Europe meal replacement products market is expected to grow with a CAGR of 5.33% during the forecast period (2020 - 2025).
- Meal replacement products are gaining traction among the consumers who are monitoring special diets, majorly those managing weight, or watching their blood sugar levels due to diabetes. There are numerous companies in Europe primarily dedicated to offering tailored meals, such as shakes and drinks, for people willing to cut regular diets to effectively lose weight.
- Additionally, numerous supporting research studies and government regulations are expected to drive the preference for meal replacement products in the region. For instance, the European Union Commission Regulation established that substituting two of the main daily meals of an energy-restricted diet with meal replacements contributes to weight loss, whereas substituting one of the main daily meals with such products is expected to help people maintain their weight after weight loss.
Key Market Trends
Consumers Managing Special Diets Strive on Meal Replacements
The European market witness immense diabetes and obesity-related problems. In accordance with WHO, There are about 60 million people with diabetes in the European region or about 10.3% of men and 9.6% of women aged 25 years and over. The government of the country, in 2017, announced a USD 56 million strategies that aim to increase the share of Russians “committed to a healthy lifestyle” to 60% by 2025. This is highly likely to shift consumers’ focus toward attaining a healthy and active lifestyle and aligning activities that are more in line with fitness. A meal replacement is anticipated to find a sweet spot in the European market, where the product itself is an alternative to traditional convenience foods. The global players are highly investing in the European market, observing higher consumer inclination towards meal replacement products. As of 2020, global dairy giant, Fonterra, had invested in German-based meal replacement startup Yfood labs. Yfood labs market a range of meal replacement products, including drinks, bars, and powders, and are marketed across Germany, Austria, and Switzerland. The company revenue grew up to around 300% from 2017 and serves around 200,000 online customers. Thus, driving the market studied.
Italy forms a Significant Market in the Region
The meal replacement products market in Italy is driven by the increasing preference of consumers toward preventive health management practices. Moreover, the awareness and market penetration level for fat burn supplements are high, especially among the health-conscious millennials. Thus, the manufacturers of these supplements have set up several distribution channels, such as pharmacies, hypermarkets, and supermarkets, to increase the accessibility of the product to the consumers. This is one of the critical attributes for the Italian meal replacement market to grow from the niche consumer market to a mature sector.? Approximately 80% of the people in the country consume supplements and replacements in the form of powders and functional foods despite various regulations and warnings from the regulatory bodies. Moreover, the evolving busy lifestyles, the lack of time for physical activities, and food choices have led to obesity issues. The factor mentioned above has, in turn, resulted in the Italian consumers look for various alternatives.?
The Europe meal replacement products market is highly competitive, owing to the presence of various leading players such as Abbott, Amway, Herbalife, Nestle SA, Glanbia PLC and others. The players are also taking steps to expand their business in terms of geography, by establishing new manufacturing units as well as by strengthening their distribution network across the places. In December 2019, Soylent Nutrition Inc., the makers of Soylent, announced its launch of their meal replacement drinks that will be available at nearly 100 Sainsbury’s stores. This marks the brand’s first entry into grocery channels in the United Kingdom.
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