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Meal Replacement Shake Market Trends and Forecast

The future of the global meal replacement shake market looks promising with opportunities in the offline sale and online sale markets. The global meal replacement shake market is expected to grow with a CAGR of 7.5% from 2025 to 2031. The major drivers for this market are the increasing demand for convenient nutrition, the rising popularity of healthy lifestyles, and the growing awareness of weight management.

• Lucintel forecasts that, within the type category, ready-to-drink liquid beverage is expected to witness higher growth over the forecast period.
• Within the application category, online sale is expected to witness higher growth.
• In terms of region, APAC is expected to witness the highest growth over the forecast period.
Gain valuable insights for your business decisions with our comprehensive 150+ page report. Sample figures with some insights are shown below.

Meal Replacement Shake Market Trends and Forecast

Meal Replacement Shake Market by Segment

Emerging Trends in the Meal Replacement Shake Market

The market for meal replacement shakes is experiencing a drastic shift, fueled by changing consumer demands and technological innovation. This fast-paced market is witnessing an increased focus on products that not only deliver nutritional completeness but also convenience, targeted health benefits, and ethical factors. The industry is reacting with innovative products, product line diversification, and technologically advanced distribution channels. These new trends are all combining to remake the market, driving it towards increasingly personalized, functional, and sustainably made solutions that appeal to a globally consumer-oriented population with a growing interest in health and efficiency.
• Plant-Based and Vegan Formulations: Plant-based and vegan formulations represent a prominent new trend. This is achieved by utilizing proteins from pea, rice, soy, and hemp sources, targeting consumers embracing plant-based diets for reasons of health, ethics, or the environment. The effect is a substantial broadening of the market for meal replacement shakes, with appeal to vegans, vegetarians, and those with dairy allergies. The trend stimulates creativity in flavor, texture, and nutritional content of plant-based foods to keep up with conventional alternatives.
• Personalized Nutrition and Customization: Personalized nutrition and customization are a major emerging trend. This entails products specifically suited to the userÄX%$%Xs dietary requirements, health objectives, and genetic makeup, sometimes through AI and consumer information. The effect is moving away from one-size-fits-all offerings to exceptionally specific solutions, driving efficacy and consumer stickiness. This trend presents a premium market niche and demands sophisticated R&D and data analytics capabilities from producers to deliver tailored specifications.
• Functional Ingredients and Health Benefits: The added presence of functional ingredients and emphasis on certain health benefits is the major upcoming trend. This transcends ordinary nutrition, adding ingredients such as probiotics for digestive health, adaptogens to reduce stress, nootropics to support cognition, and increased fiber for fullness. The result is a higher perception of meal replacement shakes as health-promoting supplements and not merely calorie replacements. This extends their appeal to health-conscious customers looking for targeted well-being solutions.
• Convenience and Ready-to-Drink Formats: Growing focus on convenience, especially with ready-to-drink (RTD) formats, is a very strong emerging trend. Pre-mixed shakes are the epitome of convenience and ease of consumption, answering the needs of busy lifestyles and on-the-go nutrition demands. The effect is broader adoption by working professionals, students, and travelers who have no time for food preparation. This trend calls for innovation in packaging and preservation technologies to provide product stability and shelf life without sacrificing quality.
• Clean Label and Transparency: The trend towards clean-label products and increased transparency of ingredients is a major emerging trend. Consumers are looking more and more for products containing no artificial flavors, colors, sweeteners, or unwanted additives, instead opting for recognizable natural ingredients. The result is a demand for simpler formulations, transparent labeling, and responsible sourcing practices from manufacturers. This increases consumer confidence and makes brands that focus on naturalness and ingredient integrity stand out.
These new trends are inherently transforming the meal replacement shake market by compelling innovation towards more niche, customer-driven, and ethically oriented products. The move towards plant-based solutions and tailored nutrition is expanding the marketÄX%$%Xs reach and addressing various dietary requirements. The use of functional ingredients and the focus on convenience are increasing the perceived value and convenience of these shakes. Lastly, the clean label and transparency movement is creating more trust and accountability in the industry. Overall, these trends are compelling the market to become more evolved, responsive, and attuned to contemporary health and wellness paradigms.
Emerging Trends in the Meal Replacement Shake Market

