According to the data, the number of online consumers of meal replacement product in China soared by 60% in 2019, and the market penetration rate has reached 40%. Replacement meals sold in the Chinese market are mainly in the form of milkshakes. It is usually made from a mixture of a variety of ingredients and added with appropriate seasonings, with balanced nutrition and low calories.
In a nutshell, they are similar to Soylent.
These healthy milkshakes are popular among fitness people in China, while some office workers drink milkshakes to shorten their lunch time because they are busy at work and have no time for lunch.
The national meal market was worth US $1.4 billion in 2017 and is expected to reach US $4.5 billion in 2020. Competitors in the market are also pouring in rapidly, more than doubling in the past two years.
In this market, Wonderlab, Smeal, Fit8 and other brands that focus on selling replacement meals have emerged in the past two years. At the same time, some established food factories have also joined the game, such as instant milk tea brand Xiangpiapiao and snack brand Bestore.
Bestore has set up a new sub-brand for the sale of replacement meals, which is aimed at fitness enthusiasts and professionals. It has launched more than 20 products, including “triple glycoprotein substitute milkshakes”, “low-GI biscuits” and “light fruit cereal bars”.
Taking its oatmeal Chia seed-flavored milkshake as example, it contains 34% carbohydrate and 29.2% protein. A 60g milkshake is equivalent to eating 3 tablespoons of oatmeal and drinking three cups of milk.
Bestore is a snack food brand in China, founded on August 4, 2010. In February 2020, the company listed in China’s A shares. It has sales of more than 8 billion yuan in the past year and is one of the main competitors of the Three Squirrels.
Yang Yinfen, Bestore CEO, said that entering this market can bring new consumers with high repurchase rate and high loyalty to company, as well as inject growth vitality into the parent brand. “Our short and medium-term goal in the areas of children’s snacks and fitness replacements is to reach 1 billion sales respectively.”