NEWARK, Del, July 14, 2022 (GLOBE NEWSWIRE) — The meal replacement bars market is expected to witness growth at a CAGR of 8.05% and reach a valuation of US$ 25.6 Bn by 2032, as per Future Market Insights (FMI) . Preference for low-fat, low-calorie snacks that are healthier than conventional snacks is improving the growth.
Meal replacement bars are a simple and typically healthier option for a short on-the-go meal or immediate consumption. The meal replacement bars market is driven by the availability of various types and tastes. As a result, these bars are becoming increasingly popular, particularly among the working class and younger generation.
Furthermore, key players are emphasizing packaging and labeling as consumers analyze ingredients before purchasing products. Brands that are transparent about the components in the product are expected to gain consumer preference.
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They are also investing in research and developmental activities to launch new product variants with multi-functional properties. Consumers are increasingly looking out for organic products to reduce the risk of blood pressure, obesity and heart-related ailments. Meal replacement bars are available in variants like low-fat, low calorie and low cholesterol as a result demand for this product is expected to rise shortly.
Shift in preference for healthy lifestyle and willingness to spend on products to maintain fitness and immunity against foreign pathogens is expected to boost the demand for meal replacement bars.
Regionally, the Asia Pacific market is expected to be a promising market for consumers due to rising awareness about the inclusion of nutritious food products and investments in research and developmental activities by regional players.
Key Takeaways from Market Studies
- The North American meal replacement bars market is expected to increase at a CAGR of 7.6% through 2032.
- Sales of meal replacement bars in Europe are expected to surge at 7.3% CAGR between 2022 and 2032
- Market share of Latin America and Oceania in meal replacement bars market is 6.5% and 6.3%, respectively, in 2022.
- By function, weight loss management is expected to hold 60% of the global meal replacement bars market share and is expected to increase at a CAGR of 7.2%.
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“With rising shiftt towards plant-based, sugar-free products that are beneficial for health, key brands are focusing on developing new ones flavors and product variants to stand out in the competition” says a Future Market Insights analyst.
Key manufacturers of meal replacement bars are mainly focusing on research & development to offer different flavors of products. Customization is expected to contribute maximum revenue generation through the sale of meal replacement bars.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global meal replacement bars market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on Meal Replacement Bars, By Product Type (Nut-Free Bars, Gluten-Free Bars, Plant-based Bars, Organic Bars), By Function (Curb Appetite, Muscle Repair, Fuel Workout), By Sales Channel (Offline Sales Channel (Supermarkets/Hypermarkets, Departmental Stores, Convenience Store, Other Sales Channel), Online Sales Channel (Company Website, E-commerce Platform), By Region (North America, Latin America, Europe, East Asia, South Asia, Oceania, MEA)
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Meal Replacement Bars Market by Category
By Product Type:
- Nut-Free Bars
- Gluten-Free Bars
- Plant-based Bars
- Organic Bars
- Curb Appetite
- Muscle Repair
- Fuel Workout
By Sales Channel:
- Offline Sales Channel
- Departmental Stores
- Convenience Store
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce platform
- North America
- Latin America
- East Asia
- South Asia
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Explore FMI’s Extensive Coverage on Food and Beverage Domain
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