Renub Research predicts that the global market value of meal kits will reach approximately US$ 29.63 billion by 2028. These kits offer a convenient solution for individuals who want to cook at home without the hassle of meal planning or grocery shopping. They are delivered straight to customers’ doorsteps, making home cooking more accessible, especially for those with busy schedules. Despite the initial perception of meal kits being costly, they can prove to be a financially viable option in the long run. By providing pre-portioned ingredients, meal kits prevent excessive purchases and reduce food waste, making them a potentially more economical choice compared to frequent dining out or takeout orders.
One of the significant advantages of meal kits is their contribution to reducing food waste, thanks to the pre-portioned ingredients they contain. Moreover, many meal kit companies prioritize sustainability and employ environmentally friendly practices, such as utilizing recyclable packaging and sourcing ingredients from local, organic farms. These services offer a wide range of recipes, often featuring international and specialty dishes that may be challenging to find at local grocery stores. This variety appeals to individuals seeking to enhance their cooking abilities and explore new culinary experiences.
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The popularity of online platforms stems from their flexibility and affordability. Online meal kit services offer a convenient and customizable way to deliver high-quality meals directly to customers’ homes. These services cater to various dietary needs, provide a wide selection of recipes, and can be a cost-effective alternative to dining out or ordering takeout. Additionally, many online meal kit services prioritize sustainability and environmentally friendly practices, which can attract environmentally conscious customers. According to the report titled “Meal Kit Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis,” the worldwide meal kit market was valued at 13.15 billion in 2022.
In the industry, cook-and-eat meal kits dominate the market. These meal kits offer a hassle-free way for individuals to prepare delicious meals at home. With pre-measured ingredients and simple recipes, even novice cooks can easily follow along. The kits provide a variety of recipes, including international and specialty dishes, catering to those who want to expand their culinary skills. Furthermore, cooking with these meal kits can be a delightful and engaging social activity, creating lasting memories with family and friends. Notably, the COVID-19 pandemic has further boosted the popularity of cooking at home, with 72% of meal occasions now taking place at home compared to 60% pre-pandemic, as reported by Bain and Company.
The rise in the vegan population has contributed to the increasing popularity of vegetarian products. Plant-based diets offer various health benefits, leading to a growth in veganism from 5% in 2018 to 10% of Americans over 18 in 2022, according to the Alliance for Science online forum. Vegetarian meal kits provide a convenient way to incorporate more plant-based meals into diets and offer a diverse range of international and specialty dishes. Additionally, some people choose vegetarian diets due to ethical concerns related to animal welfare. The lower carbon footprint of plant-based diets and the convenience of vegetarian meal kits further contribute to their popularity.
In the North American market, several key players have a positive influence. Consumers in the region are drawn to meal kits due to time and effort savings. The product has evolved as a cheaper and healthier alternative to pre-cooked meals offered by restaurants, delivery services, and retail outlets. During the COVID-19 pandemic, companies like Blue Apron and Sun Basket experienced a significant surge in demand as customers perceived home-cooked meals to be safer. Furthermore, e-commerce and online ordering have made meal kits more accessible to customers. For example, in March 2022, Fantuan Delivery announced its expansion plans in Australia, starting with Sydney and Melbourne. The app, which offers Asian food delivery services, is available on both Android and iOS platforms.
Key Players Analysis: Some major companies in the market include Blue Apron Holdings, Good Food, HelloFresh, Marley Spoon Inc., Tyson Foods, Nestle, and Home Chef.
The Renub Research report titled “Meal Kit Market” provides a comprehensive analysis of the industry, covering various aspects such as platform (online and offline), offering (heat & eat, cook & eat), product (vegetarian, non-vegetarian), region (North America, Europe, Asia-Pacific, Latin America, and South East & Africa), and company analysis (Blue Apron Holdings, Good Food, HelloFresh, Marley Spoon Inc., Tyson Foods, Nestle, and Home Chef).
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