Meal Replacement Market to Witness Unprecedented Growth in Coming Years

The global meal replacement market size is estimated to be valued at USD 11.9 billion in 2021 and is projected to reach USD 15.5 billion by 2026, recording a CAGR of 5.4% during the forecast period in terms of value. The demand for meal replacement products is attributed to increasing prevalence of obesity and diabetes coupled with the increasing population of health-conscious consumers and changing consumer lifestyle and availability of convenient nutritious meal in the form of meal replacement.

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Key players in this market include Abbott Laboratories (US), Glanbia (Ireland), Amway (US), Herbalife Nutrition (US), Nestle (Switzerland), Atkins (US), Huel (UK), Kellogg Co. (US), Skin Enterprises Inc. (US) and USANA Health Sciences Inc. (US).

Since meal replacement is a growing market, the existing players are fixated upon improving their market shares, while the newer startups are being established rapidly in the meal replacement segment. Meal replacement can be classified as a competitive market as it has a large number of organized players at the global level as well as unorganized players present at the local level in several countries. There are numerous existing and emerging companies across the globe.

Abbott Laboratories is an American multinational company that specializes in various fields such as nutrition, medical devices, diagnostics, and pharmaceuticals. It has over 99,000 employees and is spread across 150 countries advancing global health. Abbott has a variety of brands through which it innovates products. Some of the brands include Ensure, Vital, and Glucerna, among others. The company has its global presence in Asia Pacific, Europe, the Middle East, South Africa, North America, and South America.

Amway is a multilevel marketing company that specializes in the manufacturing of beauty, health, and home care products. It is a global community that has a presence in over 100 countries. The company is primarily focused on manufacturing macronutrient supplements that can be used as meal replacement products. It offers products worldwide through its brands such as Nutrilite, Artistry, Attitude, XS, Amway Queen, among others. The type of products offered by the company include BodyKey by Nutrilite Meal Replacement Shake Mix.

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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.

Lecithin & Phospholipids Market to Showcase Continued Growth in the Coming Years

The lecithin & phospholipids market size is estimated to be valued at USD 5.5 billion in 2022 and is projected to reach USD 7.5 billion by 2027, recording a CAGR of 6.3% during the forecast period in terms of value. The demand for lecithin & phospholipids is attributed by the increasing awareness of healthy lifestyle among consumers.

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Key players in this market include Cargill (US), ADM (US), DuPont (US), IMCD Group B.V. (US), Bunge Limited (US), STERN-WYWIOL GRUPPE (Germany), Wilmar International Ltd. (Singapore), Sonic Biochem (India), Avril Group (France), American Lecithin Company (US).

The existing players in the lecithin & phospholipids market are fixated upon improving their market shares, while the newer startups are being established rapidly in the lecithin & phospholipids segment. Lecithin & phospholipids can be classified as a fragmented market as it has a large number of organized players at the global level as well as unorganized players present at the local level in several countries. There are numerous existing and emerging companies across the globe.

ADM is a well-established manufacturer of food & beverage ingredients, animal feed & feed ingredients, biofuels, and naturally derived alternatives to industrial chemicals. The company’s product portfolio includes vegetable oil, protein meal, corn sweetener, flour, biodiesel, ethanol, and other value-added food and feed ingredients.

The company provides lecithin under its food ingredient category. It offers a broad portfolio of fluid lecithin, de-oiled lecithin, and non-GMO soy lecithin. It has a wide variety of applications such as baked goods, confectionery products, dairy products beverages, snack foods, instant foods, human nutrition, animal nutrition, and release agents. These products are available under its industry-leading brands such as Yelkin, Beakin, Performix, Thermolec, Ultralec, and Adlec. Apart from this, the company also offers phospholipids under the brands, Ultralec, and Capsulec.

For instance, in November 2021, ADM acquired SOJA PROTEIN, one of the leading European providers of non-GMO soy ingredients. The addition represents a significant expansion of ADM’s global alternative protein capabilities and its ability to meet the growing demand for plant-based foods and beverages.

