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Meals Replacement Products Market To Be Worth $25.02 Billion By 2025, Based On Increasing Health-Conscious Among Customers | Million Insights
The offline channel led the meal replacement products market in 2018 owing to the presence of leading players in nations such as Germany and the U.S. This segment held over 90% of the share in the market in 2018. On the other hand, the online sales channel is expected to register a significant growth rate over the forecast period. The market growth is attributed to the growing penetration of the internet and the use of many digital marketing strategies by the leading players.
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North America was the largest regional market in 2018 owing to the high prevalence of diabetics and associated disorders. Growing working-class population and their preference for easy to cook food items are expected to boost the product demand. The demand is further driven by stringent regulations imposed by the FDA on food nutrition. Asia Pacific is projected to grow significantly in the upcoming years. Millennials are the leading consumers of this product in developing nations such as India and China .
Key players are adopting various strategic initiatives such as M&A, product innovation and business expansion to strengthen their dominance in the market. For instance, Soylent entered into a contract with Walmart in 2019. According to the contract, Soylent will sell five of its RTD drinks in 4378 Walmart outlets across the U.S.
https://www.millioninsights.com/industry-reports/global-meal-replacement-products-market
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