Meal Kit Global Market Report 2024

A meal kit is a service that delivers customized food ingredients, pre-cooked meals, partially cooked food items, or fresh ingredients to customers for convenient meal preparation. Meal kits offer an alternative to traditional grocery shopping, saving time and reducing food waste. They are convenient and provide the opportunity to prepare meals at home in less time.

In the meal kit market, the main types of meal kits are fresh food and processed food meal kits. Processed food meal kits undergo mechanical or chemical operations to preserve them for an extended period. They are available through various distribution channels such as hypermarkets, supermarkets, convenience stores, specialty food stores, small grocery stores, and online platforms. These meal kits are further categorized into vegetarian and non-vegetarian options.

The meal kit research report is one of a series of new reports from The Business Research Company that provides meal kit statistics, including meal kit industry global market size, regional shares, competitors with meal kit share, detailed meal kit segments, market trends and opportunities, and any further data you may need to thrive in the meal kit industry. This meal kit research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The meal kit market size has grown rapidly in recent years. It will grow from $15.64 billion in 2023 to $18.04 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth during the historical period can be connected to cultural diversity and culinary exploration, the emergence of convenience culture, shifts in lifestyles and work patterns, consumer preferences leaning towards healthy and fresh meals, and the entry of various food industry players into the market.

The meal kit market size is expected to see rapid growth in the next few years. It will grow to $34.6 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%. The projected growth in the forecast period is due to various factors such as the utilization of data-driven consumer insights, the increasing adoption of plant-based and vegan meal kits, the demand for convenience and time-saving solutions, the broadening of culinary offerings with a focus on international cuisine, and the emphasis on sustainability and eco-friendly packaging. Noteworthy trends expected during this period encompass DIY and cooking experiences, the exploration of regional and cultural cuisines, the implementation of flexible subscription models, the integration of technology within meal kit services, and collaborations between celebrities and chefs within the industry.

The growth of the meal kit market is expected to be driven by the rise in urbanization and busy lifestyles. Urbanization refers to the increasing concentration of the population in urban areas as cities expand. With more consumers living in urban settings and experiencing busier lifestyles, there is a growing demand for convenient meal solutions. Meal kits, especially chilled ones, are particularly attractive due to their convenience, affordability, and perceived health benefits. For example, as of 2022, over 55% of the world's population lived in urban areas, a figure projected to rise to 68% by 2050, according to the World Health Organization. This trend indicates a significant shift towards urban living, where the demand for convenient meal options such as meal kits is expected to increase. In summary, the increasing urbanization and busy lifestyles of consumers are key factors driving the growth of the meal kit market, as these trends create a greater demand for convenient and time-saving meal solutions.

The increasing number of working professionals is contributing to the growth of the meal kit market. Working professionals typically have careers that require specialized knowledge, training, and skills, and they often have busy schedules. Meal kits are a convenient solution for these individuals as they provide pre-portioned ingredients and easy-to-follow recipes, allowing them to prepare healthy and delicious meals in 30 minutes or less. For example, according to the U.S. Bureau of Labor Statistics in August 2021, there was a rise in total nonfarm payroll employment by 235,000, with the unemployment rate declining to 8.4 million. Additionally, job growth was reported in various sectors such as professional and business services, transportation and warehousing, manufacturing, and other services such as personal services, laundry services, and repair and maintenance services. Therefore, the increasing number of working professionals is driving the growth of the meal kit market.

Strategic partnerships and collaborations are becoming increasingly prevalent in the meal kit market. Major companies are forming strategic alliances with start-ups and mid-sized companies to sustain their market share in a competitive environment, diversify their product offerings, and expand into new markets. For instance, in December 2020, Franklin Farms, a provider of meatless meals, partnered with Purple Carrot, a plant-based meal kit company. This partnership allows consumers to prepare delicious meatless meals using Franklin Farms' tofu at home. By joining forces, Purple Carrot has been able to enhance its menu offerings and appeal to a broader audience with plant-based preferences.

Key companies in the meal kit market are focusing on developing innovative products such as plant-rich meal kits to enhance the customer experience. Plant-rich meal kits are a type of delivery service that offers pre-portioned ingredients and recipes for meals primarily based on plant-derived foods. For example, in 2023, Ready Pac Produce, Inc., a US-based company specializing in fresh vegetables, salads, and fresh meals, launched Bistro Meal kits. These meal kits are designed to cater to the increasing demand for vegetable-based, plant-rich food options that consumers can conveniently purchase and prepare at home. The kits feature plant-rich ingredients such as fresh vegetables, whole grains, and flavorful sauces, aligning with the growing consumer preference for healthier and more sustainable meal choices.

In May 2022, Pluckk, an India-based digital fresh food brand specializing in the fruit and vegetable sector, acquired KOOK for $1.3 million. This acquisition positions the company to offer customers across India a farm-to-table experience, blending Pluckk's commitment to safe and chemical-free products with KOOK's expertise in meal-kit production. The acquisition presents significant growth opportunities for the company by tapping into the considerable potential of the meal box market. KOOK is an India-based food tech startup known for providing meal kits.

Major companies operating in the meal kit market report are Ahold Delhaize USA, HelloFresh SE, Daily Harvest Inc., Home Chef LLC, Blue Apron Holdings Inc., Marley Spoon AG, Fresh Direct LLC, Gousto Ltd., Hungryroot Inc., Sun Basket Inc., Green Chef Corporation, Fit Foods Club, Freshly Inc., Sakara Life Inc., Fresh Prep Inc., Trifecta Nutrition, Quitoque, Goodness Me! Natural Food Market, Purple Carrot Inc., Veestro LLC, Gobble Inc., Yumble Kids Inc., Snap Kitchen Holdings LLC, Foodstirs Inc., FUUD Canada Inc., PeachDish LLC, EveryPlate, Global Belly Inc., Just Add Cooking Inc., Relish Labs LLC, The Kroger Co.

North America will be the largest region in the meal kit market in 2023. The regions covered in the meal kit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the meal kit market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The meal kit market includes revenues earned by entities by sending customers pre-portioned and sometimes partially-prepared food ingredients and recipes to prepare home-cooked meals. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Meal Kit Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on meal kit market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for meal kit ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The meal kit market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Fresh Food; Processed Food
• 2) By Category: Vegetarian; Non-Vegetarian
• 3) By Distribution Channel: Hypermarket/Supermarket; Convenience Store; Specialty Food Stores; Small Grocery Stores; Online Stores; Other Distribution Channels
• Companies Mentioned: Ahold Delhaize USA; HelloFresh SE; Daily Harvest Inc.; Home Chef LLC; Blue Apron Holdings Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.