NEWARK, Del, Nov. 14, 2022 (GLOBE NEWSWIRE) -- The global meal kit delivery services market stands at US$ 14.63 Bn as of now and is expected to reach US$ 59.2 Bn by the year 2032 at a notable CAGR of 15% between 2022 and 2032.
The millennials are more into chef-cooked food and home-cooked food, which is the key factor driving the meal kit delivery services market. It’s a known fact that home-cooked food does wonders, as far as nutrition is concerned. This is evident from the fact that more than 50% of the consumers in the Americas have started engaging in cooking more than ever before, with over 20% of them ordering ‘prepared meal kits’ on frequent basis. This data comes from HUNTER’s survey.
It has also been reported that meal kit delivery services prove to be an ideal solution as planning meals in advance helps in reducing wastage of food on significant basis. Plus, meal kits contain ingredients in precise quantity, which adds to doing away with wastage.
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Online sales platforms have turned out to be all the more popular post pandemic. The status quo is expected to remain unchanged even in the forecast period. Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Meal Kit Delivery Services Market’. The analysts and consultants that it has are all set to provide an eagle eye-view regarding the same.
Key Takeaways from Meal Kit Delivery Services Market
- North America holds more than 40% of the overall market share. This could be credited to hordes of customers purchasing the kits to save on efforts and time. They have realized that these kits are a cost-effective and healthier alternative to the pre-cooked foodstuff available in the retail stores, restaurants, and delivery services. There are companies like Sun Basket and Blue Apron, which did witness a spike in demand of products in the Covid era as people felt safer to consume home-cooked food. The scenario continues even in the post-Covid era.
- Europe stands second on this count on the similar grounds.
- The Asia-Pacific is expected to grow at the fastest rate in the meal kit delivery services market with growing demand for home-cooked food from the working professionals. The countries like India, South Korea, Sri Lanka, Singapore, China, Japan, and Australia are the key regions driving the market.
Competitive Meal Kit Delivery Services
- Freshly, Inc., in August 2021, did launch ‘Purely Plant’, the very first line of plant-based prepared meals; inclusive of 6 new-fangled meals that feature plant-based proteins made out of whole-food, clean ingredients for addressing demand for nutrition, taste, variety, and convenience amongst the consumers. These meals could be heated as well as served within 3 minutes.
- HelloFresh, in November 2020, completed acquisition of Factor75, LLC. It shelled out US$ 277 Mn. The major objective was strengthening the position of HelloFresh in the market of the US, thereby expanding the consumer base all through the nation.
- HELLOFRESH Group has, of late, acquired Ready-to-East Meal Company, Factor75, Youfoodz, Green Chef, and likewise for expanding the penetration all across Australia, the UK< and the US.
- The New Shop, in March 2022, came up with an ‘instant delivery app’ and would be launching extra 500 stores by the year 2023. It is planning to look into the convenience factor to the extent of enabling customers to be able to order stuff from home/airplane/train.
- Fantuan Delivery, in March 2022, planned setting up the base in Australia, starting with Sydney and Melbourne. This Asian food delivery app is available on Android and iOS.
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What does the Report Cover?
- The research study is based on offering type (heat & eat and cook & eat), by channel (online and offline), by meal type (vegetarian, vegan, and non-vegetarian), and by type (premium meal kit and economic meal kit).
- Given the fact that home-made meals are preferred due to the frugality involved therein is bound to drive the meal kit delivery services market in the forecast period.
Meal Kit Delivery Services Market by Category
By Offering Type:
- Heat & Eat
- Cook & Eat
By Channel:
- Online
- Offline
By Meal Type:
- Vegetarian
- Vegan
- Non-vegetarian
By Type:
- Economic Meal Kit
- Premium Meal Kit
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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