DuPont is a science and technology-based company that offers innovative products, materials, and services to meet the demands of a broad customer base. The company operates through 13 business segments: agriculture, automotive, building & construction, electronics, energy, food & beverage, government & public sector, health care & medical, marine, mining, packaging & printing, plastics, and safety & protection. The company offers soy lecithin through its two acquired companies—Danisco and Solae, LLC—under ENHANCE and SOLEC. For instance, In January 2020, Dupont invested USD 75 million to modernize and expand its manufacturing and technology operations in the Spruance plant located in Chesterfield County.

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Asia Pacific accounted for 33.9% of the lecithin market in 2021. In the Asia Pacific region, lecithin is gaining popularity due to busy lifestyles, urging consumers to opt for on-the-go and RTE products. The demand for lecithin is expected to increase in the coming years due to the growing population and increasing per-capita income of consumers, based on a World Bank report. Moreover, export opportunities of non-GMO lecithin from countries such as India to the European market are expected to drive the lecithin market in the region.

Meal Replacement Market to Witness Unprecedented Growth in Coming Years

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.

Biofertilizers Market to Witness Unprecedented Growth in Coming Years

The global biofertilizers market size is estimated to be valued at USD 3.1 billion in 2023 and reach USD 5.2 billion by 2028, growing at a CAGR of 10.9% during the study period. The market was valued to be 2.8 billion in 2022, Through natural processes such as nitrogen fixation; phosphate solubilization; and the production of compounds that stimulate growth, biofertilizers provide nutrients to plants. They boost soil organic matter and aid in restoring the soil's natural nutrition cycle. By using biofertilizers, growers can increase the sustainability and health of the soil and cultivate healthy crops. Only bacteria and other biological elements that are not damaging to the environment are present in biofertilizers. As a result, they contribute to reducing pollution brought on by agricultural activities, particularly soil pollution.

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Use of biofertilizers have been proven to lower the cost of agricultural inputs while increasing the overall crop productivity in the long run. Biofertilizers also helps in increasing resistance to various plant diseases and abiotic stresses. These factors are driving the global biofertilizers market during the review period.

Drivers: Adoption of precision farming and protected agriculture

The goal of precision farming is to produce profitable agricultural output by identifying and analysing spatial and temporal variability using cutting-edge technologies. To boost crop output and yield, agricultural biologicals are employed in precision farming and protected agriculture. The market for biofertilizers is growing as a result of the widespread use of agricultural biologicals in protected agriculture, which promotes the use of biofertilizers. Farmers can track the application of liquid biofertilizer by using fertilisation plans that use GPS-guided geographic information system (GIS) software. Therefore, it is anticipated that the market for biofertilizers will be driven by the rise in land under precision and protected agriculture.

Opportunities: New target markets: Asia Pacific and Africa

The Asia Pacific and Africa regions are one of the largest consumers of fertilizers. Population development, particularly in Asia, has led to an increase in food demand, which will ultimately result in an increase in fertilizer usage. Governments in these regions are placing a strong emphasis on the use of environmentally benign fertilizers, like biofertilizers and organic manure, to mitigate the negative impacts of chemical fertilisers. Government agencies have aided in raising farmer understanding of the benefits of using biofertilizers. Africa has experienced active conventional farming over the past few decades, which has utilized synthetic fertilizers to supply the soil with vital plant nutrients. However, the quality of the soil and the vital nutrients have been compromised by the over application of these fertilizers. The region now needs biofertilizers as a result of this aspect.

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North America is projected to gain the largest market share in the global biofertilizers market.

North America is projected to gain the largest market share in the global biofertilizers market. The presence of large number in the region allows farmers/growers in the region, access to wide range of products at competitive prices. The governments in the region are promoting use of agricultural inputs which causes less environmental degradation and hence are encouraging the use of biofertilizers. In countries such as US and Canada, farmers are focused on producing cash crops at larger scale which is also driving the market in the region.

