Meal Kit Delivery Services Market is projected to reach a Valuation of US$ 18.5 billion by 2031, Transparency Market Research, Inc.
Rise in demand among the employed population across the world is likely to drive the global meal kit delivery services market, North America is likely to account for dominant market share during the forecast period.
Wilmington, Delaware, United States, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a TMR study, the global meal kit delivery services market is expected to expand at a CAGR of 15.7% from 2023 to 2031.
Meal kit delivery services help deliver vegetarian and non-vegetarian meal kits to customers. These services are subscription-based and contain pre-cooked meals. Meal kit delivery services subscribers can alter their plans depending on dietary options and number of meals required.
Meal kits are alternative to grocery shopping, as these help reduce the number of visits to malls, and help save time and money. These services have emerged as a popular option among both urban and rural residents and single and married population sections.
Launch of new delivery services is helping leading players in generating significant revenue and gaining an edge over other players. Well-established players are engaging in collaboration and partnerships to expand presence and increase revenue share.
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Key Findings of Market Study
Rise in Meal Kit Demand among Employed Population: In terms of customer type, the global market has been bifurcated into employed and unemployed. The employed segment is projected to account for dominant share during the forecast period. Strenuous work schedules among the working population globally are likely to reduce time to cook food, thereby fueling the demand for meal kits that offer healthy food options. This, in turn, is likely to increase demand for meal kit delivery services.
Surge in Demand for Complete Meal Kits: Based on food type, the global market has been bifurcated into complete meal and à la carte. The complete meal segment is projected to account for dominant market share during the forecast period. Complete food kits permit individuals to reduce the need to shop for groceries, thereby saving time to prepare food. This is likely to fuel demand and trigger growth of the segment in the next few years.
Meal Kit Delivery Services Market - Key Driving Factors
Rise in consumer preference for convenient food products
Increase in migration from rural areas to urban areas
Growth in popularity for ghost kitchens
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Meal Kit Delivery Services Market - Regional Landscape
North America is likely to account for dominant market share in the next few years. Increase in consumer demand for convenient food options due to busy lifestyles in countries such as the U.S. and Canada is likely to propel market development in the near future.
The market in Europe is projected to witness robust growth during the forecast period due to rise in demand for convenient and healthy cooking methods in countries such as the Germany and the U.K.
Meal Kit Delivery Services Market - Key Players
The global meal kit delivery services market comprises numerous international and local companies, which has led to intense competition. Entry of new players is likely to further intensify the competition during the forecast period.
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Prominent players in the market are Nestle, Blue Apron Inc., Sun Basket, Marley Spoon Inc., , and HelloFresh SE.
The global market has been segmented as follows:
A la carte
Middle East & Africa
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
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