Meal Kit Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Meal Kit Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Global Meal Kit Market will reach US$ 29.63 Billion in 2028, and it will expand at a CAGR of 14.50% from 2023 to 2028, according to Renub Research. Meal kits are a new concept in the food and beverage industry. The meal kit market comprises the sales of meal kits by institutions (organizations, sole traders, and partnerships). The institutions put together and deliver customized food ingredients, pre-cooked meals, half-cooked food items, and new constituents to customers to conveniently prepare their meals.

Meal kits are a substitute for grocery shopping as they decrease trips to the grocery store, are economical in nutrition, time, and cost-saving, and reduce food wastage. In addition, these are convenient and offer the opportunity to prepare food at home in less time. The key factor contributing to the expansion of meal kit delivery services is the shift in people's attitudes toward meal deliverables and expenses. According to this research report, the Worldwide Meal Kit Market was US$ 13.15 Billion in 2022.

One of the significant components fuelling growth in the meal kit market is the economical solution and the presence of varied choices. Customers look for convenience in their eating routine, along with feasibly sourced food at affordable prices. In addition, the surging disposable income among young consumers and the shortage of time to prepare entire food are helping to increase the Meal Kit Market. Further, reducing food wastage by going eco-friendly and the rising urban population drives the market's growth. Additionally, the consistent supply of customized food products, which is not possible for the customers by themselves, is helping to grow this market at a very high rate in developed and developing countries.

Over the years, meal kit services have grown exponentially as many people prefer to order these ready-to-cook meals, which are better than consuming junk food that comes with various side effects. However, the growing demand and the rise of new service companies have given birth to many new trends in this industry.

What's Next For The Meal Kit Industry?

The meal kit services demonstrate the importance of technology in improving consumers' lives and the food industry's response to the desire for convenience. Some reputable and well-known meal kit services are favored for their appealing visuals on websites and social media, excellent service, and prompt delivery.

Like any business, expect trends to emerge now and then that to be familiar with launching a meal kit service soon. Here are some emerging trends in the meal kit industry to keep an eye on, which will serve as good starting points.

1. Specialized Diets
2. Pre-Made Meal Options
3. Sustainability
4. Varied Meal Choices
5. Organic Food

Online Platform held a Dominant Position in the Market

The Global Meal Kit Market, by platform, is divided into; Online and Offline. The online segment has supremacy in the meal kit market and is attributing the most significant growth rate. Companies that have established an online platform can provide client service through greater flexibility by being available around the clock.

In addition, most companies offer their products through their websites to offer convenience to consumers. Customers choose to visit websites and discover the weekly and monthly menus and the types of food subscriptions available instead of seeing the service provider in person or over a call. It also assists the companies in serving customers settled across a geographical area.

Heat & Eat Offering will grow at a Lucrative Rate

Based on offerings, the Global Meat Kit Market is categorized into Heat & Eat and Cook & Eat. The cook-and-eat segment dominated the market for meal kits. They maintain dominance over the forecast period. The supremacy of cook-and-eat can is due to the popularity of gourmet-style home cooking amongst youngsters. It also lets an individual try new recipes or gourmet meals without expending extra money eating at restaurants. These recipes are more time-intensive than the heat-and-eat segment but are a big-time saver compared to the standard cooking method. Further, it saves much time going to supermarkets and grocery stores as all the components come pre-portioned in the amount required for a single person or more.

However, the heat and eat segment will also grow at a lucrative rate. Heat-and-eat meal kit service providers offer meals prepared by chefs to consumers. The consumers can select their ingredients for the food or choose from the already present recipes on the website. These kits have been gaining popularity worldwide owing to the comfort and accessibility of products. For instance, Freshly Inc. offers customized meals and its signature collection, including Dijon Pork Chop and Traditional Beef Stew. The standard refrigerated shelf life of prepared these is around 3-5 days, and it takes approximately 5-15 minutes to heat and serve them.

Non-Vegetarian Products will grow due to the Presence of Protein and Minerals

By Products, the Global Meal Kit Market is segmented into Vegetarian and Non-Vegetarian. The non-vegetarian products dominate the market for meal kit delivery services and are also predicted to grow at an increasing rate. The segment's growth can be attributed to protein and vitamins and minerals such as A, B6, B12, niacin, and thiamine in meat, making it attractive for consumers who want to include lean protein in their diets.

In addition, various product delivery service companies offer a variety of fresh, value-added, and healthy meats, driving the consumption of non-vegetarian meal kits. In addition, other factors, such as the increasing awareness levels regarding the advantages of consuming non-vegetarian diets, including Chicken and fish, are driving the product demand.

North America holds the Largest Market Share in the studied period

Global Meal Kit Market is divided into five regions: Latin America, North America, Europe, Asia-Pacific, and South East & Africa. North America held the highest market share for meal kit delivery services and constituted the maximum share of the overall revenue. The U.S. has been mushrooming with many meal kit service providers. The trend has picked up speed in the country as an increasing number of people are becoming aware of the adverse health effects of junk food, which has gained popularity over the years.

Key Players:

Some major companies competing in the Global Meal Kit Market are Blue Apron Holdings, Good Food, HelloFresh, Marley Spoon Inc., Tyson Foods, Nestle, and Home Chef.

In November 2020, HelloFresh obtained Factor75, LLC, for USD 277 Million. The acquisition focused on strengthening HelloFresh's position in the U.S. market and increasing its consumer base across the country.
In October 2020, Freshly Inc was acquired by Nestle for US$ 950 Million. This acquisition aimed at boosting the growth opportunities for Freshly Inc. and allowed Nestlé to enter the fast-growing industry in the U.S.

Renub Research report titled “Global Meal Kit Market by Platform (Online, and Offline), by Offering (Heat & Eat, Cook & Eat), by Product (Vegetarian, Non-Vegetarian), by region (North America, Europe, Asia-Pacific, Latin America, and South East & Africa), Company (Blue Apron Holdings, Good Food, HelloFresh, Marley Spoon Inc., Tyson Foods, Nestle, and Home Chef)” provides a complete analysis of global meal kit market.

Platform – Global Meal Kit Market breakup from 2 Viewpoints:

1. Offline Meal Kit
2. Online Meal Kit

Offering – Global Meal Kit Market breakup from 2 Viewpoints:

1. Heat & Eat
2. Cook& Eat

Products – Global Meal Kit Market breakup from 2 Viewpoints:

1. Vegetarian
2. Non-Vegetarian

Region – Global Meal Kit Market breakup from 5 Viewpoints:

1. North America
2. Europe
3. Asia-Pacific
4. Latin America
5. South East & Africa

Companies have been covered from 3 Viewpoints:

• Overview
• Recent Development
• Revenue

Company Analysis:

1. Blue Apron Holdings
2. Good Food
3. HelloFresh
4. Marley Spoon Inc.
5. Tyson Foods
6. Nestle
7. Home Chef