Meal Kit Market to Grow at a Surprising CAGR of 14.9% from 2022 to 2031

The meal kit market was valued at $11.1 billion in 2021, and is estimated to reach $43.4 billion by 2031, growing at a CAGR of 14.9% from 2022 to 2031.

The meal kit market is expected to witness significant growth during the forecast period owing to the rise in the adoption of cooking as a hobby coupled with rising concern towards health. Along with this the customization being offered by the players in the market is also expected to fuel the demand of the market.

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Meal kits are a wonderful alternative to grocery shopping because they reduce the number of trips, provide a healthy meal, and save time and money. In order for consumers to conveniently finish cooking meals at home, market players who prepare and supply fresh ingredients, pre-cooked meals, half-cooked food items, and personalized food ingredients provide meal kits.

According to the report of the National Library of Medicine, meal kit services, much like online grocery shopping, allow for greater social distancing and experienced a significant increase in usage in the first year of the pandemic. 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 resulting in positive meal kit market trends.

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Due to the rise in the number of vegans as a result of growing public awareness of animal cruelty, there has been a surge in the demand for plant-based foods. According to a survey commissioned by the Vegan Society, the number of vegans in the UK quadrupled between 2014 and 2018. In 2019, there were 6,00,000 vegans, around 1.16% of the population. As per the survey commissioned by the government of the UK, Britain's vegans are pretty new to the lifestyle, with 63% having started out only in the last five years. That being said, the overwhelming majority of Britain's vegans (81%) graduated from vegetarianism, so many have been avoiding meat for much longer than this. Companies are introducing plant-based meal kits, in response to the growing vegan community. For instance, Freshly, Purple Carrot, and Fresh n' Lean specialize in plant-based meals which are expected to propel the meal kit market demand.

The major players operating in the global meal kit industry are Blue Apron, LLC., Daily Harvest, Fresh n' Lean, Global Belly, Gobble, Gousto, HelloFresh, Hungryroot, Marley Spoon AG, Nestlé Group, Oisix ra Daichi Inc., Pruvit Ventures, Inc., Snap Kitchen, LLC., The Kroger Co., and Yumble. These market players are constantly engaged in various developmental strategies such as acquisitions, mergers, and product launches to exploit meal kit market opportunities and gain market share.

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