Meal Kit Global Market Demand Status, Competitive Landscape, Top Growing Regions, Segmentations, and Leading Key Opportunity Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Meal Kit Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The meal kit market size has grown rapidly in recent years. It will grow from $15.64 billion in 2023 to $18.04 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to cultural diversity and culinary exploration, rise of convenience culture, changing lifestyles and work patterns, consumer preference for healthy and fresh meals, market entry by food industry players.

The meal kit market size is expected to see rapid growth in the next few years. It will grow to $34.6 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%. The growth in the forecast period can be attributed to data-driven consumer insights, adoption of plant-based and vegan meal kits, convenience and time-saving solutions, expansion of culinary offerings and international cuisine, sustainability and eco-friendly packaging. Major trends in the forecast period include DIY and cooking experience, regional and cultural cuisines, flexible subscription models, tech integration in meal kit services, celebrity and chef collaborations.

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Market Drivers and Trends:

The rise in urbanization and busy lifestyles is expected to propel the growth of the meal kit market going forward. Urbanization is the process through which cities grow, and higher and higher percentages of the population come to live in urban areas. With the increasing rate of urbanization among consumers, together with rising per capita income and shifting lifestyles, there are outstanding opportunities for chilled meal kits because of the increased demand for easy pre-meals due to busy lifestyles and the attraction of chilled meal kits because of their affordability and health benefits. For instance, in 2022, according to the World Health Organization, a Switzerland-based intergovernmental organization, over 55% of the world's population lived in urban areas, a proportion that is expected to increase to 68% by 2050. Therefore, the rise in urbanization and busy lifestyles is driving the growth of the meal kit.

Strategic partnerships and collaborations are a trend in the meal kit market. Major companies are making strategic partnerships with start-ups and mid-sized companies to maintain market share in the competitive market, broaden products and services, and enter into new geographies. For instance, in December 2020, Franklin Farms, a company that provides meatless meals to customers, entered into a new partnership with Purple Carrot, a plant-based meal kit company. The partnership enables consumers to enjoy great-tasting meatless meals made with Franklin Farms' tofu at home. This partnership allowed Purple Carrot to expand its menu offerings and cater to a wider range of plant-based palates.

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Major Key Players of the Market:

Ahold Delhaize USA, HelloFresh SE, Daily Harvest Inc., Home Chef LLC, Blue Apron Holdings Inc., Marley Spoon AG, Fresh Direct LLC, Gousto Ltd, Hungryroot Inc., Sun Basket Inc., Green Chef Corporation, Fit Foods Club, Freshly Inc., Sakara Life Inc., Fresh Prep Inc., Trifecta Nutrition, Quitoque, Goodness Me! Natural Food Market, Purple Carrot Inc., Veestro LLC, Gobble Inc., Yumble Kids Inc., Snap Kitchen Holdings LLC, Foodstirs Inc., FUUD Canada Inc., PeachDish LLC, EveryPlate, Global Belly Inc., Just Add Cooking Inc., Relish Labs LLC, The Kroger Co

Meal Kit Market 2024 Key Insights:

• The meal kit market size is expected to see rapid growth in the next few years. It will grow to $34.6 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%.
• Urbanization And Busy Lifestyles Fueling Meal Kit Market
• Strategic Collaborations Transforming The Meal Kit Market
• North America will be the largest region in the meal kit market in 2023

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This release was published on openPR.