Meal Kit Global Market Sees Growth Rate Of 21% Through 2022
1 Aug, 2022
The global meal kit market size is expected to grow from $11.19 billion in 2021 to $13.50 billion in 2022 at a compound annual growth rate (CAGR) of 20.64%. The growth in the market mainly due to the companies' resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global meal kits market size is expected to reach $23.23 billion in 2026 at a CAGR of 14.54%.
What is the Global Meal Kit Market?
The meal kit market consists of the sales of meal kits by entities (organizations, sole traders, and partnerships) that prepare and deliver customized food ingredients, pre-cooked meals, half-cooked food products, and fresh ingredients to customers to further prepare their meals conveniently. Meal kits are an alternative to grocery shopping as they reduce trips to the grocery store, are affordable in nutrition, time, and cost-saving, and reduce food wastage. These are convenient and offer the opportunity to prepare foods at home in less time.
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What drives the Global Meal Kit Market?
The rising number of working professionals is contributing to the growth of the meal kit market. For instance, in August 2021, the U.S. Bureau of Labor Statistics reported a rise in total nonfarm payroll employment of 235,000 in August, and the unemployment rate declined by 0.2 percentage points to 8.4 million. Also, they reported that 74,000 job growth occurred in professional and business services, 53,000 in transportation and warehousing, 37,000 in manufacturing, and 37,000 in other services such as personal services, laundry services, and repair and maintenance services. Meal kits are convenient for busy working professionals who prefer to eat affordable, personalized, and ready-to-eat meals. The rising number of working professionals is driving the market for meal kits.
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Global Meal Kit Market Segments
The global meal kit market is segmented:
By Type: Fresh Food, Processed Food
By Category: Vegetarian, Non-Vegetarian
By Distribution Channel: Hypermarket/Supermarket, Convenience Store, Specialty Food Stores, Small Grocery Stores, Online Stores, Others
By Geography: The regions covered in the meal kit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Meal Kit Global Market Report 2022provides market size and growth forecasts for the global meal kit market, global meal kit market share, meal kit market segments and geographies, meal kit market competitive landscape including leading competitors’ revenues, profiles and market shares. The meal kit market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Meal Kit Industry Playersinclude Hello Fresh, Blue Apron Holdings, Inc., Home Chef, Marley Spoon, Inc., Sun Basket, Gousto, Green Chef Corporation, Gobble, Inc., The Purple Carrot, Foodstirs, Inc., Freshly, Daily Harvest, Fresh Direct, Snap Kitchen, Veestro, EveryPlate, Sakara Life, Yumble, Hungryroot, Dinnerly, Ahold USA, PeachDish, Just Add Cooking, Relish Labs LLC, Fit Foods Club, Fresh Prep, Fuud Canada, Global Belly, Goodness Me, Quitoque, and Kroger Prepx. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.