Meal Kit Market will grow at a double-digit CAGR of 14.50% from 2022 to 2028

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Bianca Gomez
April 4, 2023
NEWS

According to Renub Research, Global Meal Kit Market Value will around US$ 29.63 Billion by 2028. Meal kits provide a convenient option for people to cook at home without spending time planning meals or going grocery shopping. These kits are delivered directly to the customer’s doorstep, making cooking at home more accessible to individuals with busy schedules. Although meal kits may seem initially expensive, they can be a more financially viable option in the long term. Since the kits come with pre-portioned ingredients, preventing overbuying and food waste, meal kits can also be cheaper than eating out or ordering takeout regularly.

Meal kits often come with pre-portioned ingredients, which mean less food waste. Additionally, many meal kit companies prioritize sustainable and environment friendly practices, such as using recyclable packaging and sourcing ingredients from local and organic farms. Meal kit services offer various recipes, often including international and specialty dishes that may be difficult to find at a local grocery store. This variety appeals to people looking to expand their cooking skills and try new things.

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Online Platforms are popular due to their Flexibility and Affordability

Online meal kit services offer a convenient, customizable, and flexible way to deliver high-quality meals directly to customers’ doors. They cater to various dietary needs, provide multiple recipes, and can be a cost-effective alternative to dining out or ordering takeout. Additionally, many online meals kit services prioritize sustainable and environment friendly practices, which can appeal to environmentally conscious customers. According to the report “Meal Kit Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” Worldwide Meal Kit for 2022 was 13.15 Billion.

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Cook-and-eat Meal Kits have Hegemony in the Industry

Cook-and-eat meal kits provide a hassle-free way for people to prepare tasty meals at home, with pre-measured ingredients and simple recipes that are easy to follow, even for novice cooks. These kits offer various recipes, including international and specialty dishes, catering to those who wish to expand their culinary skills. In addition, cooking with these meal kits can be a fun and engaging social activity, creating lasting memories with family and friends. Notably, the pandemic has further increased the popularity of cooking at home, with 72% of meal occasions now taking place at home compared to 60% pre-pandemic, according to Bain and Company.

Vegetarian products are Gaining Popularity due to rise in the Vegan Population

Plant-based diets offer health benefits, leading to a rise in veganism from 5% in 2018 to 10% of Americans over 18 in 2022, as per an online forum- Alliance for science. Furthermore, vegetarian meal kits are a convenient way to incorporate more plant-based meals into diets and offer a wide variety of international and specialty dishes. Additionally, some people choose vegetarian diets for ethical reasons related to animal welfare. Finally, the lower carbon footprint of plant-based diets and the convenience of vegetarian meal kits further support their popularity.

Many market players in North America are positively influencing the market

Consumers buy these kits in the region since they save time and effort. The product has evolved into a cheaper, healthier substitute for pre-cooked meal products offered by restaurants, delivery services, and retail outlets. During the COVID-19 epidemic, businesses like Blue Apron and Sun Basket have seen an essential spike in product demand as customers believe it is safer to eat home-cooked meals.

Also, e-commerce and online ordering have made meal kits more accessible to customers. For instance, In March 2022, Fantuan Delivery announced its plans to establish a base in Australia, starting with Sydney and Melbourne. The app, which offers Asian food delivery services, is reachable on both Android and iOS platforms.

Key Players Analysis

Some major companies in the market are Blue Apron Holdings, Good Food, HelloFresh, Marley Spoon Inc., Tyson Foods, Nestle, and Home Chef.

Renub Research report titled “Meal Kit Market” provides a complete analysis of the industry.

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)

About the Company:

Renub Research is a Market Research and Information Analysis company with more than 14 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 7000 syndicated reports and worked on more than 500 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.