Market Overview:
The Global Meal Kit Market size is expected to grow from USD 17.86 billion in 2022 to USD 64.44 billion by 2030, at a CAGR of 17.4 % during the forecast period (2023-2030).
The food and beverage sector have recently witnessed the emergence of a novel concept known as the "meal kit." This innovative service entails delivering partially or fully cooked meals directly to customers' doorsteps. These offerings are meticulously crafted to alleviate the hassles of grocery shopping and meal planning, while also providing the opportunity to relish a restaurant-like dining experience in the comfort of one's own space. Notably, meal kits extend the provision of personalized food ingredients tailored to customers' preferences, catering to both individual and familial needs.
Top Key Players in Meal Kit Market:
Sunbasket (San Francisco), Home Chef (United States), EveryPlate (New York), Blue Apron (USA), Gobble (San Francisco), HelloFresh (German), Green Chef (New York), Purple Carrot (US), Cook it (Canada), Plated (USA), My Food Bag (New Zealand), Home chef (Chicago), and other major players.
Market Dynamics and Factors for Meal Kit Market:
Drivers:
Rapid Urbanization and Easy Availability
The meal kit concept presents customers with the option of enjoying fully cooked or partially cooked meals, alleviating the challenges associated with grocery shopping and daily meal preparation. This convenience holds particular appeal in the face of the swift urbanization observed in numerous developed and developing nations. As a result, customers find themselves immersed in an exhilarating experience, akin to relishing restaurant-quality meals from the comfort of their own homes. The widespread adoption of meal kits is propelled by their easily accessible and user-friendly nature, spanning across global markets.
Opportunities:
Expansion in Online Marketplace
The meal kit market has a huge opportunity to grow through online platforms due to its excellent delivery of food meals. Furthermore, some significant players, including Hello Fresh and Blue Apron, seized this chance and further developed online marketplaces for subscribers to add necessary ingredients and grocery items to their meal purchases, such as proteins, produce, and pantry staples that can support their healthy diet. Additionally, there is a chance for the market to totally change from subscription services to online marketplaces that can provide more than just meal kits.
Segmentation Analysis of the Meal Kit Market:
By offering, the cook and eat segment is excepted to dominate the market. Increasing demand for healthy food ingredients and the trend of cooking food at home around the globe is expected to expand the market of cook-and-eat meal delivery services over the projected period.
By service, single service is likely to dominate in this area. The service segment mostly dominates for single end users as many people worldwide who are working, seek for such meal kits on a large scale.
Regional Analysis of the Meal Kit Market:
North America is excepted to dominate the market during the forecast period. In this particular region, a substantial number of consumers are opting for meal kits due to their cost-effectiveness and time-saving attributes. The rapid progression of industrialization and urbanization has positioned meal kits as an economical and health-conscious alternative to pre-cooked food offerings commonly found in restaurants, hotels, and various retail or delivery services.
Key Industry Development:
In January 2021, Sunbasket, best known for its meal-kit subscription service, announced that they are broadening its product line and evolving to become “a full-service food delivery company.” The newly revamped service will offer a range of different food items to consumers, from full meals to snacks and pantry staples. Reaching more potential customers, including those who need something more convenient than a full-on meal kit, seems to be at the heart of this transition.
In December 2020, Franklin Farms, a company that provides meatless meals to customers, entered into a new partnership with Purple Carrot, a plant-based meal kit company. The partnership will allow consumers to enjoy great-tasting meatless meals made with Franklin Farms’ tofu at home. In July 2021, Hello Fresh, a meal kit company, announced its partnership with Fenn Foods. Hello Fresh will be expanding its vegan offerings in Australia by utilizing Fenn Foods’ carbon-neutral-certified, plant-based mince as an ingredient in their "Chilli Cin Carne" recipe.
