PUBLISHER: 360iResearch | PRODUCT CODE: 1471269
PUBLISHER: 360iResearch | PRODUCT CODE: 1471269
[186 Pages Report] The Meal Kit Market size was estimated at USD 15.14 billion in 2023 and expected to reach USD 16.98 billion in 2024, at a CAGR 12.52% to reach USD 34.58 billion by 2030.
The meal kit market is a rapidly evolving global industry consisting of businesses providing pre-portioned, packaged ingredients and easy-to-follow recipes, enabling consumers to prepare home-cooked meals without the burden of meal planning and grocery shopping. Customers can choose from a diverse range of dietary preferences, cuisines, and portion sizes according to their tastes and needs. End-users include both busy professionals seeking convenient solutions for daily meals without compromising on nutrition and taste and amateur cooks looking to expand their culinary skills by experimenting with new recipes. The increasing urbanization and modern lifestyle are driving demand for convenient and healthy food options that save time on meal preparation. E-commerce platforms have played a crucial role in transforming the dynamics of the meal kit industry by providing ease of access for customers to order online at their convenience. The high cost of meal kits compared to traditional grocery shopping can act as a barrier to wider customer adoption. Furthermore, maintaining consistent product quality and freshness across various locations while ensuring timely deliveries is a significant challenge faced by providers in this space. However, major companies are constantly exploring innovations to improve logistic operations to tackle such challenges. The introduction of AI to offer customized meal kits and meal plans and utilization of marketing strategies can help major companies reach a wider audience.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 15.14 billion |
Estimated Year [2024] | USD 16.98 billion |
Forecast Year [2030] | USD 34.58 billion |
CAGR (%) | 12.52% |
Meal Type: Rising preference for vegan and vegetarian lifestyles driving the demand for vegetarian meal kits
Non-vegetarian meal kits cater to those who consume meat and seafood on a regular basis. These products often include fresh, high-quality ingredients, making it easier for consumers to prepare nutritious meals at home without spending time on grocery shopping or planning. Vegetarian meal kits are designed for individuals who abstain from consuming meat products for various reasons, such as health concerns or ethical considerations. The demand for vegetarian meal kits has increased significantly due to growing awareness about the environmental impact of meat production and a desire for sustainable food choices. Vegetarian meal kits focus on providing diverse plant-based alternatives that emphasize sustainability and nutrition without compromising taste or quality.
Distribution: Emergence of online stores to cater to the growing demand for convenient and quick delivery of food items
Convenience stores have become a widely preferred destination for quick and easy meal solutions. With the growing demand for healthy meal alternatives, many convenience store chains have started offering meal kits to cater to this need-based preference. The online store category is the most dominant channel for meal kit distribution due to its vast reach and potential for growth. Consumers prefer online stores as they provide an extensive selection of meals based on dietary preferences or cuisine type. Specialty stores focus on specific niche markets, such as organic products or diets based on lifestyle choices. Supermarkets have also embraced the meal kit trend by offering both store-branded and third-party meal solutions on their shelves. By providing an in-store option for purchasing meal kits, supermarkets cater to those who prefer traditional shopping experiences or want to add a last-minute dinner solution to their cart.
Offering Type: Busy lifestyles and rising urbanization leading to a surge in demand for heat & eat meal kit
Cook & eat meal kits are designed for those who enjoy cooking but lack the time or resources to plan, shop, and prepare ingredients from scratch. These kits come with pre-portioned ingredients and easy-to-follow recipes, allowing customers to cook a nutritious, restaurant-quality meal at home. Heat & Eat meal kits cater to individuals with hectic schedules who desire convenience without sacrificing quality. These kits come with fully cooked and portioned meals that do not require cooking before being consumed. Busy professionals, students, and families who prioritize time-saving solutions are drawn to Heat & Eat meal kits.
Serving: Increasing utilization of single servings by consumers seeking convenience
Multiple servings meal kits are designed for households with more than one person or those who prefer batch cooking. The primary need-based preference for this segment is driven by convenience and cost-effectiveness, as they allow users to save time and money by preparing meals in bulk. The single-serving meal kit segment caters to individuals or consumers with limited time who prefer portion-controlled meals without leftovers. The primary need-based preference is convenience coupled with portion control for health-conscious users seeking calorie-specific meals.
Regional Insights
A growing trend toward healthy eating and convenience has fueled the demand for meal kits in the Americas region. Consumers in this market are driven by the need to save time while enjoying high-quality, home-cooked meals. The US meal kit market is highly competitive, with major companies constantly innovating and exploring diverse meal options. In the European Union (EU), meal kit adoption varies across countries but demonstrates an overall upward trajectory. As consumers become increasingly conscious of waste reduction and sustainable practices, EU-based companies have responded with eco-friendly packaging solutions and locally sourced ingredients. China boasts a massive potential customer base for meal kits. To succeed here, companies offer specific meal kits that cater to local tastes and ingredients while addressing the importance of freshness. Japan's meal kit market is gaining traction with a focus on time-saving and waste reduction. Japan is also characterized by the emergence of plant-based meal kits that aim to provide meal options to the growing vegan and vegetarian population.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Meal Kit Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Meal Kit Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Meal Kit Market, highlighting leading vendors and their innovative profiles. These include Blue Apron, LLC by Wonder Group, CookUnity, Cumin Club, Daily Harvest, Diet-to-Go, Fit Foods Club, FlexPro Meals, Fresh N Lean, Freshly Inc. by Nestle S.A., Gobble Inc., Gousto, HelloFresh SE, Home Chef, Marley Spoon by MMM Consumer Brands Inc., Meal Kit Supply, Mosaic Foods, Oisix ra daichi Inc., Pepper Leaf Pty Ltd., Pete's Real Food, Sakara Life, Snap Kitchen, Splendid Spoon, Sun Basket, Inc., Territory Foods, The Good Kitchen, The Kroger Co., Tovala, Trifecta Nutrition, and Tyson Foods Inc. by General Mills, Inc..
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Meal Kit Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Meal Kit Market?
3. What are the technology trends and regulatory frameworks in the Meal Kit Market?
4. What is the market share of the leading vendors in the Meal Kit Market?
5. Which modes and strategic moves are suitable for entering the Meal Kit Market?