Dublin, March 19, 2024 (GLOBE NEWSWIRE) -- The "Global Meal Kit Market: Analysis By Meal Type, By Offering Type, By Distribution Channel, By Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
In 2023, the global meal kit market was valued at US$17.44 billion, and is probable to reach US$38.81 billion by 2029. The global meal kit market value is projected to grow at a CAGR of 14.26%, during the forecast period of 2024-2029.
Global meal kit market is fragmented. Hellofresh is the largest and most relevant player with ~50% of the global market share. Market players have implemented sustainable growth techniques in the market. To strengthen their position in the market, some of the leading competitors are pursuing various growth methods such as mergers, acquisitions, collaborations, and agreements.
Growing awareness about the customized food products delivery at the doorstep among millennial consumers through social media and another source of media is expected to boost the demand for the meal kits. Additionally, a rise in the female workforce coupled with rapid urbanization is expected to drive the growth of the meal kit market during the forecast period since more female workforce cause more time-poor consumers which is one of the main reasons for the use of meal kits.
North America meal kit market enjoyed the highest market share in 2023, owing to the rising disposable income, which allows discretionary spending on services, such as meal kits that provide convenience and variety. Increase in demand for convenient cooking options to save time and effort and a large number of the working population are augmenting market progress in North America region.
The US and Canada, in particular, have witnessed a surge in demand for meal kits, with numerous companies competing in the market. Major metropolitan areas have become hubs for meal kit delivery services, catering to the preferences of consumers seeking convenient, time-saving, and varied meal options.
Asia Pacific meal kit market is expected to grow with the fastest CAGR, as rise in adoption of meal kits in Japan, South Korea, and China is fueling market statistics in the region. Additionally, there are various future trends that lead to the growth such as customized meal kits, use of organic products, ready to eat meal kits, which make it convenient for the customers
Market Segmentation Analysis:
Non vegetarian segment acquired majority of share in the market in 2023 and is expected to grow with the fastest CAGR, as protein and vitamins and minerals such as A, B6, B12, niacin, and thiamine in meat, make it attractive for consumers who want to include lean protein in their diets. Furthermore, they offer a wider variety of options, incorporating different types of meat, such as chicken, beef, fish, and others. This diversity leads to a greater number of innovative recipes and flavors, thus attracting more consumers. Therefore, augmenting the demand for non-vegetarian meal kits.
Cook and Eat segment acquired majority of share in the market in 2023, due to the popularity of gourmet-style home cooking amongst youngsters. It also lets an individual try new recipes or gourmet meals without expending extra money eating at restaurants. Whereas, Heat and Eat segment have the fastest growing CAGR in the future, owing to their high accessibility and convenience. They are being increasingly adopted by those who do not know cooking or by people who have a busy schedule.
Online segment acquired majority of share in the market in 2023 and is expected to grow with the fastest CAGR, as they allow consumers to browse, select, and order meal kits from the comfort of their homes, making it highly convenient. Moreover, online distribution channels allow meal kit companies to reach a broader audience, not limited by geographical boundaries, which aids in widening the potential customer base. Additionally, they offer more scope for meal customization as consumers can easily specify their dietary preferences, allergies, or dislikes, ensuring that they receive meal kits tailored to their needs.
Market Dynamics
Growth Driver
- Rapid Urbanization
- Increasing E-commerce
- Growing Number Of Working Professionals
- Amplified Disposable Income
- Economical Solutions & Diverse Offerings
- Extended Delivery Services
Challenge
- Logistical Complexities
- High Cost
- Risk of Low Food Quality
Market Trends
- Subscription Models
- Embracing Eco-friendly Practices like Veganism
- Customized Meal Kits
- Organic Products
- Growing Popularity of Ready-to-Eat (RTE) Meal Kits
Key Players
- HelloFresh SE
- Marley Spoon SE
- Blue Apron Holdings, Inc.
- Home Chef
- FreshDirect
- Fresh N Lean
- Green Chef
- The Purple Carrot
- Gousto
- Sunbasket
- Gobble
- Dinnerly
For more information about this report visit https://www.researchandmarkets.com/r/20bwau
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