Key players in biofertilizers market have strong distribution network and have strong financial records. These firms have experience of several years, well established manufacturing facilities, r&d centers, and skilled workforce. Prominent players in this market include Novozymes (Denmark), UPL (India), Chr. Hansen Holding A/S (Denmark), Syngenta (Switzerland), T.Stanes and Company Limited (India), and Lallemand Inc (Canada).

Pea Processed Ingredients Market Growth by Emerging Trends, Analysis, & Forecast

The report "Pea Processed Ingredients Market by Type (Pea protein (Isolates, Concentrates and Textured), Pea starch, Pea fiber, Pea Flour), Application (Food & Beverages), Source (Yellow split peas, chickpeas and lentils), and Region - Global Forecast to 2026", is estimated at USD 3.1 billion in 2021; it is projected to grow at a CAGR of 10.1% to reach USD 5.0 billion by 2026.

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Pea protein is an ingredient produced from a variety of sources, such as yellow split peas, chickpeas, and lentils. It is an ingredient that is neutral in taste and has an array of applications in the food & beverage and health supplement industries. Pea protein is extracted in the form of isolates, concentrates, and textured. There is an increasing opportunity for pea processed ingredient manufacturers from the food & beverage and supplements markets. These markets seem to develop and formulate new products and technologies using pea protein, pea starch, pea fiber, and pea flour as a raw material, causing to innovate and implement groundbreaking products with an array of applications.

Pea protein powder is highly beneficial to humans, as it is allergen-friendly, easily digestible, contains eight amino acids necessary for the human body, naturally cholesterol-free and gluten-free, and contains BCAAs.  Consumers these days are now becoming aware of the benefits provided by plant-based sources, which are mostly organic by nature and are preferred over the conventional synthetically made source. Pea processed ingredients provides gluten-free solutions to food manufacturers with other nutritional benefits, such as low-fat, low-calorie, lactose-free, and allergen-free solutions. The use of gluten-free solutions in the production of bakery products helps in reducing the fat content, improving cholesterol levels, increasing the metabolic rate, and promoting healthy digestion.

Pea proteins sub-segment in by type segment is estimated to account for the largest share in the pea processed ingredients market.

The pea protein subsegment holds a dominant position in the pea processed ingredients market by type. This is due to the high protein content offered by isolates as well as their use in a wide array of applications, including plant-based meat and performance nutrition. In terms of volume, pea flour segment dominated the market owing to lower price and easy extrusion process compared to the other types.

In by application segment, the beverages sub-segment is projected to account for the fastest market growth in the pea processed ingredients market.

Considering the growing population of lactose-intolerant consumers and a general paradigm shift of consumers seeking dairy alternatives, manufacturers have directed their efforts toward producing non-dairy alternatives that are allergen-free. Pea proteins are allergen-friendly and are devoid of any genetic modification. Drinks such as soups, juices, smoothies, and meal replacer drinks are now available being fortified with dietary fibers. They increase the viscosity and stability of the drink as well as the shelf life of the beverages. These beverages are of low caloric content but with similar taste and improved texture. It is used as an alternate source of sugar for confectionery products, and hence, is popular among health-conscious consumers.

The yellow peas sub-segment by source is projected to account for the largest market share of the pea processed ingredients market over the forecast period.

Yellow peas are among the most preferred sources of pea by product manufacturers. This is due to the functionality and adaptability of peas into different product types, which is driving the demand for yellow peas across different products, such as plant-based meat, beverages, and even functional foods, and performance nutrition. The high protein content offered by yellow split peas makes it ideal for manufacturing pea protein isolates.

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North America is estimated to dominate the global pea processed ingredients market over the forecast period.

Consumers in the North American region are gradually shifting their diet preferences and are going vegan due to the health and wellness benefits associated with it. This paradigm shift in food culture is being supported by health & fitness industries, medical communities, celebrities, and athletes, which has bolstered the demand for pea-based food ingredients. The rising incidences of obesity, cardiovascular diseases, and diabetes among the American population have also prompted consumers to adopt vegan diets.