Recent Development in the Meal Replacement Shake Market

The market for meal replacement shake has experienced a number of noteworthy recent breakthroughs, demonstrating an evolving dynamism fueled by shifting consumer habits and advances in food science technologies. The developments comprise a sharper shift to plant-based formulators, a robust focus on combining functional ingredients for specific health effects, and growing demand for ready-to-drink formats prioritizing ease. Besides, the market is experiencing an uptick in personalized nutrition solutions as well as an increased emphasis on clean label ingredients, which demonstrates the shift towards more transparent and bespoke products. These trends collectively reflect a sector quickly evolving to meet a health-aware and time-stressed worldwide consumer demographic.
• Growth in Plant-Based Meal Replacements: The growth of plant-based meal replacements is a seminal recent trend. This encompasses a considerable rise in products made from proteins derived from origins such as peas, rice, soy, and hemp, which go beyond conventional dairy-based products. The effect is a wider appeal to vegetarians, vegans, and those who have lactose intolerance or allergies. The innovation has leveled the playing field for the market, opening up meal replacement shakes to a far wider and more diverse range of consumers and also solving the sustainability problem.
• Fortification with Functional Ingredients: Fortification with functional ingredients is a major development, further elevating meal replacement shakes from plain nutrition. This involves the introduction of probiotics for digestive health, adaptogens to combat stress, vitamins, minerals, and other therapeutic compounds. The result is the evolution of shakes into whole wellness products, drawing consumers looking for a specific health benefit, such as better digestion, immunity, or energy levels. This confers enormous value and scientific acceptance on the products.
• Ready-to-Drink Expansion: Ready-to-drink expansion is a critical convenience-led innovation. Pre-mixed, packaged shakes save time on preparation, perfect for busy living, commuters, and on-the-go usage. The result is easier access and impulse buying, suited for consumers looking for speed and convenience. This innovation demands strong packaging and sterilization technologies to protect products and provide longer shelf life.
• Personalization and Custom Formulations: Personalization and custom formulations are becoming critical advancements, building on advances in data and manufacturing. Businesses are now introducing shakes for specific nutritional requirements, food restrictions, and health objectives, occasionally through web-based surveys or genetic testing. The result is a very customized consumer experience, resulting in increased product effectiveness and loyalty. It demonstrates a move towards precision nutrition, transforming meal replacements into an even more personalized solution.
• Clean Label and Natural Ingredients: A strong emphasis on clean label and natural ingredients is a new, consumer-led trend. It implies that products are made with fewer artificial additives, preservatives, colors, and sweeteners and more identifiable and minimally processed ingredients. The result is higher consumer confidence and perceived healthfulness of the product. This trend speaks to increased consumer concern regarding highly processed foods and to a larger, ongoing trend toward natural and wholesome consumption.
All these new trends are influencing the meal replacement shake industry together to make products more convenient, accessible, and aligned with current wellness trends. The trend for plant-based and functional ingredients responds to varied dietary requirements and wellness ambitions. The growth of RTD formats and personalization responds to convenience and personal choice. Lastly, the focus on clean labels is enhancing consumer trust. Generally, these trends are pushing the market toward more advanced, individualized, and open nutritional solutions to a worldwide consumer base.

