The meal kit market is experiencing rapid expansion, increasing from $15.64 billion in 2023 to $18.04 billion in 2024, at a CAGR of 15.4%. This growth is fueled by convenience culture and health-conscious consumer preferences. By 2028, the market is expected to reach $34.6 billion, showcasing a CAGR of 17.7%, driven by the rise of plant-based options and eco-friendly packaging.
Major Driver In The Meal Kit Market
The meal kit market is set to experience robust growth, driven by the increasing rate of urbanization and evolving consumer lifestyles. Urbanization trends indicate a steady rise in the percentage of the population residing in urban areas, with over 55% of the global population living in cities as of 2022, a figure expected to reach 68% by 2050. This demographic shift, coupled with rising per capita income and busy lifestyles, has fueled demand for convenient meal solutions. Chilled meal kits, in particular, have gained popularity due to their affordability and health benefits, catering to the needs of urban consumers seeking convenient pre-prepared meals. As urbanization continues to reshape consumer habits, the meal kit market stands to benefit from the growing preference for on-the-go meal options.
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Meal Kit Market Competitive Landscape
Ahold Delhaize USA, HelloFresh SE, Daily Harvest Inc., Home Chef LLC, Blue Apron Holdings Inc., Marley Spoon AG, Fresh Direct LLC, Gousto Ltd, Hungryroot Inc., Sun Basket Inc., Green Chef Corporation, Fit Foods Club, Freshly Inc., Sakara Life Inc., Fresh Prep Inc., Trifecta Nutrition, Quitoque, Goodness Me! Natural Food Market, Purple Carrot Inc., Veestro LLC, Gobble Inc., Yumble Kids Inc., Snap Kitchen Holdings LLC, Foodstirs Inc., FUUD Canada Inc., PeachDish LLC, EveryPlate, Global Belly Inc., Just Add Cooking Inc., Relish Labs LLC, The Kroger Co
Key Meal Kit Market Trend
Strategic partnerships and collaborations are a trend in the meal kit market. Major companies are making strategic partnerships with start-ups and mid-sized companies to maintain market share in the competitive market, broaden products and services, and enter into new geographies. For instance, 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 enables consumers to enjoy great-tasting meatless meals made with Franklin Farms’ tofu at home. This partnership allowed Purple Carrot to expand its menu offerings and cater to a wider range of plant-based palates.
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Meal Kit Market Segmentation
The meal kit market covered in this report is segmented –
1) By Type: Fresh Food, Processed Food
2) By Category: Vegetarian, Non-Vegetarian
3) By Distribution Channel: Hypermarket/Supermarket, Convenience Store, Specialty Food Stores, Small Grocery Stores, Online Stores, Other Distribution Channels
By Geography:The regions covered in the meal kit market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America will be the largest region in the meal kit market in 2023.
The Meal Kit Global Market Report 2024 furnishes information about the global meal kit market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
