Meal Kit Market Size, Current and Future Trends, Demand and Growth Rate of 14.9% by 2031

Meal kit market size 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 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.

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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.

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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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.

There has been a meal kit market opportunity for growth owing to the personalized kits being offered by the players in the market attracting consumers as personalized kits offer consumers to choose meals according to their tastes and preference. For instance, HelloFresh and Home Chef are providing meal kits according to the preference of the consumer. Such an option to consumers of opting for their meal kit according to their diet and taste is attracting consumers to the market.

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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.

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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