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DUBLIN--(BUSINESS WIRE)--Nov 23, 2022--
The "Meal Kit Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global meal kit market. This report focuses on meal kit market which is experiencing strong growth.
The global meal kit market 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 is 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 market is expected to reach $23.23 billion in 2026 at a CAGR of 14.54%.
Companies Mentioned
Reasons to Purchase
The meal kit market consists of the sales of meal kits by entities (organizations, sole traders, and partnerships) that prepare and deliver customised 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.
The main types of meal kits are fresh food and processed food meal kits. The processed food meal kit is prepared by mechanical or chemical operations performed on the food to preserve it for a long time. Meal kits are available in a variety of distribution channels, including hypermarkets and supermarkets, convenience stores, specialty food stores, small grocery stores, online stores, and others, and are divided into vegetarian and non-vegetarian options.
North America will be the largest region in the meal kit market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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.
Strategic partnerships and collaborations are a trend in the meal kit market. Major companies are making strategic partnerships with start-ups and mid-sized companies to maintain market share in the competitive market, broaden products and services, and enter into new geographies. For instance, in December 2020, Franklin Farms, a company that provides meatless meals to customers, entered into a new partnership with Purple Carrot, a plant-based meal kit company. The partnership will allow consumers to enjoy great-tasting meatless meals made with Franklin Farms' tofu at home.
In July 2021, Hello Fresh, a meal kit company, announced its partnership with Fenn Foods. Hello Fresh will be expanding its vegan offerings in Australia by utilising Fenn Foods' carbon neutral-certified, plant-based mince as an ingredient in their "Chilli Cin Carne" recipe.
The countries covered in the Meal Kit market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
For more information about this report visit https://www.researchandmarkets.com/r/mv7yat
View source version on businesswire.com:https://www.businesswire.com/news/home/20221123005267/en/
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KEYWORD:
INDUSTRY KEYWORD: FOOD/BEVERAGE RETAIL
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/23/2022 07:45 AM/DISC: 11/23/2022 07:47 AM
http://www.businesswire.com/news/home/20221123005267/en