Recently, China’s first report on meal replacement powder was co-released by institutions including Guangdong Rural E-Commerce Association and South China University of Technology.
The report indicated that the technology bar of meal replacement powder is relatively low, and the standardization of the product is relatively low. On the one hand, the low technology bar has led quite a lot of companies entering the market. On the other hand, one company can hardly produce meal replacement products that fit all different needs from consumers.
The meal replacement powder market in China started recently. However, the growth rate of recent years is above 30% annually. It is expected that the market value would grow from the current 6 billion yuan to 18 billion in 2023.
In 2008, there are 406 companies in China that produce meal replacement powder. (Source: chca.net.cn)