Meal Kit Delivery Services Market Scope:
The global meal kit delivery services market size was valued at USD 15.24 Billion in 2021 and is expected to witness a compound annual growth rate (CAGR) of 17.7% from 2022 to 2030.
Meal Kit Delivery Services Market Key Boosters and Major Deterrents:
Massive demand for quick food delivery among time-pressed consumers, the growth of the corporate sector and the mounting number of working people favours the Meal Kit Delivery Services Industry. Improving economic standards in emerging countries, rising purchasing capacity of the consumers, and the steady rise in the demand for ready to eat meals could further enhance the market share in subsequent years.
With surging focus on a healthy nutritious diet among consumers and preference for food that bolster immunity levels, meal kits have emerged as a one-stop solution for consumers and companies alike. The leading firms in the food and beverage ecosystem, such as e-tailers, retailers, restaurants, and FMCG brand owners are leveraging the change in consumer buying habits following the pandemic, offering attractive discounts and a variety of cuisines.
March 2022: The New Shop, which is a popular 24/7 convenience platform with online and retail stores offering food, essential services, hyperlocal and FMCG deliveries has introduced an instant delivery app and will be launching additional 500 stores by the next year. The New Shop is in Indore, Delhi, Ahmedabad, and Lucknow, and aims to integrate convenience so much that the customers can order food from train or airplane or from home. Regardless of the location, the food delivery will reach within 15 to 30 minutes.
Major Key Players:
Some of the biggest meal kit delivery services providers in the worldwide market are HelloFresh (Germany), Home Chef (the US), Plated (the US), Sun Basket (the US), Gousto (UK), Purple Carrot (the US), ButcherBox (the US), Marley Spoon Inc. (Germany), Blue Apron, LLC (the US), PeachDish (the US), to list a few.
Meal Kit Delivery Services Market Segmentations:
Serving-wise, the market has been segregated into two, four, one, and more. These servings are dependent on the number of total subscribers that require the meal kit delivery services. The thriving corporate sector, particularly in emerging regions like Asia Pacific, also augments the growth of the four-serving segment in the market.
With respect to the food type, the key segments outlined in the report are ready-to-eat as well as ready-to-cook. Between these, the dominant spot in the worldwide market belongs to the ready-to-eat food type on account of the soaring number of people that are time-pressed due to hectic lifestyles and busy work schedules. Hence, there is not much time left to cook, thereby opting for ready to eat food.
Non-store-based and store-based based are the major distribution channels in global market. At present, the bigger portion of the market is owned by the non-store-based distribution channel, which would continue to prevail as the leading segment in the years to come. Many of the Food Delivery Logistics firms are establishing their online presence to offer customer service, via higher flexibility by being constantly available. Most of the companies provide meal kits via their own online websites to provide convenience to customers. Consumers prefer these websites and explore monthly or weekly menus, types of subscriptions, and discounts instead of having to visit outlets.
North America is the market leader and would continue to thrive throughout the review period. Thanks to the strong presence of well-established contenders, the region has a stronghold over the global market for the next several years. Other factors that facilitate business growth in North America include the rise in innovations in delivery technologies along with the extensive use of these services by the US defence. Companies are spending considerably on the development of their fleet while a few are entering the market to gain a strong presence in the region. New players in the region are working on gaining the approval from regulatory bodies for use of their delivery technologies. These developments could have a tremendous impact on the meal kit delivery services industry in subsequent years.
The Asia Pacific industry will be expanding at the fastest rate over the review period, because of escalating use of advanced delivery drones for Korean Meal Delivery Service post the COVID-19 outbreak. The pandemic has fostered the importance of contactless deliveries to various locations, especially remote locations without losing significant time. The expanding working population across Japan, India, Malaysia, and China also acts in favour of the Food Delivery market in the next several years.
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