The Meal Kit Global Market Report 2023 by The Business Research Company, provides meal kit market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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In accordance with The Business Research Company’s comprehensive analysis outlined in the Meal Kit Global Market Report 2023, it is projected that the global meal kit market will undergo a substantial expansion, ascending from its 2022 valuation of $13.6 billion to a noteworthy $15.53 billion in 2023, showcasing a remarkable compound annual growth rate (CAGR) of 14.1%. However, this meteoric rise is not without its intricacies, as the geopolitical landscape, specifically the Russia-Ukraine conflict, has introduced an unforeseen impediment to the global economic resurgence post-COVID-19. In the immediate aftermath of this conflict, we have witnessed the imposition of economic sanctions on various nations, an escalation in commodity prices, and disruptions within the supply chain, thereby instigating inflationary pressures across diverse sectors worldwide.
Anticipating a prolonged trajectory of growth, the meal kit market is envisaged to burgeon exponentially, reaching a formidable valuation of $28.69 billion by the year 2027, characterized by an impressive CAGR of 16.6%.
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 growth of meal kits market
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The meal kit market 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
Top 5 Major Players:
In this dynamic landscape, strategic collaborations and partnerships emerge as pivotal strategies employed by major industry players to fortify their market standing, diversify product portfolios, and explore untapped geographies. Notably, a paradigmatic illustration of this trend unfolded in December 2020 when Franklin Farms, a distinguished purveyor of meatless culinary delights, forged a strategic alliance with Purple Carrot, an avant-garde plant-based meal kit enterprise. This synergistic partnership is poised to empower consumers with the ability to savor delectable meatless offerings crafted with Franklin Farms’ premium tofu within the comforts of their homes.
Similarly, in July 2021, Hello Fresh, an influential player in the meal kit sector, unveiled a strategic collaboration with Fenn Foods. This strategic alliance is strategically positioned to augment Hello Fresh’s vegan repertoire in the Australian market, leveraging Fenn Foods’ carbon-neutral-certified, plant-based mince as a key ingredient in their signature “Chilli Cin Carne” recipe. These instances underscore the industry’s proactive approach towards innovation and partnership, reflecting a commitment to satiate evolving consumer preferences and carve a sustainable niche in the competitive culinary landscape.
1. Executive Summary
2. Meal Kit Market Characteristics
3. Meal Kit Market Trends And Strategies
4. Meal Kit Market – Macro Economic Scenario
5. Meal Kit Market Size And Growth
…..
26. Africa Meal Kit Market
27. Meal Kit Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Meal Kit Market
29. Meal Kit Market Future Outlook and Potential Analysis
30. Appendix
List of Tables:
Table 1: Global Historic Market Growth, 2017-2022, $ Billion
Table 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
Table 3: Global Meal Kit Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 4: Global Meal Kit Market, Segmentation By Category, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 5: Global Meal Kit Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
….
Table 46: Hello Fresh Financial Performance
Table 47: Blue Apron Holdings, Inc., Financial Performance
Table 48: Home Chef Financial Performance
Table 49: Marley Spoon Inc., Financial Performance
Table 50: Sun Basket Financial Performance
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