Key Market Players:

The key players in this market include Emsland Group (Germany), COSUCRA Groupe Warcoing SA (Belgium), Roquette Frères (France), Vestkorn Milling AS (Norway), Ingredion Incorporated (US), Axiom Foods, Inc (US), and Felleskjøpet Rogaland Agder (Norway). 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.

Key Trends Shaping the Benzenoid Market

The report "Benzenoid Market by Type (Benzyl Acetate, Benzoate, Chloride, Salicylate, Benzaldehyde, Cinnamyl, Vanillin), Application (Soaps & Detergents, Food & Beverage, Household Products), and Region – Global forecast to 2025", size is estimated to be USD 651 million in 2020 and is projected to reach USD 857 million by 2025, at a CAGR of 5.6% during the forecast period. The market is being strongly driven by soaps & detergents industry, which is witnesses a high demand. With newer premium products coming up in the market and unique fragrance blends, their demand is projected to grow in the market in the near future.

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The spread of COVID-19 pandemic affected the overall chemicals market in the global regions. The value of trade in organic chemicals reached USD 846 billion in 2019, which decreased by nearly 10% from 2018 in terms of value. The economy of China was also affected by events such as the Chinese economic slowdown & US-China trade wars. As reported by the Financial Express in May 2020, the country recorded low oil prices in 2020 and has impacted the chemicals and petrochemicals industries. The low demand for fuels due to the lockdown has led to the low production of many chemicals. The major benefitting end use sector for benzenoids chemicals, such as cosmetics, fine fragrances, and perfumes, were majorly impacted. There are over 1,000 small, medium, and large-size enterprises operating in this industry, both in the organized and unorganized sector, and almost all the food, pharma, FMCG industries are dependent on fragrances and flavors. However, with reopening markets and economies show that the business are recovering soon and the market is estimated to regain their business after alockdowns end.

The soaps and detergents sub-segment, in by application segment , is projected to dominate the market during the forecast period.

The demand for soaps and detergents have been observing a stable demand from the global market in the pre-Covid period and their demands, further spikes since thre spread of Covid-19 with the increasing focus of the population on cleanliness and hygiene. For these, there were rising demand for production of quality and premium fragrance products. These are estimated to drive the market growth.

The benzyl benzoate sub-segment, in the by type, is projected to witness the highest growth in the benzenoids market

Benzyl benzoate is estimated to observe the fastest market growth during the forecast period in the benzenoids market as the compound is a thick liquid that has a weak, sweet-balsamic odor and it occurs naturally in some flower blossoms, fragrances and benzyl benzoate can also be formulated in a lab with added scents to slow their evaporation. It serves a supporting role that helps in dissolving and blending together all the different scent substances. Thus their usage is expected to grow.

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Asia Pacific is estimated to be the largest market.

The Asia Pacific region is estimated to account for the largest share of the global benzenoids market in 2020. The rising income, purchasing power, rapid growth of the middle-class population, and consumer demand for processed products present promising prospects for growth and diversification in the region’s benzenoids sector. The European aroma chemicals manufacturers are gradually losing their market share, failing to compete with products from Asia (mainly from China), where labor costs are much lower and the quality control is constantly growing, imitating western technologies. Further, countries such as China, Japan, South Korea, and Indonesia are witnessing significant growth in the cosmetics, beauty, and personal care products markets. These rae expected to drice the growth from benzenoid chemiclas in the region.

Key players in this market include include major players such as BASF (Germany), Firmenich (Switzerland), Emerald Kalama Chemical (US), International Flavors & Fragrances, Inc. (US), Eternis Fine Chemicals (India), Symrise (France), Tennants Fine Chemicals Ltd. (England), Jayshree Aromatics Pvt. Ltd. (India), and Valtris Specialty Chemicals (US. These major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. 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.

