LONDON, May 11, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s Meal Kits Market research report, the growing number of working professionals is contributing to the growth of the Meal Kits market. For example, in August 2021, the United States Bureau of Labor Statistics reported an increase in total nonfarm payroll employment of 235,000 in August, and the unemployment rate fell by 0.2 percentage points to 8.4 million. In addition, they reported that a growth of 74,000 jobs occurred in professional and business services; 53,000 in transportation and warehousing; 37,000 in manufacturing; and 37,000 in other services such as personal services, laundry services, and repair and maintenance services. Meal kits are convenient for busy professionals who prefer affordable, personalized, ready-to-eat meals. The growing number of working professionals is boosting the meal kit market.
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The global meal kit market share is expected to grow from $11.19 billion in 2021 to $13.50 billion in 2022 at a compound annual growth rate (CAGR) of 20.64%. The growth of the meal kit industry is mainly driven by businesses resuming operations and adapting to the new normal while recovering from the impact of COVID-19, which previously led to lockdown measures restrictions involving social distancing, remote working and closure of business activities which have resulted in operational difficulties. The market should reach $23.23 billion in 2026 to CAGR of 14.54%.
Strategic partnerships and collaborations are a trend in the meal kit market. Large companies are forging strategic partnerships with start-ups and mid-sized companies to maintain their market share in the competitive market, expand their products and services, and enter new geographies. For example, 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 will allow consumers to enjoy flavorful meatless meals made with Franklin Farms tofu at home. In July 2021, Hello Fresh, a meal kit company, announced its partnership with Fenn Foods. Hello Fresh will expand its vegan offerings in Australia by using Fenn Foods’ certified carbon-neutral plant-based hash as an ingredient in its ‘Chilli Cin Carne’ recipe.
Key Players in Meal Kit Market are Hello Fresh, Blue Apron Holdings, Inc., Home Chef, Marley Spoon, Inc., Sun Basket, Gousto, Green Chef Corporation, Gobble, Inc., The Purple Carrot, Foodstirs, Inc. ., Freshly, Daily Harvest, Fresh Direct, Snap Kitchen, Veestro, EveryPlate, Sakara Life, Yumble, Hungryroot, Dinnerly, Ahold USA, PeachDish, Just Add Cooking, Relish Labs LLC, Fit Foods Club, Fresh Prep, Fuud Canada, Global Belly, Mon Dieu, Quitoque and Kroger Prepx.
The global meal kit market is segmented by type into fresh food, processed food; by category into vegetarian, non-vegetarian; by distribution channel in hypermarket/supermarket, convenience store, specialty food stores, small grocery stores, online stores, others.
According to TBRC Meal Kit Industry Statistics, North America was the greater region in the market in 2021. Regions covered in the Global Meal Kits Market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America South, the Middle East and Africa. The countries covered in the Meal Kits market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom and the United States.
The Global Meal Kits Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide overviews of the Meal Kits market, analyze the Meal Kits Market and forecast market size and growth for the overall market, Meal Kits Market Segments & Geographies, Meal Kits Market Trends, Meal Kits Market Drivers, Market Restraints meal kits, revenue, profiles and market shares of the main meal kit market competitors in more than 1000 industry reports, covering more than 2500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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