Wilmington, Delaware, United States, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The global meal kit delivery services market is projected to flourish at a CAGR of 15.7% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 18.5 billion is anticipated for the market in 2031. As of 2023, the market for meal kit delivery services is expected to close at US$ 5.9 billion.
Increasing awareness of health and wellness has driven demand for meal kits that provide healthier and more balanced meal options. Many meal kit companies focus on offering nutritious meals with fresh ingredients.
Meal kits allow consumers to explore diverse cuisines and flavors without the need for extensive cooking skills or access to exotic ingredients. This culinary exploration appeals to adventurous eaters, driving the market demand.
Meal kit delivery services can provide a space-saving alternative to traditional grocery shopping in urban areas with limited space. These services are also gaining popularity among the younger generation in urban as well as rural areas due to the surge in investment in infrastructure development.
Many consumers are actively seeking healthier food options and are more conscious of what they eat. Meal kit services have capitalized on this trend by emphasizing the provision of balanced, nutritious meals.
The meal kit delivery services often use fresh ingredients, cater to specific dietary preferences (e.g., vegetarian, vegan, gluten-free), and provide calorie-controlled options, appealing to health-conscious consumers, boosting the market demand.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 5.1 Bn | |
| Estimated Value | US$ 18.5 Bn | |
| Growth Rate - CAGR | 15.7% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 217 Pages | |
| Market Segmentation | By Food Type, Customer Type, Relationship Status, Resident, Distribution Channel | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
| Companies Covered | HelloFresh SE, Blue Apron Inc., True Food Innovations, Sun Basket, Whole Foods Market, Marley Spoon Inc., PeachDish, Relish Labs LLC, Gobble Inc., Purple Carrot | |
Key Takeaways from the Market Study
- As of 2022, the meal kit delivery services market was valued at US$ 5.1 billion
- By food type, the complete meal segment is anticipated to hold the largest share during the forecast period. Complete meal kit delivery services allow individuals to avoid the need to plan for groceries.
- Based on customer type, employed customer segment is estimated to dominate the industry during the forecast period
- Based on residents, the urban segment is anticipated to dominate the industry during the forecast period
Meal Kit Delivery Services Market: Key Trends and Opportunistic Frontiers
- The rapid growth of e-commerce and digital platforms has facilitated the rise of meal kit delivery services. Consumers can easily browse meal options, customize their orders, and arrange deliveries through user-friendly websites and mobile apps.
- The increase in urban population and increased spending power are projected to spur meal kit delivery services market growth in the near future.
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Meal Kit Delivery Services Market- Regional Analysis
- North America is projected to hold the largest share of the meal kit delivery services market. Customers in North America increasingly prefer convenient food options due to their busy lifestyles.
- Increasing interest in convenient and healthy meal options and a strong e-commerce infrastructure have driven the growth of these services. The presence of major players like Blue Apron, HelloFresh, and Sun Basket in this region drives the market demand.
- Europe is expected to grow at a significant pace during the forecast period. Germany and the United Kit are poised to be major growth engines of the market in Europe. Increasing interest in gourmet and healthy meals. Companies like Marley Spoon and Quitoque operate in this region.
Competitive Landscape
The global business is consolidated, with a few large-scale vendors controlling majority of the market share. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global meal kit delivery services market report:
- HelloFresh SE
- Blue Apron Inc.
- True Food Innovations
- Sun Basket
- Whole Foods Market
- Marley Spoon Inc.
- PeachDish
- Relish Labs LLC
- Gobble Inc.
- Purple Carrot
Key Developments in The Meal Kit Delivery Services Market
- HelloFresh, one of the leading meal kit providers globally, has been actively involved in acquisitions to expand its market reach. In 2020, they acquired Factor75, a prepared meal delivery service, to diversify their offerings.
- Blue Apron, another prominent player, partnered with WW (formerly Weight Watchers) to launch WW x Blue Apron, offering healthier meal options with WW's SmartPoints in mind.
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Meal Kit Delivery Services Market- Key Segments
Food Type
- Complete Meal
- Al-a-carte
Customer Type
- Employed
- Unemployed
Relationship Status
- Married or Partnered
- Single
Resident
- Urban
- Rural
Distribution Channel
- Online
- Offline
- Hypermarkets & Supermarkets
- Grocery Stores
- Specialty Stores
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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