Strategic Growth Opportunities in the Meal Replacement Shake Market

The market for meal replacement shake offers considerable strategic growth potential in a wide range of applications, based on changing lifestyles among consumers, increased health awareness, and the need for easy-to-consume nutritional products. The opportunities are vast in weight management, sports nutrition, geriatric nutrition, medical uses, and overall well-being, each demanding product formulations and marketing approaches appropriate to the application. Capitalizing on these various avenues entails knowing the unique requirements of each consumer group, innovating through functional ingredients, and using strong distribution channels to satisfy increasing demand for healthy and convenient meal options.
• Weight Management Programs: Weight management programs are a strategic growth pillar. Meal replacement shakes are embraced as a calorie-managed, nutrition-balanced solution for people who want to lose, maintain, or gain weight. The effect is a steady and extensive consumer base, with potential for product innovation in flavor options, satiety-promoting ingredients, and compatibility with full-feature weight loss systems. Strategic alliances with dietitians and weight loss clinics can further enhance market penetration.
• Sports and Fitness Nutrition: The sports and fitness nutrition market presents a high-growth category. The meal replacement shakes are utilized by athletes and fitness enthusiasts as an easy recovery method after a workout, to build muscles, and as a pre-exercise feed, with a particular protein-to-carb balance and amino acid availability. The result is a premium market segment with high appreciation for performance-enhancing ingredients and quick absorption. Opportunities include creating specialty formulas, partnerships with gyms and sports trainers, and targeting particular sports disciplines.
• Geriatric Nutrition and Healthy Aging: Geriatric nutrition and healthy aging represent new strategic growth opportunities. Meal replacement shakes can offer key nutrients for the elderly who might struggle to chew, swallow, or prepare meals, targeting sarcopenia and malnutrition. The effect is serving the aging population worldwide with particular nutritional demands, demanding easily absorbed, nutrient-rich, and acceptable formulations. Health care provider and assisted living facility partnerships can create huge distribution channels.
• Clinical and Medical Uses: Clinical and medical uses present a niche, high-margin growth area. There are shakes designed for patients with definite dietary needs, chronic conditions (e.g., diabetes, renal disease), or recovery from surgery, which may need to be medically monitored. The effect is addressing essential nutritional requirements in hospitals and for home care. This segment requires robust scientific substantiation, regulatory approval, and close coordination with healthcare providers for product formulation and prescription.
• Busy Lifestyle and On-the-Go Convenience: The "busy lifestyle and on-the-go convenience" trend is a universal strategic growth driver in every demographic. With time pressures among consumers, meal replacement shakes provide a convenient, balanced, and on-the-go replacement for conventional meals. The consequence is massive market penetration fueled by convenience, engaging working professionals, students, and travelers. Areas of opportunity are creating ready-to-drink formats, enhancing portability, and growing convenience store, vending machine, and online distribution.
These growth strategies are deeply influencing the meal replacement shake industry by propelling diversification and specialization in different consumer requirements. They are pushing manufacturers to innovate with focused formulations, invest in research and development, and find new models of distribution outside of traditional retail. Through targeting these unique application spaces, the market is broadening its scope, meeting particular health issues, and establishing itself as a multifaceted and necessary part of contemporary nutrition for a broad range of consumers around the world.

