Meal Kit Delivery Services Market: Key Companies & Market Share Insights
The global Meal Kit Delivery Services Market size is expected to reach USD 27.33 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 13.0% from 2021 to 2028. The increasing preference for homemade meals among millennials is expected to be a major factor contributing to the growth of the market.
Meal kit delivery service is a great success as it attracts people who want to cook their own food without having to shop for ingredients at the grocery store. These are popular among busy parents, millennials, those juggling multiple jobs, working couples, or people with special diet needs who prefer pre-planned ingredients or meals so that they can quickly prepare meals.
The cook and eat offering segment led the market and accounted for a share of 61.0% in 2020. The growing demand for healthy food ingredients and the trend of cooking at home at the global level are expected to expand the scope of the cook and eat meal delivery service over the next few years.
The single service segment accounted for the largest share of more than 55.0% in 2020. Millennials and Generation Z form the largest consumer groups of these meal kit delivery services. These mostly contain students and professionals living busy lives and are focused on maintaining a healthier lifestyle.
The online platform segment accounted for the largest share of more than 60.0% in 2020. Increasing demand for meal kit delivery services has prompted a large number of local small businesses to provide these delivery services. These kit delivery services often provide local cuisines with which people are well versed. The offline business also includes locally grown vegetables and fruits in the meal kit.
The market is fragmented with the presence of a large number of global and regional players. The players face intense competition, especially from the top players in the market as they have a large consumer base, strong brand recognition, and vast distribution networks.
Related Press Release@ Meal Kit Delivery Services Market Report
Meal Kit Delivery Services Market Report Highlights
- Asia Pacific is expected to register the fastest CAGR of 14.5% from 2021 to 2028 owing to the increasing number of time-poor consumers in the region
- By offering, the heat and eat segment is expected to register the fastest growth rate of 13.4% from 2021 to 2028
- North America dominated the market by accounting for over 45.0% in 2020 due to the rising demand for a healthier and inexpensive alternative to pre-cooked food items in the region
- The online platform segment held the largest share of more than 60.0% in 2020