Probiotics in Animal Feed Market Growth by Emerging Trends, Analysis, & Forecast

The report "Probiotics in Animal Feed Market by Livestock (Poultry, Ruminants, Swine, Aquaculture, Pets), Source (Bacteria, Yeast), Form (Dry, Liquid), and Region (North America, Europe, Asia Pacific, South America, & Rest of World) - Global Forecast to 2026", is estimated at USD 4.4 billion in 2021; this is projected to record a CAGR of 8.8% from 2021 to 2026

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Asia Pacific leads the global probiotics in the animal feed. Factors such as a large livestock base, high meat consumption, and increasing consumer awareness about the positive impact of probiotics on animal health drive the Asia Pacific market. Major countries contributing significantly to the growth of the Asia Pacific region include China, India, Japan, Australia, and New Zealand. The rapidly growing dairy and meat industries in these countries are expected to boost the probiotics in animal feed market in the Asia Pacific. Furthermore, the outbreaks of livestock diseases in the South American and African regions have led to increased concerns about animal health, making them lucrative markets for probiotics in animal feed.

The yeast & fungi segment by source is projected to achieve the fastest growth in the animal feed probiotic  market.

Yeasts in poultry have a large and influential role in increasing the efficiency of feed and increasing the turnout of poultry production. The addition of yeast in poultry feed products also makes feed more attractive to poultry. Adding yeasts to drinking water for poultry helps the breeders have different ways to benefit from yeasts in poultry and their distinctive impact on the health and overall performance of poultry, whether they are fattening, laying, or even maternal poultry. The use of yeasts in poultry, either by adding them directly to feed or added to the drinking water, has many benefits and advantages, such as supporting and enhancing the functions of the digestive system.

By livestock, the aquaculture segment is projected to account for the fastest growth  in the animal feed probiotics market.

Probiotics, when added to aquafeed, increase their nutritional value, contribute to digestion in the form of enzymes, inhibit the growth of pathogens, and improve the immune response of the species. According to the World Fisheries and Aquaculture report published in 2018, approximately 84% of the total aquaculture production is utilized for human consumption. Thus, there is a need to ensure that what humans receive in the form of food is healthy and does not have any negative impact on their health.

The dry segment by form is projected to account for the largest growth of the animal feed probiotics market over the forecast period.

The dry form of probiotics is usually mixed in the feed for animals, including cattle, poultry, and swine. Cattle often consume dry tropical grasses, which have high fiber content but are poor in taste and have less nutritive value. Due to these factors, various types of dry specialty feed additives, such as bacteria and yeast, are used in feed, particularly for animals, such as dogs, cats, horses, and cattle, to fulfill their nutritional requirements. These additives serve as excellent carriers for feed and are nutrient-rich. They make the feed palatable and increase its consumption among animals, which helps in reducing feed wastage and labor requirements.

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Asia Pacific is projected to be the fastest growing market.

The growth in population, rise in disposable incomes, rapid urbanization in the Asia Pacific region, and an increase in demand for high-quality meat products are the key factors that have encouraged the demand for feed additives. Substantial growth is witnessed in countries, such as China, India, and Japan, due to the increase in the purchasing power of the population and demand for protein-rich meat diets. Pork and poultry are widely consumed in the Asia Pacific region. Moreover, consumers prefer opting for products that have high nutritional content and offer health benefits and exotic tastes. Thus, fish and other seafood products are also a preferred option for consumers, which is also a growing industry in this region. The presence of a wide range of fishery resources, both freshwater and marine, is considered a key factor that has encouraged the consumption of seafood products in the Asia Pacific region. There is an increase in consumer demand for fish produced without antibiotics that are environmental-friendly and animal-friendly. This new trend in the aquaculture industry is leading to a change towards sustainable aquaculture production methods, which, in turn, results in an increase in the usage of feed additives, such as probiotics, in feed products. This, in turn, is projected to drive the growth in the probiotics in feed market.

Key Market Players:

The key players in this market include Chr. Hansen (Denmark), Koninklijke DSM N.V. (Netherlands), DuPont (US), Evonik Industries (Germany), Land OLakes (US), Mitsui & Co., Ltd. (Japan), Ohly (Denmark), Lesaffre (France), Alltech (US), Novozymes (Denmark), Calpis Co., Ltd. (Japan), and Pure Cultures (US).