New York, US, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Meal Kit Delivery Services Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Meal Kit Delivery Services Market Information By Food Type, Serving, Distribution Channel, And Region - Forecast till 2030"; the market will reach USD 58.78 billion by 2030 at a 17.7% CAGR.
Market Synopsis
Meal kits are a weekly or monthly subscription service that sends consumers food items and recipes so they may prepare their fresh meals at home. Meal delivery services are those that include the delivery of prepared meals. This idea gained popularity immediately, and it is anticipated that it will continue to do so during the predicted period. Meal preparation and cooking typically take between 30 and 60 minutes. Most meal kit businesses demand that customers sign up for the service. A predetermined number of meals for a specific number of persons are included in the weekly subscription. The meals sent to customers are based on their preferences at the start of the subscription and contain products based on the customer's preference, non-vegetarian or vegetarian.
For the past few decades, only foods like pizza and Chinese food could be delivered that were of restaurant quality. However, food delivery is a worldwide business anticipated to grow quickly throughout the projected period. Meal kit delivery services have become more popular worldwide thanks to the emergence of appealing, smart driver networks, user-friendly applications, and new mobile applications. Convenience has been increasingly popular and is predicted to rise much further.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 58.78 billion |
| CAGR | 17.7% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Food Type, Serving, Distribution Channel, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | increasing demand for Ready- to -Eat meals |
| increasing application areas of the meal kit delivery services |
Market Competitive Landscape:
The prominent companies in the meal kit delivery services market are:
- Gousto (UK),
- Blue Apron, LLC (the US),
- Purple Carrot (the US),
- Marley Spoon Inc. (Germany),
- Home Chef (the US),
- PeachDish (the US),
- Sun Basket (the US),
- ButcherBox (the US),
- HelloFresh (Germany),
- Plated (the US).
Market U.S.P. Covered:
Market Drivers:
Over time, demand for meal kit delivery services has increased due to millennials' rising preference for home-cooked cuisine. These services have a stellar reputation and are widely accepted by young people living and working in other locations. Most consumers think the price of the meal kit delivery service is fair, and the availability of foods made at home, as well as the time saved, add to its attraction. One of the main drivers of the market's expansion is millennials' growing demand for cuisine prepared by chefs and at home. Y and Z generations are increasingly embracing and using the delivery service. The advantages of handmade meals, which are more nutritious, are what are causing consumers to favor the product more economically than takeout and home delivery services.
These elements have compelled businesses to offer higher-caliber weekly or monthly meal kit delivery services. The market for meal kit delivery products is anticipated to develop as a result of reasons such as ease of use, convenience and speed of cooking, less time commitment, and consideration of food preferences. Elements like consumer preference for traditional cooking methods, the fresh preparation of food products in some regions of the world, and health-related issues may constrain the market's expansion.
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Market Restraints:
Due to the rising percentage of meal subscription cancellations, the market for meal kit delivery services may run into obstacles in the course of experiencing its potential growth. Additionally, it has been discovered that meal packages are relatively pricey, and the buyers believe they receive comparable value for their money. As a result, customers cancel their subscriptions, which may slow the market's growth for meal kit delivery services.
COVID 19 Analysis
Due to social segregation norms and lockdowns in several places, the COVID-19 pandemic has disrupted numerous businesses' values and supply chains. However, the international meal kit delivery service market has seen favorable effects. Nearly all restaurants, hotels, and other eating establishments were closing down at this time, giving the global market a tremendous opportunity. Due to the worldwide closure of practically all restaurants, hotels, and eateries due to the COVID-19 epidemic, the market for meal kit delivery companies has seen tremendous growth.
More individuals than ever are looking for healthy and convenient meal options due to the increased focus on a healthy diet among those who want to boost their immunity and maintain a balanced diet. Consumers are emphasizing eating a healthy, balanced diet in the current climate to increase their immunity. All the global food and beverage ecosystem actors, including restaurants, retailers, e-tailers, and brand owners, can combat the pandemic situation and take full advantage of the chances based on the current situation by using the meal kit delivery service concepts.
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Market Segmentation
By serving, the market includes one, two, and four. By distribution channel, the market includes a store and a non-store. By food type, the market includes ready-to-cook and ready-to-eat.
Regional Insights
By creating a greater market value over the research period, the North American meal kit delivery services market is anticipated to lead the global market. Several reasons, including increased consumer preferences for ready-to-eat meals and ready-to-cook foods, the presence of several market players in the area, and an increase in the number of people in the region who are employed, are causing this regional market to grow. A major portion of the global market is expected to be generated over the research period by the European regional market due to rising health consciousness among European consumers. Due to the product's convenience and freshness, the APAC market is anticipated to have phenomenal growth in the region. The growing number of consumers are time constrained in the region.
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