Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Meal Kit Delivery Services market.
Trusted Business Insights presents an updated and Latest Study on Meal Kit Delivery Services Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Meal Kit Delivery Services market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Global Meal Kit Delivery Services Market
The global meal kit delivery services market size was valued at USD 6.59 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 11.7% from 2021 to 2027. Increasing preference for homemade meals among millennials is expected to be a major factor contributing to the growth of the market.
The meal kit delivery service providers deliver proportioned ingredients, and thus simplifying cooking and eliminating the need to shop for a wide variety of ingredients. Overall, these meal kit delivery services have made cooking a less time and energy intensive task, which results in compelling amateurs to try hands on cooking exotic dishes.
Shifting preference for meal kits is driven by benefits pertaining to homemade meals. For instance, home-made food is economical than eating in a restaurant. Furthermore, the easy availability of meal kits has made homemade meals time saving too in comparison to take outs and home deliveries.
Similarly, these home-made products are considered to be healthier than commercially prepared food, which is rich in fat, salt, and sugar. Preparing food at home also gives full control over the kind of ingredients one wishes to use and can come handy for people who are allergic to certain food ingredients or are trying to avoid some of them.
For instance, in December 2018, one of the survey results released by Peapod highlighted that 77% of Americans preferred eating a homemade meal over going out for dinner. The survey further concluded that 43% of the participants plan to cook more often back at home in 2019. This trend of cooking has even caught up with the millennials. The same survey emphasized that 59% of the millennials are keen on cooking more. The report also highlighted that among the people keen on cooking at home, 20% planned to take advantage of meal kit delivery services.
The heat and eat segment led the market and accounted for more than 65% share of the global revenue in 2019. Growing busy and hectic lifestyles among millennials at the global level is expected to expand the scope of heat and eat meal delivery service over the next few years. The heat and eat delivery services are convenient and time and energy efficient in comparison to other services. These meals can be heated and eaten any time of the day or night and prove to helpful for people with unconventional working hours. Furthermore, these meals provide a quick solution for families wherein members would prefer having a different variety of meals on the same table.
The cook and eat segment is expected to register the highest CAGR of 12.1% from 2021 to 2027. It offers increased convenience to the learners and newbies in trying hands on new recipes and gourmets. Furthermore, these cook and eat meal kit delivery services save time on grocery shopping and are much healthier than other ready to eat meals.
Offline platform accounted for the largest share of more than 65% in the global meal kit delivery services market in 2019. Increasing demand for meal kit delivery services has prompted a large number of local small businesses to provide these delivery services. These kit delivery services often provide local cuisines with which people are well versed. The offline business also includes locally grown vegetables and fruits in the meal kit.
Online platform is expected to register the highest CAGR of 12.3% from 2021 to 2027. Online businesses have a wider distribution network. Some of these use in house delivery channels and others are dependent on third party meal kit delivery service providers. These make it exceptionally convenient for customers to order, cancel, and make payments as and when required.
Service Insights: Global Meal Kit Delivery Services Market
The single service segment accounted for the largest share of more than 55% in 2019. Millennials and generation Z form the largest consumer group of these meal kit delivery services. These mostly contain students and professionals living a busy life and are focused on maintaining a healthier lifestyle. According to the 2018 Food & Health Survey published by the International Food Information Council (IFIC) Foundation, 78% of the consumers were keen on changing their eating habits after being informed by their personal healthcare professional.
Multiple kit delivery services are expected to register the highest CAGR of 12.9% from 2021 to 2027. With inflating lifestyle, its common to have families with working parents who face time crunch in cooking. According to the Bureau of Labor Statistics report published in April 2019, among married couples in 2018, 48.8% of families had both employed husbands as well as the wife. Similarly, among married couples with children, 63% of families had both employed husband and wife. This trend is expected to expand the scope of meal kit delivery services in families.
Regional Insights: Global Meal Kit Delivery Services Market
North America lead the market for meal kit delivery services and accounted for over 30% share of the overall revenue in 2019. U.S. has been mushrooming with a large number of meal kit delivery services providers. The trend has picked up speed in the country as an increasing number of people are becoming aware of the adverse health effects associated with junk food, which has gained popularity in the country over the years.
Asia Pacific is expected to expand at the fastest CAGR of 13.9% from 2021 to 2027. Major economies including Japan, China, India, Indonesia, Malaysia, Singapore, Thailand, and Vietnam have turned into manufacturing hubs. Therefore, increasing employment has led to a busy lifestyle, leaving little chance for daily chores and cooking. Thus, it is expected that the region will witness increasing demand for meal kit delivery services during the forecast period.
Key Companies & Market Share Insights: Global Meal Kit Delivery Services Market
Customization is one of the key criteria utilized by meal kit delivery service providers. For instance, companies are offering meal kits focused on a healthy and planned diet. Furthermore, demand for high protein, low calorie, and low carb foods have been increasing among the consumers. Meal kit delivery service providers market their offerings in the form of vegan, dairy-free, soy-free, tree nut free, peat nut free, egg-free, and gluten-free meals. Some of the prominent players in the meal kit delivery services market include:
Key companies Profiled: Global Meal Kit Delivery Services Market Report
- Blue Apron, LLC
- EveryPlate, Freshly Inc.
- Green Chef Corporation
- Hello FRESH; HOME CHEF
- Marley Spoon Inc.
- Purple Carrot
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segment from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global meal kit delivery services market report on the basis of offering, service, platform, and region:
Offering Outlook (Revenue, USD Million, 2016 – 2027)
- Heat & Eat
- Cook & Eat
Service Outlook (Revenue, USD Million, 2016 – 2027)
Platform Outlook (Revenue, USD Million, 2016 – 2027)
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