Meal Replacement Shake Market Driver and Challenges

The market for meal replacement shake is impacted by a dynamic interaction of technology, economy, and regulation that defines its path. Major drivers are the speeded-up wave of health awareness among consumers, a significant rise in disposable incomes, and ongoing innovation in product formulation and delivery. These all together push market frontiers by widening the consumer base and improving product attractiveness. On the other hand, the market has to confront major challenges like high competition from traditional food sources, ongoing consumer doubts about nutritional quality, and the intricacies of different regulatory environments across regions. Managing these drivers and challenges is paramount for enduring growth and market dominance.
The factors responsible for driving the meal replacement shake market include:
1. Growing Health Awareness: Rising health awareness among consumers is a key motivator. Greater awareness of balanced nutrition, weight control, and the need for preventing lifestyle disorders such as obesity and diabetes drives demand for convenient, healthy meal substitutes. The outcome is a long-term growth in the use of meal replacement shakes as an easy solution to the daily nutritional requirement, leading manufacturers to introduce more nutrient-rich and functionally enhanced products that serve wellness objectives.
2. Increasing Disposable Incomes: Increasing disposable incomes, especially in emerging economies, are major drivers for the meal replacement shake market. With more discretionary income, consumers can afford to spend money on premium health and wellness products such as nutritionally complete shakes. The consequence is the extension of the target consumer base beyond mere weight loss to general health enthusiasts, allowing brands to launch innovative, high-value formulas and gain new geography.
3. Busy Lifestyles and Convenience: Busy, time-starved lifestyles and the need for convenience are key drivers of the market. Meal replacement shakes provide a convenient, portable, and easily consumable solution for those with time constraints for either meal consumption or preparation. The implication is that there is extensive appeal to working professionals, students, and commuters in search of cost-effective nutritional consumption. This driver supports the creation of ready-to-drink options and easy-to-use packaging.
4. Product Innovation and Diversification: Ongoing product innovation and diversification are important drivers. These involve the creation of new flavors, textures, protein options (e.g., plant-based), and the addition of functional components such as prebiotics, probiotics, and adaptogens. The implication is increased product attractiveness, meeting a variety of diet preferences and health objectives. The innovation creates repeat purchases and new consumer acquisition due to the ability to keep up with changing tastes and nutritional science.
5. Expansion of Digital Marketing and E-commerce: Expansion of digital marketing technologies and advanced e-commerce platforms proactively fuels market growth. Online channels extend far, enabling brands to interact directly with users, provide personalized suggestions, and ease the process of buying. The consequence is greater product visibility and accessibility, and effective targeting of specified demographics. This digital movement eliminates geographical constraints and reduces marketing expenses for new players.
Challenges in the meal replacement shake market are:
1. Consumer Skepticism and Trust Issues: Consumer distrust about the nutritional sufficiency and long-term health effects of meal replacement shakes is a major challenge. Most consumers might perceive them as a false or short-term measure without the fulfillment of a complete meal. The suggestion is for strong scientific support, open labeling, and educational promotions to establish credibility and prove the value of the product as a whole-food source, overcoming impressions of being just a fad diet.
2. High Price vs. Traditional Meals: The relatively high price of meal replacement shakes vis-à-vis the preparation of traditional, home-cooked meals is a big problem, particularly in cost-sensitive markets. Although convenient, the per-serving expense can be a deterrent for cost-saving consumers. The upshot is a requirement that manufacturers need to minimize production costs, provide tiered pricing options, or highlight the value proposition of convenience and precise nutritional payback to offset the premium price.
3. Regulatory Heterogeneities and Labeling Requirements: Regulatory heterogeneities and diverse labeling requirements among nations pose a challenge to international market growth. "Meal replacement" definitions and nutritional content requirements, as well as health claims and ingredient sourcing demands, vary widely. The implication is higher compliance costs and possible market fragmentation, necessitating brands to remake formulation and labeling per area, which can slow down effective international scaling and single product messaging.
The meal replacement shake business is a field of considerable opportunity and enduring challenges. Though powerful drivers such as health awareness, increasing incomes, and innovation fuel its development, challenges such as consumer skepticism, cost of the product, and regulatory intricacies call for strategic focus. Manufacturers need to continue to focus on research and development for better nutritional profiles and taste, invest in transparent communication to gain consumer confidence, and negotiate varied regulatory landscapes. Effectively managing these interconnected drivers and issues will be critical to maintaining market growth and establishing meal replacement shakes as a mainstream dietary solution worldwide.

List of Meal Replacement Shake Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies meal replacement shake companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the meal replacement shake companies profiled in this report include-
• Herbalife
• Nestle
• PepsiCo
• Abbott
• Kellogg
• SlimFast
• Premier
• Myprotein
• NatureÄX%$%Xs Bounty
• Fairlife

Meal Replacement Shake Market by Segment

The study includes a forecast for the global meal replacement shake market by type, application, and region.

