The meal kit delivery service market is poised for significant growth, driven by the increasing demand for home-cooked meals and the convenience of subscription models. With a projected market value of US$ 65,630.6 million by 2033, this market presents a lucrative opportunity for businesses in the food and beverage industry.
NEWARK, Del., Oct. 12, 2023 /PRNewswire/ -- The meal kit delivery service market value is US$ 16,798.1 million in 2023. The market is predicted to grow staggeringly, with a CAGR of 14.6% from 2023 to 2033. The value of the market at the end of the forecast period by 2033 is estimated to be US$ 65,630.6 million.
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There has been a drive for home-cooked meals as consumers seek to control food intake. However, busy lifestyles often combine with consumers' desire for home-cooked meals. Thus, they resort to meal kits, driving the meal kit delivery service market.
The online boom has positively affected the meal kit delivery service market. Consumers can access meal kits from various vendors through online meals. Mobile applications that are fast-developing are reducing the effort required on the part of consumers for meal kit deliveries. Technological advancements such as fast GPS trackers, convenient payment methods, and smart driver networks make meal kit deliveries more attractive to consumers.
Consumers can access various cuisines and food preparations through meal kit delivery services. The type of food delivered by meal kits ranges from everyday eating to premium food. Gourmet meal kits are also seeing an increase in demand.
"With the rising trend of veganism and vegetarianism, vegan and vegetarian meal kits are gaining popularity. Sugar-free, gluten-free, and keto-rich meal kits are also witnessing an increase in demand, providing opportunities in the meal kit delivery service market," says Sneha Varghese (Senior Consultant, Consumer Products & Goods).
Key Takeaways from the Meal Kit Delivery Service Market
- The meal kit delivery service market's size is estimated to be US$ 16,798.1 million in 2023.
- Heat & eat meal kits are the most popular offering in the meal kit delivery service industry. In 2023, the heat & eat meal kits account for 61.3% of the market share by offering type.
- Vegetarian meal kits are experiencing a surge in popularity. In 2023, vegetarian meal kits account for 36.4% of the market share by meal type.
- The pace of progress in Japan is expected to be rapid for the market. The Japanese market is predicted to grow at a CAGR of 9.7% from 2023 to 2033.
- Rapid growth is also anticipated in France. For the forecast period from 2023 to 2033, the market is projected to grow at a CAGR of 9.2% in France.
- The CAGR for Germany and the United Kingdom is predicted to be 8.4% and 7.8% through 2033, respectively.
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Competition Analysis of the Meal Kit Delivery Service Market
Investments in technology to make the delivery process more convenient is a strategy adopted by players in the market. Well-established brands compete with small-scale and medium-scale players in the market. Some prominent companies in the market include Blue Apron LLC, Hello Fresh Group, Sun Basket, and Relish Labs LLC.
Recent Developments in the Meal Kit Delivery Service Market
- In October 2023, UK company Wonder Group acquired well-known industry player Blue Apron and entered the meal kit delivery service market.
- In December 2022, Gobble was acquired by Intelligent Foods. Gobble is reputed to provide meal kits that are ready to eat in a short amount of time.
- In November 2020, Factor75 was acquired by market giants HelloFresh. Factor75 has earned a name for supplying plant-based meal kits.
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About the Author:
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
Explore FMI's Extensive Coverage in Consumer Products Domain
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