Latin America Meal Replacement Market Outlook - Forecast Trends, Market Size, Share and Growth Analysis Report (2025-2034)

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.

Latin America Meal Replacement Market Report Summary

Market Size 2024

• USD Billion 1.22

Market Size 2034

• USD Billion 2.66
• CAGR 2025-2034
• 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

Rise of the flexitarian population in Brazil; the increasing application of guarana; the growing focus on better-for-you eating; and rising concerns about weight management are the major factors driving the Latin America meal replacement market growth.

December 2023

Birdman, a leading plant-based protein manufacturing company in Mexico, surpassed total sales worth USD 65 million in 2023. This prompted Lever VC, a leading venture capital firm to increase its equity stake in the company to drive further business growth.

January 2023

The government of Colombia approved the levy of taxes on ultra-processed food products and sugary beverages. The Tax Reform bill also contains a clause on no taxation for special liquid powders and meal replacement products used for medical purposes, which is creating a favourable Latin America meal replacement market outlook.

July 2022

Nestlé Health Science, a Swiss business unit of Nestle SA, acquired Puravida, a Brazilian health foods company headquartered in São Paulo. This is expected to enhance Nestle’s consumer reach and develop its existing portfolio of health foods, including ready-to-drink nutritional beverages.

March 2020

Duas Rodas, a Brazilian manufacturer of aromatic and flavourful food ingredients, developed a new technology that optimises the texture, flavour, and juiciness of its vegetable protein products to suit meat. This can impact the Latin America meal replacement market dynamics favourably, as over 40% of Brazilian consumers prefer the traditional flavours and textures in meat substitute products.

Rise of the flexitarian population in Brazil

Though Brazil is the third largest producer of meat products globally, around 14% of its population identifies themselves as vegetarian. Over the forecast period, rising eco-consciousness among consumers is expected to prompt market players to introduce innovative meal replacement solutions derived from ethical plant-based sources, thereby facilitating the market expansion.

Increasing application of guarana

Latin America produces 96% of the global demand for guarana. It contains bioactive compounds like caffeine and methylxanthines, which are clinically proven to increase energy levels and cognitive function. It is extensively used in manufacturing food supplements, snacks, and cereal bars.

Growing focus on better-for-you eating

The evolving dietary preferences of consumers and the strengthening of government regulations on food safety have prompted companies like Nestle to reduce the fat and sugar content of their products. For instance, Nestle has removed over 350 tons of sodium, 6,900 tons of sugar, and 5,000 tons of saturated fats from its product range in Brazil, which has led to the growth of Latin America meal replacement market.

Rising concerns regarding weight management

Obesity has emerged as a significant challenge for Latin American countries as the consumption of sugary drinks and ultra-processed foods has reached alarming levels. This has prompted consumers to switch to low-carb, protein-rich meal replacement solutions.

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 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

• Convenience Stores
• Others

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. Headquartered in Michigan, it specialises in manufacturing and marketing home care products, apart from health and wellness solutions in over 100 countries globally.

Herbalife Nutrition Limited

Herbalife Nutrition Limited was founded in 1980 and is headquartered in Los Angeles, United States. It is engaged in manufacturing health and wellness products in over 90 countries worldwide.

Glanbia plc

Glanbia plc was founded in 1964 and is headquartered in Kilkenny, Ireland. It specialises in manufacturing protein supplements, lifestyle nutrition products, vitamins and minerals premixes, and dairy products, among other items.

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.