Meal Replacement Shake Market by Type [Value from 2019 to 2031]:


• Ready-to-Drink Liquid Beverages
• Solid Powder

Meal Replacement Shake Market by Application [Value from 2019 to 2031]:


• Offline Sales
• Online Sales

Meal Replacement Shake Market by Region [Value from 2019 to 2031]:


• North America
• Europe
• Asia Pacific
• The Rest of the World

Country Wise Outlook for the Meal Replacement Shake Market

The international meal replacement shake market is witnessing strong growth due to changing lifestyles of consumers, an increased emphasis on health and wellness, and surging demand for convenient nutritional options. Such meals are specially formulated to provide a balanced number of macronutrients and micronutrients and are gaining popularity among customers looking for weight management, working professionals, and people seeking specific dietary assistance. Recent innovation involves a boom in plant-based alternatives, personalized nutrition products, and a wider range of flavors and forms that address varied consumer tastes and diet requirements in various geographies.
• United States: The United States market for meal replacement shakes is strong, driven to a great extent by an improved health and wellness trend and hectic lifestyles. Recent trends feature a notable increase in plant-based and vegan products, and a burgeoning consumer following with diet preference and ethical concerns. Products with functional ingredients such as adaptogens and probiotics for further health benefits are also in greater demand, and there is a shift towards personalized nutrition shakes based on individual dietary profiles, often facilitated by AI.
• China: The Chinese meal replacement market is expanding and evolving at a fast pace. Recent trends show a move towards higher-end, nutritionally enhanced products beyond simple weight loss. High demand for taste and texture enhancements to drive repeat business is in place. There is strong local brand development with market share gains, frequently through the use of e-commerce and social media for aggressive marketing. Young, urban consumers in particular are driving demand for convenience and health, and investment is increasing with new product launches.
• Germany: The German meal replacement industry is dominated by a high consumer concern for health, quality, and functionality. New trends indicate a considerable demand for plant-based and functional meal replacements with the addition of proteins, fibers, and functional ingredients for gut health or immune support. Convenience is a key driver, resulting in an increase in ready-to-drink formats. There is also growing interest in personalized nutrition, with consumers looking for products that match particular dietary requirements, including gluten-free or lactose-free.
• India: The Indian meal replacement market is growing steadily, stimulated by rising urbanization, increasing disposable incomes, and an expanding health and fitness consciousness. Developments recently have included a balance between safety considerations and good flavor and formats. Brands are launching products that are adapted to local flavor preferences and nutritional needs. Online shopping platforms are greatly enhancing the availability of products throughout the nation, while manufacturers also focus on making the products affordable enough to be accessed by a large base of customers, with high demand for powder-based forms.
• Japan: The market for meal replacements is healthy, with a keen emphasis on convenience and targeted health gain. Current trends indicate an ongoing need for weight management support products and necessary nutrition for the time-pressured consumer. Although plant-based protein ingredients are enjoying growing imports, the meal replacement shake market in general is mature, with technological development focused on enhanced flavor and texture, as well as fitting into the larger "Home Meal Replacement" (Sozai) category. Reliance on imports of ingredients continues to be high.
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Features of the Global Meal Replacement Shake Market

Market Size Estimates: Meal replacement shake market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2019 to 2024) and forecast (2025 to 2031) by various segments and regions.
Segmentation Analysis: Meal replacement shake market size by type, application, and region in terms of value ($B).
Regional Analysis: Meal replacement shake market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the meal replacement shake market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the meal replacement shake market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

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FAQ

Q1. What is the growth forecast for meal replacement shake market?
Answer: The global meal replacement shake market is expected to grow with a CAGR of 7.5% from 2025 to 2031.
Q2. What are the major drivers influencing the growth of the meal replacement shake market?
Answer: The major drivers for this market are the increasing demand for convenient nutrition, the rising popularity of healthy lifestyles, and the growing awareness of weight management.
Q3. What are the major segments for meal replacement shake market?
Answer: The future of the meal replacement shake market looks promising with opportunities in the offline sale and online sale markets.
Q4. Who are the key meal replacement shake market companies?
Answer: Some of the key meal replacement shake companies are as follows:
• Herbalife
• Nestle
• PepsiCo
• Abbott
• Kellogg
• SlimFast
• Premier
• Myprotein
• NatureÄX%$%Xs Bounty
• Fairlife
Q5. Which meal replacement shake market segment will be the largest in future?
Answer: Lucintel forecasts that, within the type category, ready-to-drink liquid beverage is expected to witness higher growth over the forecast period.
Q6. In meal replacement shake market, which region is expected to be the largest in next 5 years?
Answer: In terms of region, APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

Q.1. What are some of the most promising, high-growth opportunities for the meal replacement shake market by type (ready-to-drink liquid beverages and solid powder), application (offline sales and online sales), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?

