Meal Kits Market to Hit US$ 55.4 Billion in 2032 | Grow CAGR by 14.5% (Y-O-Y)

New York, April 21, 2023 (GLOBE NEWSWIRE) -- The global meal kits agencies market is estimated to be valued at USD 55.4 billion by 2032 from USD 14.8 billion in 2022 and is expected to exhibit a CAGR of 14.5% during the forecast period 2023 to 2032.. Ready-to-make meals come in meal kits that contain all ingredients necessary for preparation. The instruction sheet provides clear directions and photos to assist with assembly - these meals can be used for two or four people and typically take no more than 30 minutes to cook. The market's growth can be attributed to millennials' growing preference for chef-prepared and home-cooked meals. Generation Y, Z are increasingly using delivery services as well due to the many advantages that homemade meals provide compared to takeout or home delivery options. Meal kit sales are conducted by market players who deliver meals to consumers. These meals may include pre-cooked meals, pre-made food products, customized food ingredients, and fresh ingredients that allow consumers to finish cooking at home. Meal kits can serve as a convenient, cost-effective, and nutritious alternative to grocery shopping - making them an attractive alternative.

According to the National Library of Medicine, meal kit services enable greater social distancing and saw a dramatic spike in use during the first year after the pandemic. In America alone, only 15% of households had ordered them prior to the crisis; by 2020, nearly 25% had taken advantage of such services.

Request a Meal Kits Market Report to find out more about the major revenue-generating segments.@ https://marketresearch.biz/report/meal-kits-market/request-sample/

Key Takeaway: 

• By Product Type, Non-vegetarians dominated the meal kit delivery market in 2022, accounting for 65.7% of the total revenue generated.
• By Offering Type, in 2022, the cook-and-eat segment enjoyed the highest revenue share at 62.7%, which is expected to remain dominant during the forecast period
• By Service, the Single delivery service segment was the leading player in the market for meal kit delivery services in 2022, accounting for 59.4% of the total revenue share.
• In 2022, North America dominated the market with the highest revenue share of over 48.2%.
• Asia Pacific is expected to experience a 19.8% CAGR in the market for meal kit delivery services between 2023 and 2032, driven by convenience and freshness.

Factors affecting the growth of the meal kits market industry?

Several factors can have an impact on the growth of the meal kits market. Some of these factors include:

• Meal kit companies, particularly smaller ones, may find it challenging to manage and scale operations efficiently.
• Meal kits offer convenience but may not provide the level of customization some consumers desire.
• Meal kits tend to be costlier than purchasing the same ingredients at a grocery store, which can be an issue for those on tight budgets.
• Meal kit delivery involves an intricate logistics network involving sourcing ingredients, packaging, and shipping.
• Meal kits have also been criticized for their excessive packaging waste, which can be considerable.
• Many providers are working hard to reduce their environmental impact, but this still poses a concern for customers.

Get a brochure to learn how the meal kits industry report can make a difference in your business strategy.@ https://marketresearch.biz/report/meal-kits-market/#inquiry

Market Growth

The growth of the meal kits market can be attributed to several factors, including convenience and an increasing desire for home-cooked meals. Furthermore, the COVID-19 pandemic has further fuelled this growth as more people have started cooking at home because of lockdowns and social distancing measures implemented during lockdowns.

Regional Analysis

North America was the leading market for meal kit delivery services in 2022, accounting for 48.2% of total revenue. These kits are popular because they save time and money while providing healthier, more affordable alternatives to pre-cooked foods available from restaurants, online delivery services, or retail stores. Blue Apron, Sun Basket, and others have experienced a spike in product demand due to COVID-19 pandemic-induced changes in consumer behaviour. Blue Apron experienced an uptick in its March 2020 meal kit sales due to changes in consumer preferences caused by this crisis; Sun Basket even saw an uptick in demand during March 2020 due to changes in consumer behaviour due to this crisis.

