What is Meal Kit Service?
Meal kit service is food business model, where the meal kit service provider delivers partially-prepared food ingredients as well as the recipe to the customers. The meal kit service is adding its value in the market due to its advantages such as time-saving process, lower cost and it reduces food wastage. Additionally, shifting consumer’s preference for home cooking, the rising popularity of meal kit services among the working population and availability of customization as per the requirement are the major key drivers for the market. However, Intense Competition among established players, Lack of workforce for food delivery is hampering the overall growth of the market. Moreover, the rising number of startups and funding from investors due to innovating ideas can create a new opportunity for the market.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Billion) |
CAGR | 16.98% |
The Vendors having a strong hold in the market are Blue Apron, Hello Fresh, Plated, Sun Basket, Green Chef Corporation. Analysts at AMA Research estimates that Vendors from United States and European will contribute to the maximum growth of Global Meal Kit Service market throughout the predicted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Blue Apron, Hello Fresh (Germany), Plated (United States), Sun Basket, Green Chef Corporation, Purple Carrot (United States), Relish Labs LLC, Abel & Cole Limited (United Kingdom), Riverford Organic Farmers (United Kingdom) and Gousto (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Quitoque (France), Marley Spoon (Germany), Middagsfrid (Sweden) and Shefmarket (Russia).
Segmentation Overview
AMA Research has segmented the market of Global Meal Kit Service market by , Application (Residential and Commercial) and Region.
On the basis of geography, the market of Meal Kit Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Product Type, the sub-segment i.e. Ready-to-eat Food will boost the Meal Kit Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Meal Type, the sub-segment i.e. Veg will boost the Meal Kit Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On October 2018, HelloFresh (Meal kit service Provider) has announced the acquisition of Chefs Plate Inc. the main aim of the acquisition is to expand the business in the meal kit services. Co-founder of the Chefs Plate Inc. states “We are proud to join forces with the leading global meal kit company HelloFresh,”
Investors have been more interested in food delivery startups. For instance, in 2018, more than USD 3500 million has been invested in the food delivery startup. The new funding by many investors is responsible for launching a new startup across the globe.
Market Drivers
- Increasing Demand due to Lower cost over Out Eat Food
- Rising Demand Shifting Consumers Preference for Home Cooking
Opportunities
- Increasing Demand as Meal Kit Service saves Time and Cost
- An Emergence of New Startups with New Innovations
Restraints
- Intense Competition and Lack of workforce
Challenges
- Fluctuation in the Prices of Raw Material
Key Target Audience
Meal Kit Service Providers, Food Delivery Organizations, Private Research Organization, NGOs, Potential Investors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.