OFFLINE MEAL KIT- MARKET RESEARCH REPORTThe global meal kit delivery services market size was valued at USD 10.36 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 14.0% from 2021 to 2030. Increasing preference for homemade meals among millennials is a major factor contributing to the growth of the market. The service has been gaining high popularity and adoption among generation Y and Z. Most consumers are of the opinion that the price paid for the service is justified for the benefits it provides. The COVID-19 pandemic has offered a significant opportunity to the market as almost all the restaurants, eateries, and hotels were shut down across the globe. People are focusing on a healthy diet more than ever to increase their immunity and maintain a balanced diet. A meal kit seems to be a one-stop solution for virtually all players across the entire F&B ecosystem, including retailers, e-tailers, FMCG brand owners, and restaurants, to get themselves out of this pandemic logjam and maximize the opportunities in the current scenario.
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Key Companies & Market Share Insights
The market for meal kit delivery services is characterized by the presence of a few well-established players and several small and medium players. Mergers and acquisitions are among the key strategic initiatives in the industry. For instance, in November 2020, HelloFresh acquired Factor75, LLC for USD 277 million. The acquisition was aimed at strengthening HelloFresh’s position in the U.S. market and expanding its consumer base across the country.
Similarly, in November 2020, Nestlé acquired Freshly Inc. for USD 950 million. This acquisition was aimed at boosting the growth opportunities for Freshly Inc. The acquisition also allowed Nestlé to enter the fast-growing meal kit service industry in the U.S. Some prominent players in the global meal kit delivery services market include:
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