Asia Pacific is expected to experience a 19.8% CAGR in the market for meal kit delivery services between 2023 and 2032, driven by convenience and freshness. These services are increasingly sought after by busy consumers in China, Japan, South Korea, and Japan; COVID-19 has further fuelled interest in home-cooked foods within China which will further propel demand in this country. India leads in vegetarian/vegan meal kit sales, followed by Japan, China, and Singapore.

Scope of the Report

Market Drivers

Meal kit market growth will accelerate due to the hectic lifestyles of spouses, which means less time for cooking and shopping for produce. The U.S. Bureau of Labor Statistics released data in 2019 that showed that women's participation in the labor force rose from 57.1% to 57.4% in 2018, while NITI (National Institution for Transforming India) Aayog reported a rise in female labor from 23.1% to 27.9% in 2020. This rapid urbanization and rising number of female workers will fuel demand for meal kit market growth over the forecast period. Women are busier than men, which is why meal kits have become so popular.

In order to save time and effort, many educated people prefer meal kits to restaurant-prepared meals. According to the National Library of Medicine, cooking enjoyed a rise in popularity between 2003 and 2016. College-educated male chefs saw their percentage increase from 37.9% to 51.9% by 2016, and that of female chefs rose from 64.7% in 2003 to 68.7% in 2016. These individuals will most likely buy prepackaged meals as they are less likely to cook.

Market Restraints

Meal kits tend to be costlier than purchasing the same ingredients at a grocery store, which can be an issue for those on tight budgets. Meal kit delivery involves an intricate logistics network involving sourcing ingredients, packaging, and shipping. Meal kit companies, particularly smaller ones, may find it challenging to manage and scale operations efficiently. Meal kits have also been criticized for their excessive packaging waste - which can be considerable. Many providers are working hard to reduce their environmental impact, but this still poses a concern for customers.

Market Opportunities

Veganism has seen an exponential rise in demand for plant-based food since it became a trend due to animal cruelty awareness. A survey conducted by the Vegan Society revealed that 6,00,000 vegans in the UK have quadrupled since 2014-2018; according to government statistics, 1.1% of the UK's population were vegetarians in 2019. 63% are newcomers, while 81% have been vegetarians for some time; many have given up meat to improve their health. As more vegans choose to eat plant-based meals - such as those offered by Freshly and Purple Carrot - demand will only continue to grow rapidly over the coming years.

Market Trends

Meal kit providers were expanding their selection beyond traditional dinner choices to include breakfast, lunch, and snack options as well. Meal kit companies have been joining forces with restaurants, grocery stores, and other food brands to expand their menus and reach new customers. The meal kit market was becoming increasingly competitive, with new players entering the space and established players expanding their offerings.

Grow your profit margin with Marketresearch.biz- Purchase This Premium Report at @  https://marketresearch.biz/purchase-report/?report_id=36084

Report Segmentation of the vaccine market

Product Type Insight

By 2022, 65.7% of revenue will come from non-vegetarian’s meal kit delivery companies due to their high protein content and essential vitamins/minerals like A, B6, and B12. This segment continues to be a top contender over the forecast period as more individuals seek ways to increase their protein intake. Many companies now offer non-vegetarian meal programs with nutritious meats due to increasing awareness about the health benefits associated with non-vegetarian foods like chicken or fish, making it increasingly attractive to those looking to boost their protein intake.

Offering Type Insight

In 2022, the cook-and-eat segment enjoyed the highest revenue share at 62.7%, which is expected to remain dominant during the forecast period due to the growing popularity of home cooking among young people, particularly gourmet-style cooking. These recipes take more time than those offered in heat-and-eat sections but are much more efficient; you don't need to go shopping for ingredients proportioned for one person or more, which saves time in shopping trips to supermarkets or groceries stores.

Service Insight

In 2022, the single delivery service segment emerged as the leading player in the meal kits delivery service market, accounting for 59.4% of the total revenue share. Unfortunately, many bachelors lack the necessary skills to cook nutritious meals on their own; service providers can assist them in discovering a nutritious diet that benefits both body and mind.

