(MENAFN- PR Newswire) The rapid increase in the female workforce is expected to drive the meal kit market growth owing to the busy schedule of both partners in a family, which reduces the time for cooking and buying vegetables.
PORTLAND, Ore., Jan. 25, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, 'meal kit market by Meal Type (Vegetarian, Non-Vegetarian), by Offering Type (Heat and Eat, Cook and Eat), by Distribution Channel (Online, Hypermarket/Supermarket, Convenience Stores, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031'. According to the report, the global meal kit industry generated $11.1 billion in 2021, and is anticipated to generate $43.4 billion by 2031, witnessing a CAGR of 14.9% from 2022 to 2031.
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Prime determinants of growth
The sudden surge in the adoption of cooking as a hobby by educated people is expected to drive the growth of the meal kit industry since they have less time, so they tend to choose meal kits as an option instead of restaurant-prepared food to save time spent on buying vegetables. According to the National Library of Medicine, U.S., cooking increased overall from 2003 to 2016. The percentage of college-educated men cooking rose from 37.9% in 2003 to 51.9% in 2016, and college-educated women who cook increased from 64.7% in 2003 to 68.7% in 2016. Such a rise in the number of people adopting cooking as a hobby is expected to propel the meal kit market size as they have less time for cooking, so they tend to avoid grocery shopping.
Covid-19 Scenario
Before the pandemic, less than 15% of households had ordered a meal kit; in 2020, almost 25% of households had tried a meal kit service in the U.S. The pandemic disrupted the growth of the business environment of every country, which is expected to be the major challenge for the meal kit market growth.
The non-vegetarian segment to maintain its leadership status throughout the forecast period
Based on meal type, the non-vegetarian segment held the highest market share in 2021, accounting for more than two-thirds of the global meal kit market, and is estimated to maintain its leadership status throughout the forecast period. The presence of proteins, minerals, and vitamins such as A, B6, B12, niacin, and thiamine in meat makes it appealing to consumers. Along with this, the availability of a wide range of fresh, value-added, and healthful meats from numerous product delivery service providers is expected to fuel the market for the segment.
However, the vegetarian segment is projected to manifest the highest CAGR of 15.9% from 2022 to 2031. This is due to the emerging trend of adopting a vegan diet among the population coupled with a rise in the prevalence of zoonotic diseases and an increase in concern among people toward animals which will also drive the demand for the segment.
The cook-and-eat segment held the major share in the meal kit market
Based on offering type, the cook-and-eat segment held the highest market share in 2021, accounting for around three-fifths of the global meal kit market. It allows consumers to try various recipes or healthy meals without spending extra money on eating at restaurants. It takes much time compared to the heat and eat meal kits but saves a lot of time compared to conventional cooking methods. However, the heat and eat segment is projected to manifest the highest CAGR of 15.6% from 2022 to 2031. Due to the convenience and accessibility of the items, these kits are becoming more popular globally.
The online segment to maintain its lead position during the forecast period
Based on the distribution channel, the online segment accounted for the largest share in 2021, contributing to nearly three-fifth of the global meal kit market, and is projected to maintain its lead position during the forecast period. The online platform serves as a popular medium for the sale and purchase of meal kits. This is attributed to easy availability and the benefits such as information about the attributes of the products, time-saving features, and the facility of home delivery provided by the online platform. However, the convenience store segment is expected to portray the highest CAGR of 15.4% from 2022 to 2031. This is because a wide range of meal kits encourages consumers to buy at convenience stores.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global meal kit market, and is likely to dominate the market during the forecast period. According to the National Library of Medicine, U.S., there are over 150 meal kit delivery service companies in the U.S. alone. Consumers are opting for meal kit as it saves their time in grocery shopping, lets them try new recipes, and allows them to prepare healthy meals at home. However, the Asia-Pacific region is expected to witness the fastest CAGR of 16.8% from 2022 to 2031. This growth is attributed to the owing to the surge in the number of time-poor consumers coupled with rising disposable income in the region.
Leading Market Players: -
Marley Spoon AG HelloFresh Blue Apron, LLC Gobble Snap Kitchen, LLC. Fresh n' Lean Pruvit Ventures, Inc. Yumble Daily Harvest Global Belly Oisix ra daichi Inc. The Kroger Co. Nestle S.A. Gousto Hungryroot
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