The Global Meal Vouchers and Employee Benefit Solutions Market size was at USD 33734.12 Million in 2021, and it is predicted that it will reach a valuation of USD 51442.37 Million by the end of 2030 with an annual development rate (CAGR) of 4.8% between 2022 and 2030.
Global Meal Vouchers and Employee Benefit Solutions Market 2021 – Overview
Meal vouchers permit workers to save money on tax, as numerous nations universally have indicated charge exclusions on meal vouchers. A portion of the merchants working in the market are centre and are extending their administration contributions by sending off new meal vouchers. Get noteworthy market experiences on the post-COVID-19 effect on each section. An employee benefits solution is an advantages package to address the issues of the organization.
Meal Vouchers and Employee Benefit Solutions Market: Key Trends
Tax Benefits for the Organization to boost the market growth:
Meal vouchers give various tax benefits, and several government authorities offer lucrative tax benefits to organisations and companies.
Organisations, companies or employers who offer meal vouchers, prepaid meal cards or food coupons as part of an employee’s salary structure are liable to get the tax benefits and are exempt from tax. It is applicable in many countries worldwide.
For instance, there are tax benefits for free food and beverages provided to employees, as stated by the Income-tax Department Government of India. Food and beverages provided on the office premises via non-transferable paid vouchers usable only at the food court or eating joint given by the employer are not taxable if the per-meal cost to the employer is less than Rs.50 (0.66 USD).
Aids in Business Development by motivating and Retaining employees:
This product (meal voucher and employee benefits solution) aids in improving the employee’s life, and it can be used for many purposes, such as fuel, gifts and meals and others. The prime benefit of this product is to keep an employee motivated, which helps increase productivity, facilitating the business process.
Attrition is a major issue in many organisations. The rising number of job-hopping is fuelling the demand for the product as meal vouchers and employee benefits solutions can help in pleasing & satisfying the employees for a long period of time. Therefore it helps an organisation to retain their employees as long as possible.
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Segmentation Analysis of Global Meal Vouchers and Employee Benefit Solutions Market 2021
Based on type
- Meal voucher
- Employee benefit
Bases on product type
- Cash voucher
- Non-cash voucher
Based on end-user
- Mobile workspace
- Volunteer organisations
- Training centres and recruiting
- School trip and sporting events
- Disaster victims and relief workers
- Convention teams
Based on application
- Meal
- Gift
- Travel
North America is anticipated to hold the highest market share
North America, Europe, Latin America, Asia Pacific, and Middle East and Africa are the major regions constituting the geographical landscape of Global Meal Vouchers and Employee Benefit Solutions Market 2021. North America holds the largest market share.
Competitive Landscape
The Key players in this Market 2021 are Alelo, Axis Bank Ltd., Cinqo Group, Edenred SA, Finnew Solutions Pvt. Ltd., Monizze NV SA, Sodexo Group, SPENDIT AG, The Up Group, and VR Beneficios.
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Major questions answered in this report
- What is the growth rate of this Market 2021?
- What are the primary growth determinants of this Market 2021?
- Which are the major regions constituting the geographical landscape of this Market 2021?
- Which are the prominent companies operating in this Market 2021?
Key takeaways from the report-
- This Market 2021 register a CAGR of more than 4.8% from 2022 to 2030.
- The North America is anticipated to hold the highest market share.
- This market is driven by the tax reductions of meal vouchers and developing business rates.
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