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Report Overview

The Latin America meal replacement market size reached around USD 1.22 Billion in 2024. The market is projected to grow at a CAGR of 8.10% between 2025 and 2034 to reach nearly USD 2.66 Billion by 2034. The market growth can be attributed to the growing prevalence of diabetes and obesity in different countries and evolving consumer attitudes towards snacking products. Rapid urbanisation and rising consumer disposable incomes are also expected to drive the market growth in the coming years.

2024

Base Year

2018-2024

Historical Year

2025-2034

Forecast Year

  • The growing per-capita income in countries such as Brazil is prompting consumers to spend more on healthy food and beverage solutions, including meal replacement products such as bars, shakes, and ready-to-drink (RTD) beverages. As per the Brazilian Institute of Geography and Statistics, the per capita income of Brazilians has grown by 11.5% to BRL 1848 in 2022. With increasing disposable incomes, customers are expected to prioritise convenience without compromising on health. This is likely to surge the demand for meal replacement products that are portable and nutritionally balanced.

  • Consumers are increasingly preferring e-commerce platforms to purchase meal replacement solutions as they offer enhanced convenience, provide personalised shopping experiences, and boast a wide variety of products. Hence, the robust growth of the e-commerce sector is creating lucrative Latin America meal replacement market opportunities. Reportedly, the e-commerce sector in Brazil is projected to exceed USD 200 billion by 2026. This rise of e-commerce is also prompting meal replacement brands to implement subscription-based models, ensuring their consistent revenues and increasing their profitability.

  • With the growing prevalence of diabetes in the region due to sedentary lifestyles, the demand for meal replacement products that have a low glycaemic index and can manage blood sugar levels while promoting balanced nutrition is increasing. As per the National Institute of Public Health, the incidence of diabetes in people aged 20 or above in Mexico increased from 16.8% in 2018 to 18.3% in 2022. This growing prevalence of diabetes is also anticipated to encourage customers to adopt meal replacements as a preventative health solution.

Compound Annual Growth Rate

Value in USD Billion

8.1%

2025-2034


Latin America Meal Replacement Market Outlook

*this image is indicative*

Latin America Meal Replacement Market Report Summary

Description

Value

Base Year

USD Billion

2024

Historical Period

USD Billion

2018-2024

Forecast Period

USD Billion

2025-2034

Market Size 2024

USD Billion

1.22

Market Size 2034

USD Billion

2.66

CAGR 2018-2024

Percentage

XX%

CAGR 2025-2034

Percentage

8.10%

CAGR 2025-2034 - Market by Country

Brazil

8.4%

CAGR 2025-2034 - Market by Country

Mexico

7.9%

CAGR 2025-2034 - Market by Purpose

Slimming

8.8%

CAGR 2025-2034 - Market by Distribution Channel

Online Channels

14.2%

2024 Market Share by Country

Argentina

10.3%

Latin America Meal Replacement Market Growth

The growing prevalence of obesity in Latin American countries is directly influencing the demand for meal replacement solutions. These food products enable consumers to control their calorie intake, improve insulin sensitivity, and reduce contact with problem foods, thereby enhancing overall health and well-being. For instance, in Mexico, the number of adult women (41.0%), suffering from obesity is comparatively higher than men (33.0%), with the overall prevalence of obesity recorded at 37.1%. However, numerous consumer studies suggest that the prevalence of obesity among men has increased by 78% during 2000-23 in Mexico, which has accelerated the demand for meal replacement solutions.

As per the Latin America meal replacement market analysis, the market growth can be attributed to evolving consumer attitudes towards meal replacement solutions, who are replacing them with snacking items. Major companies are formulating meal replacement soups and powders rich in vitamins A, B, and C, along with calcium and iron, to reduce the incidence of nutritional deficiencies among consumers. The Latin America meal replacement market expansion is also being driven by the increasing demand for weight loss products and low-sugar items packaged in recycled packaging solutions for diabetics.

Key Trends and Developments

Latin America Meal Replacement Market Trends

Rise of the flexitarian population in Brazil

Meal replacement companies are expected to make substantial investments to adapt to the evolving dietary preferences of Brazilian consumers. Based on consumer studies, people switch to a flexitarian diet for numerous reasons, including environmental concerns regarding meat production, rising health consciousness, increasing priority for animal welfare and other ethical considerations, and allergies or intolerances. Over the forecast period, plant-based meal replacement solutions are expected to become dominant, thereby fuelling the Latin America meal replacement market development.

Increasing application of guarana

Guarana has 30x more caffeine content (2%-7.5%) than cocoa, green tea, and other stimulant beverages available in the market. It is rich in antioxidants due to the presence of tannins (12%), reducing the risk of diabetes, cardiovascular diseases, and rapid ageing. It is found in Bahia and the Amazonas region of Brazil. Its rising commercial usage is expected to favourably shape the Latin America meal replacement market dynamics in the coming years.

