Fueling Convenience: Global Meal Kit Market on a Growth Trajectory
Meal Kit Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company's Meal Kit Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LANDON, GREATER LANDON, UK, January 4, 2024 /EINPresswire.com/ -- The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033.
The global meal kit market is experiencing robust growth, set to increase from $13.6 billion in 2022 to $15.53 billion in 2023, with a compelling Compound Annual Growth Rate (CAGR) of 14.1%. This momentum is expected to continue, propelling the market to reach $28.69 billion in 2027, driven by a significant CAGR of 16.6%. A key catalyst for this growth is the rising number of working professionals, particularly in regions like North America, contributing to the increased adoption of meal kits.
Workforce Dynamics and Market Growth
The surge in the meal kit market is closely tied to the growing population of working professionals. For example, data from the U.S. Bureau of Labor Statistics in August 2021 highlighted a rise in nonfarm payroll employment, with 235,000 jobs added, contributing to a decline in the unemployment rate. With 74,000 jobs added in professional and business services, 53,000 in transportation and warehousing, and 37,000 in manufacturing, the trend underscores the increased employment of working professionals. Meal kits cater to the preferences of busy individuals, offering convenient, personalized, and ready-to-eat meals, thereby propelling the market's expansion.
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Key Players Paving the Way
Major players shaping the meal kit market landscape include Hello Fresh, Blue Apron Holdings, Inc., Home Chef, Marley Spoon, Inc., Sun Basket, Gousto, Green Chef Corporation, Gobble, Inc., The Purple Carrot, Food stirs, Inc., Freshly, Daily Harvest, Fresh Direct, Snap Kitchen, Vestron, Every Plate, Sakara Life, Yumble, Hungryroot, Dinnerly, Ahold USA, PeachDish, Just Add Cooking, Relish Labs LLC, Fit Foods Club, Fresh Prep, Fuud Canada, Global Belly, Goodness Me, Quitoque, and Kroger Prepx. These industry leaders are instrumental in driving innovation, competition, and market dynamics.
Strategic Partnerships and Collaborations
A notable trend in the meal kit market is the prevalence of strategic partnerships and collaborations. Major companies are actively engaging with start-ups and mid-sized firms to bolster market share, diversify products and services, and explore new geographical markets. For instance, Franklin Farms partnered with Purple Carrot, enabling consumers to savor meatless meals featuring Franklin Farms' tofu. Similarly, Hello Fresh expanded its vegan offerings in Australia through a partnership with Fenn Foods, incorporating their plant-based mince into a popular recipe.
Regional Dynamics: North America Takes the Lead
In 2022, North America emerged as the largest region in the meal kit market. This regional dominance is attributed to factors such as a substantial workforce and a growing preference for convenient food solutions. While North America is currently leading, the meal kit market analysis covers regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa, offering insights into diverse global trends.
Segmentation Insights: Diverse Offerings and Distribution Channels
The global meal kit market is segmented based on:
Type: Fresh Food, Processed Food
Category: Vegetarian, Non-Vegetarian
Distribution Channel: Hypermarket/Supermarket, Convenience Store, Specialty Food Stores, Small Grocery Stores, Online Stores, Other Distribution Channels
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Meal Kit Global Market Report 2023 from TBRC covers the following information:
Market size date for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Meal Kit Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on meal kit market size, meal kit market drivers and trends, meal kit market major players, competitors' revenues, market positioning, and meal kit market growth across geographies. The meal kit market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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