India Meal Replacement Products Market
The India Meal Replacement Products Market is estimated to register an annual growth of 10 to 15% during the analysis period, 2021-2028. The intensified emphasis of producers on introducing new products and capacity augmentation in the market will propel the market growth.
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India Meal Replacement Products Market Dynamics
The meal replacement products in India have gained huge prominence because of the altering lifestyle of the consumer and the facile availability of nutritious food. Also, the increasing innovation of products by leading players will elevate the market size. The increasing awareness among Indian consumers about food quality, health, and nutrition aspects will strengthen the market size. For example, a research paper published in 2019 stated that 50% of all Indian adults in the age group of 25-34 and 60% in the 35-44 age group make deliberate attempts to eat healthily. The meal replacement products are increasingly used by consumers who have allergic reactions to various ingredients or for people with diabetes, thereby proffering customer-specific products. For example, Keva Kaipo Industries Pvt Ltd launched the Keva Meal Replacement Powder, created particularly for the Indian market, to offer better nutrition within a restricted number of calories and is accessible in mango flavor to manage weight. Similarly, Jyrona International Pvt Ltd. launched the Jyorana Diabetes Nutritional Meal. It includes a high-protein meal replacement shake with ayurvedic herbs for diabetic people.
The evolution of the coronavirus crisis has raised awareness among individuals about the need for proper nutrition. The demand for meal replacement products has increased substantially in the post-pandemic period as these products are rich in micronutrients such as minerals and vitamins, which has raised the metabolism and immune system. On the other hand, the huge cost of meal replacement products has restrained the India Meal Replacement Products market size. Almost 70% of the Indian population resides in the middle-class section and thus cannot manage the high price tag linked with these products. For instance, GNC Holdings Ltd. introduced a GNC Total Lean Shake 25, including 207 calories, 8g fiber, 25g protein, for Rs 2450, which is very high for middle-class consumers to disburse money on such products.
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