Latin America Meal Replacement Industry Segmentation

The EMR’s report titled “Latin America Meal Replacement Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Breakup by Product

  • Soups
  • Shakes
  • Others

Breakup by Purpose

  • Slimming
  • Body Building

Breakup by Flavour

  • Vanilla
  • Berry
  • Chocolate
  • Cookies and Cream
  • Others

Breakup by Distribution Channel

  • Hypermarkets/Supermarkets
  • Convenience Stores
  • Speciality Stores
  • Online Channels
  • Others

Breakup by Country

  • Brazil
  • Argentina
  • Mexico
  • Colombia
  • Chile
  • Others

Latin America Meal Replacement Market Share

Based on country, the market is segmented into Brazil, Argentina, Mexico, Colombia, and Chile, among others. Argentina is projected to dominate the market, representing 10.3% of the overall market share. Brazil and Mexico are expected to grow at a CAGR of 8.4% and 7.9% respectively, between 2025 and 2034 due to the introduction of new meal replacement shakes in novel flavours and the rising concerns regarding weight management among consumers.

Based on distribution channel, the market is segmented into hypermarkets/supermarkets, convenience stores, speciality stores, and online channels, among others. As per the Latin America meal replacement market analysis, online channels and speciality stores are expected to grow at a rate of 14.2% and 8.6%, respectively, during the forecast period of 2025-2034 due to evolving consumer purchasing behaviours.

CAGR 2025-2034 - Market by

Distribution Channel

Online Channels

14.2%

Speciality Stores

8.6%

Hypermarkets/Supermarkets

XX%

Convenience Stores

XX%

Others

XX%

Leading Companies in the Latin America Meal Replacement Market

Major players are capitalising on the growing consumer demand for snackable meal replacement solutions due to the increase in inflation levels. Moreover, the soaring appeal for plant-based products is expected to increase the rate of Latin America meal replacement market development in the coming years.

ALPINA PRODUCTOS ALIMENTICIOS SAS BIC

ALPINA PRODUCTOS ALIMENTICIOS SAS BIC was founded in 1945 and is headquartered in Colombia. It specialises in the production of dairy products, desserts, and other food items.

Amway Corporation

Amway Corporation is an American multinational company that was established in 1959. Headquartere...

Herbalife Nutrition Limited

Herbalife Nutrition Limited was founded in 1980 and is headquartered in Los Angeles, United State...

Glanbia plc

Glanbia plc was founded in 1964 and is headquartered in Kilkenny, Ireland. It specialises in manu...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other players included in the Latin America meal replacement market report are Nestle S.A, Bob's Red Mill Natural Foods, Inc., La Sibila, Golden Omega S.A., Fisionutri, and TRUST GROUP, among others.

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2024, the market reached an approximate value of USD 1.22 Billion.

The market is projected to grow at a CAGR of 8.10% between 2025 and 2034.

The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 2.66 Billion by 2034.

The countries considered in the market report include Brazil, Argentina, Mexico, Colombia, and Chile, among others.

The different meal replacement products available in the market are soups, and shakes, among others.

Consumers purchase meal replacement products for body building or slimming.

The different distribution channels for meal replacement products are hypermarkets/supermarkets, convenience stores, speciality stores, and online channels, among others.

Key players in the market are Nestle S.A, Herbalife Nutrition Limited, Glanbia plc, Bob's Red Mill Natural Foods, Inc., ALPINA PRODUCTOS ALIMENTICIOS SAS BIC, La Sibila, Golden Omega S.A., Fisionutri, TRUST GROUP, and Amway Corporation, among others.

Report Summary

Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.

Key Highlights of the Report

Please note that the figures mentioned in the description serve as estimates and may vary from the actual figures presented in the final report.

REPORT FEATURES DETAILS
Base Year 2024
Historical Period 2018-2024
Forecast Period 2025-2034
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Purpose
  • Flavour
  • Distribution Channel
  • Region
Breakup by Product
  • Soups
  • Shakes
  • Others
Breakup by Purpose
  • Slimming
  • Body Building
Breakup by Flavour
  • Vanilla
  • Berry
  • Chocolate
  • Cookies and Cream
  • Others
Breakup by Distribution Channel
  • Hypermarkets/Supermarkets
  • Convenience Stores
  • Speciality Stores
  • Online
  • Others
Breakup by Region
  • Brazil
  • Argentina
  • Mexico
  • Colombia
  • Chile
  • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Supplier Selection
  • Key Global Players
  • Key Regional Players
  • Key Player Strategies
  • Company Profiles
Companies Covered
  • Nestle S.A
  • Herbalife Nutrition Limited
  • Glanbia plc
  • Bob's Red Mill Natural Foods, Inc.
  • ALPINA PRODUCTOS ALIMENTICIOS SAS BIC
  • La Sibila
  • Golden Omega S.A.
  • Fisionutri
  • TRUST GROUP
  • Amway Corporation
  • Others

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