Meal Kit Market Size, Share, Growth & Trends | Report 2031

Report Description

 Meal Kit Market Outlook 2031

The global meal kit market size was valued at nearly USD 10.19 Billion in 2022 and is anticipated to reach USD 27.14 Billion by 2031, expanding at a CAGR of 11.5% during the forecast period,2023 – 2031. A meal kit is a new concept in the food and beverages industry, where a customer can get half-cooked food products and pre-cooked meals to their desired place.

Increasing preference for healthy home-cooked meals among consumers is driving the meal kit market. The working professionals find inadequate time to prepare a whole meal at home. This aided the market of meal kit services. It’s a new concept in the food and beverages industry, where a customer gets half-cooked food products and pre-cooked meals to their desired place.

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Changing food habits, lifestyles of people, and changing preferences toward convenience meals are anticipated to fuel the growth of the market during the forecast period. Meal kits offer fresh, organic, and locally sourced ingredients, making it easier for consumers to cook healthy meals at home.

In addition, changing food preferences, such as the rise of plant-based diets and the demand for international cuisine, are driving the growth of the meal kit market. Meal kit companies are offering a wider range of options to cater to these changing preferences, making it easier for consumers to experiment with new recipes and flavors. For Instance,

• According to a global survey by NSF, a public health organization, conducted in 2021, 88% of food industry practitioners anticipate an increase in demand for plant-based products. Among those surveyed, 74% believed that consumers opt for plant-based products as part of a healthier lifestyle, while 60% believed it to be a more environmentally friendly choice.

The research report finds that COVID-19 has a positive impact on the global meal kit industry due to the shutting down of supermarkets/hypermarkets and retail stores the demand for meal kits has increased rapidly.

Consumers get their meal kit at doorsteps by ordering the kit through the mobile application. The demand for meal kits especially for health-conscious consumers has increased after the first wave of the pandemic.

Artificial Intelligence Impact on the Meal Kit Market

Artificial intelligence (AI) has the potential to enhance personalization, improve operational efficiency, and provide a more seamless experience for customers in the meal kit market.  AI algorithms are able to analyze customer preferences, dietary restrictions, and past orders to provide personalized meal recommendations.

This enhances the customer experience and increases customer satisfaction. Furthermore, it assists in creating customized meal plans based on individual dietary needs, allergies, and nutritional goals.

Meal Kit Market Dynamics

Major Drivers

Increasing disposable income in the young generation and lack of time to prepare the complete food are major factors fueling the market growth. Consumers are willing to spend more on convenient and healthy food options, as disposable income increases.

Meal kits offer a convenient solution to busy consumers who want to prepare healthy meals at home without the hassle of grocery shopping and meal planning. The young generation, in particular, values convenience and is willing to pay for it. For Instance,

• In August 2021, Freshly Inc. introduced its inaugural line of plant-based prepared meals called 'Purely Plant'. This new line includes six diverse meals that showcase plant-based proteins made from wholesome ingredients. The launch aimed to meet the growing consumer demand for a combination of variety, taste, nutrition, convenience, and plant-based meal options. The meals are designed to be quickly heated and served within three minutes, eliminating the need for any preparation.

In addition, lack of time is a major concern for many consumers, especially those with busy work schedules or hectic lifestyles. Meal kits provide a solution by offering pre-portioned ingredients and easy-to-follow recipes, reducing the time required for meal preparation. This is particularly appealing to younger consumers who prioritize convenience and time-saving.

Existing Restraints

Lack of awareness in emerging economies about this concept is expected to hamper the growth of the market during the forecast period. Consumers may be hesitant to try meal kits, due to a lack of understanding of the convenience, health benefits, and customization options offered by meal kits.

Emerging Opportunities

Improving the online food delivery system and customizing meal selections with mobile apps is anticipated to create lucrative opportunities in the market during the forecast period.

With the increasing reliance on online platforms for food ordering, meal kit companies are able to leverage technology to streamline their delivery processes. This ensures timely and efficient delivery of meal kits to customers' doorsteps.

In addition, advancements in technology such as AI and ML help meal kit companies improve their delivery logistics, reduce costs, and enhance the overall customer experience. By utilizing mobile apps, companies offer a seamless and user-friendly experience for customers to customize their meal selections, manage their subscriptions, and track deliveries.

These advancements in technology not only enhance convenience for customers but help meal kit companies optimize their operations, reduce costs, and improve customer satisfaction.

Scope of Meal Kit Market Report

The report on the global meal kit market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Meal Kit Market Segment Insights

Type Segment Analysis

Based on types, the market can be segmented into regional meal kit, health-conscious meal kit, and omnivore meal kit. The regional meal kit segment is anticipated to acquire a significant market share during the forecast period due to the increasing demand for regional cuisine food among consumers of respective nations.

On the other hand, the health-conscious meal kit segment is anticipated to exhibit a high CAGR during the forecast period.

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Serving Segment Analysis

In terms of serving the global meal kit market share can be bifurcated into two serving and family/four serving segments. The two-serving segment is expected to grow during the forecast period as students and professionals who have hectic lives focus on maintaining a healthier lifestyle.

Regional Analysis

On the basis of regions, the market can be fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region is anticipated to dominate the global meal kit market due to the rising number of meal kit delivery providers in the US.

Consumers in this region are becoming aware of the negative effects of fast food and their preference is shifting toward meal kits. The COVID pandemic has increased the interest in meal kits among consumers as people are not required to rely on supermarkets and retail stores for purchasing the ingredients. For Instance,

• In April 2023, HelloFresh, a German meal kit company, recorded a revenue of USD 1.4 billion in the North American region. This represents a 9.7% increase compared to the same period last year. The market experienced growth in both average order value and orders per customer.

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