of horrible visuals from Ukraine as Russia, have pushed a majority of Americans to new levels of stress. Hence, although immunity gummies are increasingly popular in the US after the pandemic, interest in gummies that assist mental health and sleep has also been rising.

Additionally, according to the CDC,  the prevalence of metabolic syndrome is estimated at more than 30% in the United States Thus, A vitamin, mineral, or supplement product is normally taken by more than three out of every four Americans to maintain their health. Considering gummies are the most convenient and flavorful form of supplements providing a variety of functionality, the market is rapidly flourishing in this region.