Meal Kit Market to Witness Comprehensive Growth by 2031 | Nestle S.A., Gousto, Hungryroot

The global meal kit industry generated $11.1 billion in 2021, and is anticipated to generate $43.4 billion by 2031, witnessing a CAGR of 14.9% from 2022 to 2031.

The rapid increase in the female workforce is expected to drive the meal kit market growth owing to the busy schedule of both partners in a family, which reduces the time for cooking and buying vegetables.

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The sudden surge in the adoption of cooking as a hobby by educated people is expected to drive the growth of the meal kit industry since they have less time, so they tend to choose meal kits as an option instead of restaurant-prepared food to save time spent on buying vegetables. According to the National Library of Medicine, U.S., cooking increased overall from 2003 to 2016. The percentage of college-educated men cooking rose from 37.9% in 2003 to 51.9% in 2016, and college-educated women who cook increased from 64.7% in 2003 to 68.7% in 2016. Such a rise in the number of people adopting cooking as a hobby is expected to propel the meal kit market size as they have less time for cooking, so they tend to avoid grocery shopping.

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.

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The meal kit market analysis is segmented on the basis of meal type, offering type, distribution channel, and region. On the basis of meal type, the meal kit market is classified into vegetarian and non-vegetarian. By offering type, the market is categorized into heat & eat and cook & eat. According to distribution channel, the market is fragmented into online, hypermarkets/supermarkets, convenience stores, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global meal kit market, and is likely to dominate the market during the forecast period. According to the National Library of Medicine, U.S., there are over 150 meal kit delivery service companies in the U.S. alone. Consumers are opting for meal kit as it saves their time in grocery shopping, lets them try new recipes, and allows them to prepare healthy meals at home. However, the Asia-Pacific region is expected to witness the fastest CAGR of 16.8% from 2022 to 2031. This growth is attributed to the owing to the surge in the number of time-poor consumers coupled with rising disposable income in the region.

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Leading Market Players: -

Marley Spoon AG
HelloFresh
Blue Apron, LLC
Gobble
Snap Kitchen, LLC.
Fresh n' Lean
Pruvit Ventures, Inc.
Yumble
Daily Harvest
Global Belly
Oisix ra daichi Inc.
The Kroger Co.
Nestle S.A.
Gousto
Hungryroot

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