Distribution Channel Insight

In 2022, the online segment accounted for 62.2% of global meal kits market revenue; this trend is forecast to remain dominant over the forecast period. Due to advances in technology and increased internet accessibility, companies are experiencing increased awareness regarding different purchase patterns due to this growing influence from Generation Z and millennials on product purchases.

For more insights on the historical and Forecast market data from 2016 to 2032 - download a sample report at https://marketresearch.biz/report/meal-kits-market/request-sample/

Market Segmentation

By Product Type

• Vegan
• Vegetarian
• Non-Vegetarian

By Offering Type

• Heat and Eat
• Cook and Eat

By Service

• Single
• Multiple

 By Distribution Channel

• Convenience Stores
• Online
• Hypermarket/Supermarket
• Other Distribution Channels

North America

• The US
• Canada
• Mexico

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

APAC

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Competitive Landscape

HelloFresh is a German meal kit company operating in multiple countries, such as the United States, Germany, the United Kingdom, and Australia. It provides vegetarian, low-calorie, and family-friendly options. Blue Apron was another pioneer of this industry; they offer weekly menus of chef-designed recipes delivered right to customers' doorsteps. Home Chef is another American meal kit startup founded in 2013 that also provides vegetarian, low-calorie, and low-carbohydrate options along with partnerships with several grocery store chains to expand its reach.

The following are some of the major players in the global meal kit industry:

• Blue Apron, LLC
• Freshly Inc.
• HelloFresh
• Sun Basket,
• Relish Labs LLC (Home Chef)
• Gobble
• Marley Spoon Inc.
• Purple Carrot
• Fresh n' Lean
• Hungryroot, Inc.
• Other Key Players

Recent Development of the meal kit Market

• In August 2021, Freshly Inc. recently unveiled their groundbreaking plant-based prepared meals line, 'Purely Plant'. This includes six new meals that incorporate plant-based proteins and are made with whole food ingredients for convenience - heat and serve in just three minutes, no preparation necessary with Freshly's plant-based prepared meal range, customers are now able to get variety, taste and nutrition at their fingertips in just three minutes
• In November 2020, HelloFresh recently acquired Factor75, LLC for USD 277 million with the goal of strengthening their position in the U.S. market and increasing their customer base across America.
• In October 2020, Freshly Inc. was acquired by Nestle for USD 950 million to boost their growth and gain entry to the rapidly-expanding U.S. industry.

Related Reports

• Vegan cosmetic Market size was valued at USD 14.4 billion in 2022 and is projected to grow USD 28.4 billion by 2033, growing at a CAGR of 6.5% during the forecast period 2022 to 2033.”
• Organic dairy products market was valued US$ 12 Bn in 2017 and is expected to register a CAGR of 7.2%.
• Bulk Food Dispensers Market was valued at $21.40 million in 2021 & is projected to reach $54.52 million by 2027. It is expected to grow at a 12.4% CAGR between 2021 and 2027
• Processed Cheese Market size was valued at USD 15.9 billion in 2022 and is projected to grow USD 24.5 billion by 2033, growing at a CAGR of 4.10% during the forecast period 2022 to 2033.

About Us:

MarketResearch.biz (Powered by Prudour Pvt. Ltd.) delivers customized research solutions by actuating its broad spectrum of research methodologies, databases, and resources, and this is further strengthened by our global experience in syndicated and customized industry projects. Our tailor-made research services include quick market scans, country reports, in-depth market analysis, competition monitoring, consumer research and satisfaction studies, supplier research, growth planning, and quite a lot more.

• Follow Us on LinkedIn: https://www.linkedin.com/company/marketresearch-biz/
• Follow Us on Facebook: https://www.facebook.com/marketresearch.biz
• Follow Us on Twitter: https://twitter.com/PrudourResearch