For any questions related to Meal Replacement Shake Market, Meal Replacement Shake Market Size, Meal Replacement Shake Market Growth, Meal Replacement Shake Market Analysis, Meal Replacement Shake Market Report, Meal Replacement Shake Market Share, Meal Replacement Shake Market Trends, Meal Replacement Shake Market Forecast, Meal Replacement Shake Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.
                                                            Table of Contents

            1. Executive Summary

            2. Global Meal Replacement Shake Market : Market Dynamics
                        2.1: Introduction, Background, and Classifications
                        2.2: Supply Chain
                        2.3: Industry Drivers and Challenges

            3. Market Trends and Forecast Analysis from 2019 to 2031
                        3.1. Macroeconomic Trends (2019-2024) and Forecast (2025-2031)
                        3.2. Global Meal Replacement Shake Market Trends (2019-2024) and Forecast (2025-2031)
                        3.3: Global Meal Replacement Shake Market by Type
                                    3.3.1: Ready-to-Drink Liquid Beverages
                                    3.3.2: Solid Powder
                        3.4: Global Meal Replacement Shake Market by Application
                                    3.4.1: Offline Sales
                                    3.4.2: Online Sales

            4. Market Trends and Forecast Analysis by Region from 2019 to 2031
                        4.1: Global Meal Replacement Shake Market by Region
                        4.2: North American Meal Replacement Shake Market
                                    4.2.1: North American Market by Type: Ready-to-Drink Liquid Beverages and Solid Powder
                                    4.2.2: North American Market by Application: Offline Sales and Online Sales
                        4.3: European Meal Replacement Shake Market
                                    4.3.1: European Market by Type: Ready-to-Drink Liquid Beverages and Solid Powder
                                    4.3.2: European Market by Application: Offline Sales and Online Sales
                        4.4: APAC Meal Replacement Shake Market
                                    4.4.1: APAC Market by Type: Ready-to-Drink Liquid Beverages and Solid Powder
                                    4.4.2: APAC Market by Application: Offline Sales and Online Sales
                        4.5: ROW Meal Replacement Shake Market
                                    4.5.1: ROW Market by Type: Ready-to-Drink Liquid Beverages and Solid Powder
                                    4.5.2: ROW Market by Application: Offline Sales and Online Sales

            5. Competitor Analysis
                        5.1: Product Portfolio Analysis
                        5.2: Operational Integration
                        5.3: Porter’s Five Forces Analysis

            6. Growth Opportunities and Strategic Analysis
                        6.1: Growth Opportunity Analysis
                                    6.1.1: Growth Opportunities for the Global Meal Replacement Shake Market by Type
                                    6.1.2: Growth Opportunities for the Global Meal Replacement Shake Market by Application
                                    6.1.3: Growth Opportunities for the Global Meal Replacement Shake Market by Region
                        6.2: Emerging Trends in the Global Meal Replacement Shake Market
                        6.3: Strategic Analysis
                                    6.3.1: New Product Development
                                    6.3.2: Capacity Expansion of the Global Meal Replacement Shake Market
                                    6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Meal Replacement Shake Market
                                    6.3.4: Certification and Licensing

            7. Company Profiles of Leading Players
                        7.1: Herbalife
                        7.2: Nestle
                        7.3: PepsiCo
                        7.4: Abbott
                        7.5: Kellogg
                        7.6: SlimFast
                        7.7: Premier
                        7.8: Myprotein
                        7.9: NatureÄX%$%Xs Bounty
                        7.10: Fairlife
.

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Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
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