Northbrook, IL 60062 -- (SBWIRE) -- 06/17/2022 -- The global meal replacement market size 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 market for meal replacement has huge potential across developing regions such as Asia Pacific, South America, and Africa. The expansion of the operations of key industry participants across Asia Pacific has supported the region's growth in the market. Asia Pacific has a large population, with a rising number of millennials moving toward healthy eating, thereby proliferating the demand for meal replacement. Furthermore, the increasing trend of organic and plant-based meal replacement products, especially from North America and Europe, presents enormous growth opportunities to the market players.

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By product type, the powder segment is projected to account for the largest market share in the meal replacement market during the forecast period
The powder segment is estimated to dominate the market, by product type, in 2021. The convenience and ease of consumption of meal replacement powders drive the market growth. Meal replacement 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 generate a positive market outlook in the coming years.

By distribution channel, the offline segment is projected to dominate the market during the forecast period
By distribution channel, the offline segment is estimated to dominate the market in 2021 and is anticipated to maintain its dominance throughout the forecast period. The large share of the offline distribution channel is attributed to the high distribution of meal replacement products through hypermarkets and supermarkets.

By region, Asia Pacific is projected to grow at the highest CAGR during the forecast period
The consumption of meal replacement is increasing in the Asia Pacific region due to the increase in the demand from the health-conscious young population across countries such as China, Japan, Australia, and India. The rising consumption of on-the-go food products, changing dietary preferences, and increasing impact of western dietary patterns have led to the increased demand for meal replacement in most developing countries.

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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).

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