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Food And Drink Subscription Boxes Market Share, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Food And Drink Subscription Boxes Market Share
According to The Business Research Company's, The food and drink subscription boxes market size has grown strongly in recent years. It will grow from $5.92 billion in 2023 to $5.92 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to changing consumer lifestyles, increasing disposable income, rise of specialty diets, environmental awareness, expansion of food tourism.
The food and drink subscription boxes market size is expected to see strong growth in the next few years. It will grow to $8.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to increasing consumer demand, technological advancements, globalization of tastes, health crisis response, urbanization and busy lifestyles. Major trends in the forecast period include personalization options, ethical and sustainable products, flexible subscription models, health and wellness focus, innovative packaging solutions.
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Market Drivers and Trends:
The increasing popularity of e-commerce is expected to propel the growth of the food and drink subscription boxes market going forward. E-commerce refers to the buying and selling of goods and services over the internet or other electronic networks. It arises because of convenience for consumers, accessibility, vast product selection, time-saving, and efficiency. Food and drink subscription boxes are utilized in e-commerce to offer customers a recurring delivery of curated products, providing convenience and personalized experiences. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, total e-commerce sales in the USA were $1,118.7 billion in 2023, an increase of 7.6% from 2022. Therefore, the increasing popularity of e-commerce is driving the growth of the food and drink subscription boxes market.
Major companies operating in the food and drink subscription boxes market are focusing on developing innovative solutions, such as subscription brunch box, to cater to diverse preferences and needs and gain a competitive edge in the market. This subscription box refers to a subscription box or service that provides customers with a curated selection of food and drink items designed explicitly for brunch. For instance, in March 2023, Blue Apron Holdings Inc., a UK-based ingredient-and-recipe meal kit company, launched its first-ever brunch box to elevate weekend meals. It offers a limited-time, seasonal selection of sweet and savory recipes, perfect for weekends. Additionally, this brunch box features an easy-to-prepare, chef-designed menu with a variety of elevated classics that can serve up to six people, and the offering includes breakfast recipes with new ingredients like silky-smooth lemon curd for the overnight french toast bake and marinated artichokes for the quiche, along with certified humanely raised and handled thick-cut bacon.
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Major Key Players of the Market:
Marley Spoon Inc, HelloFresh SE, ButcherBox, Blue Apron Holdings Inc, Sun Basket, Hungryroot, EveryPlate, Dinnerly, Freshly Inc, Thrive Market, Gousto, Daily Harvest, Birchbox, Winc, Farm Fresh to You, SnackCrate, Green Chef Corporation, Graze, Glossybox, Misfits Market, GreenBlender, MunchPak, Purple Carrot, UrthBox, Candy Club
Food And Drink Subscription Boxes Market 2024 Key Insights:
• The food and drink subscription boxes market size is expected to see strong growth in the next few years. It will grow to $8.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• E-commerce's Impact On Subscription Box Market
• Blue Apron Introduces First-Ever Brunch Box To Elevate Weekend Dining Experience
• North America was the largest region in the food and drink subscription boxes market in 2023
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