The global meal replacement bars market is expected to reach a market valuation of USD 11.8 Billion by 2022, accelerating at a CAGR of 8.05% during the forecast period (2022 to 2032), to reach USD 25.6 Billion by 2032. Meal replacement bars market accounted for 20% of the total energy bar globally in 2022.
| Attribute | Details |
|---|---|
| Meal Replacement Bars Market Expected Size (2022E) | USD 11.8 Billion |
| Market Projected Size (2032F) | USD 25.6 Billion |
| Value CAGR (2022 to 2032) | 8.05%CAGR |
| Top 3 Countries Market Share | 37% |
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As per Future Market Insights (FMI), growing awareness regarding the benefits of nutritious meals and snacks on a regular basis to maintain god health is pushing the demand for meal replacements bars.
People who are travelling and do not have access to healthy meals are on lookout for meal replacement bars. Gym enthusiast are increasing the consumption of meal bars to keep them energized and for fitness.
As per the study, meal replacement bars market grew at a CAGR of 6.5% between 2017 and 2021. Replacement bars consists of whole food ingredients and have a minimum of 250 calories per bar. Hence, several people satisfied with quantity of calories for a light meal or snack can supplement with fruits, nut butter and boiled eggs to fulfil additional calorie intake.
In order to build immunity consumers are consuming healthy food products. Consumers are spending on food products that are nutrient rich and fulfil nutritional requirements of body. These factors are expected to positively impact the demand for meal replacement bars in the market.
Further, these meal replacement bars are appropriate for snacking and for people suffering with lifestyle disorders as well. Labelling and packaging of products have gained immense importance as consumers analyze the ingredients sourced to produce the final products. As a result, manufacturers are certifying their products as organic, Non-GMO certified in order to standout in the competition.
In addition to this, consumers are also focusing on adopting nutrient rich diet in order to maintain good health. Millennials are considered to be the key contributors in revenue generation of meal replacement bars as they emphasize on maintaining good health and are increasingly purchasing nutrition bars.
Easy availability of a wide variety of gluten-free, low-fat and sugar-free bars is expected to push the demand for meal replacement bar over the upcoming decade.
Hence, key players are investing in launching products with functional ingredients that have multiple benefits to health. These products are arranged strategically on the shelfs in supermarkets to utilize consumer impulse buying behavior.
As many consumers are adopting vegan lifestyle and are limiting intake of animal derived products is expected to rise as organic and non-diary variants of meal replacement bars are expected to generate revenue in the global market.
Preference for Quick and Healthy Snacks in the USA will Drive Meal Replacement Bars’ Sales
North America is one of the key players in the meal replacement market globally. Rising demand for items such as protein bars, energy bars, and shakes is one of the key factors driving the demand in the USA. meal replacement bars market.
Nutrition bars are simple and typically healthier option for a short on-the-go meal for immediate consumption. Demand is also driven by the availability of a wide range of flavors of bars. As a result, these bars are gaining popularity, particularly among the working class and millennials.
Preference for quick meals, and desire for healthier food products is expected to push the demand for meal replacement bars. As per FMI, the USA. meal replacement market is expected to reach a value of about USD 2.4 Billion in 2022 which is approximately 23% of the global meal replacement market.
Meal Replacement Bars Manufacturers Eyeing India Market Amid Growing Consumption of Healthy Snacks
Owing to increased awareness about benefits of nutritional intake and rising sports culture, demand for healthy and convenient snacks is surging in India. Nutritional bars used as a meal replacement by health-conscious consumers are gaining traction in the market.
Hence, key companies are eyeing the India market to gain competitive edge and expand their consumer base. For instance, OptiBiotix Health announced the introduction of its meal replacement shakes and bars in 2020, formulated using its unique weight control technology.
Further, inclination towards organic meal replacement items, such as organic powder supplements, beverages, is expected to positively impact demand for meal replacement bars in the market.
The UK to Spearhead the Growth in Europe Meal Replacement Bars Market by 2032
According to FMI, protein bars are increasingly being consumed in the European countries, especially, in the UK amid growing health awareness. As consumers seek to address their growing obesity issues, meal replacement bars with less or no sugar, no added tastes, gluten-free, and vegan variations are in high demand.
Leading companies in the European nutrition bar industry, are focusing on expanding their product portfolios through new product innovations, while meeting the distinct flavor preferences of consumers in their respective countries. As per FMI, the UK meal replacement bars market is expected to account for USD 1.5 Billion in 2022 which is approximately 18% of the global margarine market.
Clean Label Trend to Push Organic Bars Sales in Meal Replacement Bars Market
Rising inclination towards organic products has increased multifold during the past few years, opines FMI. They are preferring brands that offer products that are made from natural ingredients and do not contain any synthetic components.
Hence, organic bar is expected to gain immense popularity and is projected to account for 55% of the revenue in meal replacement bars market. Trend for clean labels is expected to further push the demand for organic bars. These bars generally contain peanuts, egg whites, oats, fruits and flaxseed.
Demand for Meal Replacement Bars through Online Sales Channel to Surge
Consumers have become more label-conscious, scrutinizing all of the components used in meal replacement bars. Customers read the ingredients of the bars while standing in the store aisles and select bars that have healthier options.
As a result, sales of goods from fully filled supermarket shelves generate significant cash. These stores stock a wide variety of meal replacement bars in a variety of flavors and pack sizes. However, the internet distribution channel is predicted to grow at a rate of 5.2% CAGR over the forecast period.
Hence, key players are collaborating with various online marketplaces, including Amazon and Flipkart, to provide clients with doorstep delivery. Various plans and discounts offered by ecommerce companies entice customers to buy from online channels. To improve the purchasing experience on their platforms, many companies are implementing artificial intelligence and machine learning capabilities.
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Key companies are investing in launching new flavors of meal replacement bars to fulfil the consumer demand for healthy products. They are investing in developing technology and product packaging to enhance its shelf life.
| Attribute | Details |
|---|---|
| Market Expected Size (2022E) | USD 11.8 Billion |
| Market Projected Size (2032F) | USD 25.6 Billion |
| Value CAGR (2021 to 2031) | 8.05% CAGR |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Billion for Value and Units Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; and the Middle East & Africa |
| Key Countries Covered | USA, Brazil, Mexico, Germany, UK, China, India, Japan, Australia, and GCC Countries |
| Key Segments Covered | Source, Form, Sales Channel and Region |
| Key Companies Profiled | Abbott Nutrition; Herbalife; Kellogg; Nestle; General Mills; SlimFast; Glanbia; GlaxoSmithKline; Nature's Bounty; Nutiva; Onnit Labs; Orgain; Ultimate Superfoods; ThinkThin, LLC; Simply Good Foods |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global meal replacement bars market is estimated to be worth over USD 11.8 Billion by 2022.
The meal replacement bars market is forecasted to surpass USD 25.6 Billion by the end of 2032.
Between 2017 and 2021, the meal replacement bars market grew at 6.5% CAGR.
The demand for margarine is expected to grow at 6.5% CAGR between 2022 and 2032.
Change in consumer lifestyle and increase in consumer spending capacity is expected to drive the demand for meal replacement bar market globally.
North America meal replacement bars market will grow at 7.6% CAGR between 2022 and 2032.
| Estimated Size (2024E) | USD 14.1 billion |
|---|---|
| Projected Value (2034F) | USD 23.12 billion |
| Value-based CAGR (2024 to 2034) | 6.4% |
| Market Value for 2024 | USD 5,189.6 million |
|---|---|
| Projected Market Value for 2034 | USD 9,035.8 million |
| Value-based CAGR (2024 to 2034) | 5.7% |
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