Meal Kit Market Size, Share, Growth, and Industry Growth, By Type (Online, Offline, and Meal Kit), By Application (User Age (Under 25), User Age (25-34), User Age (35-44), User Age (45-54), User Age (55-64), and Older), Regional Forecast By 2033

MEAL KIT MARKET REPORT OVERVIEW

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The global meal kit market size is expected to be USD 33.06 billion in 2024 & the market is projected to touch USD 76.06 billion in 2033, exhibiting a CAGR of 9.7% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with meal kit experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The subscription service for food, including its delivery to the customers. It is a new and convenient concept in the food and beverage industry. It also includes delivering recipes to the customers to prepare the food further conveniently. This concept of service revolutionized with the help of mobile applications of food delivery services. It enables the consumers to prepare food in their own comfort zone and suitability. The food offered by companies in the kits is in precise quantity, which also helps in reducing food wastage. The market consists of sales of the kits by sole traders, partnerships, and organizations that prepare and deliver customized food, half-cooked, pre-cooked, and fresh ingredients for the preparation of meals.

The meal kits are an appropriate alternative for grocery shopping as it reduces grocery store visit and time and is affordable in nutrition. This service offers convenient cooking and takes less time to cook. These services are expected to gain in the global market owing to the offline and online promotion of the service. It can be availed by any age group, such as those under 25, under 18, or older. These services are widely adopted by the population due to the rising number of working professionals in the global market.

COVID-19 IMPACT

"Shut Down of Restaurants and Eateries Boosted Growth"

Due to the worldwide closure of practically all restaurants, hotels, and eateries due to the COVID-19 epidemic, the market experienced tremendous growth. More individuals looked for healthy and convenient meal options as a result of the increased focus on a healthy diet among those who want to boost their immunity and maintain a balanced diet. In addition, major market participants noticed an increase in sales during the pandemic compared to 2019. The pandemic outbreak creates a huge growth opportunity for the market.

LATEST TRENDS

"Increasing Number of Working Professionals to Augment Growth"

The meal kit market growth is forecasted to be driven by the growing number of working professionals. Working professionals prefer to consume individualized, inexpensive, and ready-to-eat meals as it saves their effort and time. The working professionals experience a lack of time and, thus, prefer ordering food. The rising health concern among the population is leading them to choose easy meal as they are healthy and convenient.

MEAL KIT MARKET SEGMENTATION

By Type Analysis

By type, the market is segmented into online, offline, and meal kits.

By Application Analysis

Based on application, the market is classified into user age (under 25), user age (25-34), user age (35-44), user age (45-54), user age (55-64), and older.

DRIVING FACTORS

"Exact Amount of Components in the Meal Kit to Boost Its Demand in the Market"

Baby boomers still make up a sizable portion of the population despite being outnumbered by millennials, and their activities have a big impact on the home cooking sector. Meal kit delivery services are the perfect answer because pre-planning meals greatly lower food waste. Since each portion is pre-measured, it provides the exact amount of components needed to cook a meal. Many delivery services provide larger amounts, but they also list the number of calories and other nutritional facts per portion.

"Rising Urban Population to Propel Market Growth"

The meal kit market is estimated to grow due to young consumers have less time to cook whole meals experience more discretionary income and. The urban population is rising which is increasing the market growth and a reduction in food waste through eco-friendly practices. Additionally, the stable supply of customized food products, which are impossible for consumers to obtain on their own, is anticipated to surge rapid growth in both developed and emerging economies.

RESTRAINING FACTORS

"Lack of Awareness Among Potential Consumers to Hinder Market Growth"

Most of the population is unaware about this concept, which is expected to hamper the meal kit market growth. Various uncertain economic situations and food security policies are also anticipated to create challenges in the market.

MEAL KIT MARKET REGIONAL INSIGHTS

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"North America to Lead Market Owing to The Rising Adoption of Pre-Cooked Components"

North America is expected to hold a dominating part in the meal kit market share owing to the large number of the population purchasing these kits to save their efforts and time. It became an inexpensive and healthier alternative to pre-cooked food items in delivery services, retail stores, or restaurants.

Asia Pacific is forecasted to show significant growth in the market attributable to the freshness and convenience of the product

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products.

List of Top Meal Kit Companies

• Blue Apron (U.S.)
• Hello Fresh (Germany)
• Plated (U.S.)
• Sun Basket (U.S.)
• Chef’d (U.S.)
• Green Chef (U.S.)
• Purple Carrot (U.S.)
• Home Chef (U.S.)
• Abel & Cole (U.K.)
• Riverford (England)
• Gousto (U.K.)
• Quitoque (France)
• Kochhaus (Germany)
• Marley Spoon (Germany)
• Middagsfrid (Sweden)
• Chefmarket (Russia)
• Kochzauber (Germany)
• Fresh Fitness Food (U.K.)
• Mindful Chef (U.K.)

INDUSTRY DEVELOPMENT

• August 2024- Freshly Inc. introduced ‘Purely Plant’, its first plant-based prepared meals to satisfy consumers' ongoing demand for variety, nutrition, taste, plant-based meal options, and convenience. It includes six new meals with plant-based proteins made with clean, whole-food ingredients. Without any preparation, meals may be prepared and served in three minutes.

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for stem cells to show potential investment areas. From 2017 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.