Meal Kit Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Meal Kit Market is segmented By Type (Regional Cuisine Meal Kit, Health- Conscious Meal Kit, Omnivore Meal Kit, Others), By Serving (Two Serving, Family Serving, Others), By Distribution Channel (Convenience Stores, Online, Hypermarket/Supermarket, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Meal Kit Market Size

The Global Meal Kit Market reached US$ 12 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 31 billion by 2031. The market is growing at a CAGR of 12.5% during the forecast period 2024-2031.

Meal kits have gained significant popularity in recent years, with more people opting for convenience and time-saving. Busy lifestyles and a desire for healthier, home-cooked meals have contributed to this trend, driving the Global Meal Kit Market size. Meal kit delivery services partner with recipe and meal planning services to offer customizable meal kits with pre-measured ingredients.

They prioritize the freshness and quality of the ingredients, ensuring they meet special dietary needs. The kits come with eco-friendly packaging and include cooking instructions, storage guidelines, and clear expiration dates to ensure a seamless cooking experience at home, another driving factor for the meal kit market revenues.

Market Summary

To Know More Insights: Download Sample

Meal Kit Market Growth Trends

Convenience and Time-Saving are the Driving Factors Behind the Popularity Of Meal Kits

Many people have hectic schedules and limited meal planning and grocery shopping time. Meal kits provide a convenient solution by delivering pre-portioned ingredients and recipes, eliminating the need for extensive meal preparation and reducing time spent in the kitchen. Meal kits alleviate the burden of meal planning by providing curated recipes and all the necessary ingredients. This saves customers from researching recipes, creating shopping lists, and gathering ingredients from multiple sources, which drives the Global Meal Kit Market.

For instance, on December 05, 2022, The Kraft Heinz Company launched SOSU from Amoy, a line of meal kits and cooking ingredients combining Pan-Asian regional cuisine's flavors with the convenience of quick and easy meal preparation. This range is specifically designed for individuals with culinary aspirations but limited time to spend in the kitchen, allowing them to create delicious meals in just 15 minutes.

The High Cost for Meal Kits Hampering the Meal Kit Market Growth

According to a study by Dalhousie University in Canada, the cost was identified as one of the main barriers to meal kit adoption. The study found that 72% of participants perceived meal kits as more expensive than buying groceries and cooking meals from scratch. This perception was particularly prevalent among price-sensitive consumers on a tight budget.

The study also revealed that price sensitivity significantly influenced the decision to subscribe or continue using meal kit services. The high costs associated with meal kits, including the cost of ingredients, packaging, and delivery, can deter price-conscious consumers from opting for this convenience-driven option and instead choose more affordable alternatives.

Market Segmentation Analysis

The Global Meal Kit Market is segmented based on type, serving, distribution channel and region.

Health Conscious Meal Kit Segment Accounts for the Highest Share in Global Meal Kit Market

A health-conscious meal kit focuses on providing nutritious and balanced meals that prioritize whole, unprocessed ingredients. These meal kits often include lean proteins, plenty of vegetables, whole grains, and healthy fats. They may cater to specific dietary needs, such as vegetarian, vegan, gluten-free, or low-carb options.

The recipes are designed to be nutrient-dense, promoting overall well-being and supporting specific health goals. Health-conscious meal kits can be an excellent choice for individuals looking to maintain a healthy lifestyle and make mindful food choices, driving the segment expansion during the forecast period. For instance, on August 23, 2022, HelloFresh launched the Green Chef brand in the Netherlands after observing a strong interest in special diets among consumers in the country.

Source: DataM Intelligence Analysis (2024)

Market Geographical Share

North America is Expected to be the Dominating Region During Forecast Period

By region, the global meal kit market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa.

In 2022, North America accounted for approximately 42.9% of the Global Meal Kit Market revenue. Meal kits have gained significant popularity in North America as a convenient and time-saving solution for home cooking. With busy schedules and a growing interest in healthier eating, consumers are turning to meal kits to simplify meal preparation and enjoy a variety of delicious recipes.

North American meal kit services offer a wide range of options, including customizable meal plans, specialized dietary needs, and diverse cuisines, which drives North America’s meal kit market size. These kits provide pre-measured ingredients and detailed cooking instructions and often prioritize high-quality, fresh ingredients. As a result, meal kits have become a go-to choice for individuals and families seeking convenience, culinary exploration, and nutritious meals in the North American market. For instance, on June 3, 2022, Blue Apron Launched Walmart’s eCommerce Offering as Meal Kits Diversify in The US.

.

Source: DataM Intelligence Analysis (2024)

Meal Kit Market Companies

The major global players include Blue Apron, LLC, Gobble, Inc, CHEFD, Ahold, Gousto, PeachDish, HelloFresh, Plated, Green Chef Corporation, and The Purple Carrot.

Covid Impact

During the COVID-19 pandemic, the meal kit industry experienced a significant impact, driven by changes in consumer behavior and the need for convenient and safe food options. There is an increase in sales of up to 200% compared to pre-pandemic levels. Online orders for meal kits skyrocketed, with a growth rate of approximately 300%.

As people sought to minimize visits to crowded grocery stores, meal kits provided a convenient solution for home cooking. The market size expanded, attracting new players and prompting existing providers to diversify their menus to cater to changing consumer preferences.

However, the industry faced supply chain challenges, including ingredient availability and logistical disruptions. Despite these hurdles, the pandemic catalyzed long-term changes in consumer behavior, with many individuals likely to continue using meal kits even after the crisis subsides.

Key Developments

• On January 3, 2023, Freshly, which Nestle acquired in a $950 million deal, has recently unveiled its own health-oriented meal service under the brand name FreshlyFit. This new offering from the company caters to customers seeking carb-conscious, protein-powered, and gluten-free options.
• On March 31, 2022, The Flavourists launched a new plant-based meal kit brand backed by Samworth Brothers in The UK.
• On September 15, 2022, Home Chef launched a new Family Menu, a unique meal kit plan designed specifically for families.

Why Purchase the Report?

• To visualize the Global Meal Kit Market segmentation based on type, serving, distribution channel, and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous meal kit market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of essential products of all the major players.

The Global Meal Kit Market Report Would Provide Approximately 77 Tables, 82 Figures And 195 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies