SAN FRANCISCO, June 4, 2020 /PRNewswire/ -- The global meal kit delivery services market size is expected to reach USD 19.92 billion by 2027, expanding at a CAGR of 12.8% over the forecast period, according to a new report by Grand View Research, Inc. Growing importance of homemade meals among the millennials on account of increased awareness regarding hygienic food is expected to expand the market scope over the next few years. Additionally, the market is expected to witness increased traction in 2020 owing to the spread of COVID-19. The crisis has made the service exceptionally significant across the globe where social distancing has become the key to survival. Direct to consumer delivery of food products has been playing a crucial role in preventing frequent visits to grocery stores.
Key suggestions from the report:
Based on offering, the heat and eat segment was valued at USD 5.10 billion in 2019. This is attributed to growing busy and overworked lifestyle among the consumers
The cook and eat offering segment is expected to be the fastest growing segment in the forthcoming years owing to the convenience it offers to the learners and newbies in trying hands on new recipes and gourmets
Multiple services are expected to witness the fastest growth over the forecast period. Inflating lifestyle leading to working parents has resulted in time crunch in cooking, which is expected to increase the demand for multiple packages
Online platform is expected to register the fastest CAGR of 13.4% from 2020 to 2027. Exceptional convenience features, including doorstep delivery and cash-on benefits, offered by such channels are expected to promote the segment growth over the next few years.
The market has also been acting as a rescue for the amateur cooks who have been dependent on restaurants, eateries, and takeaway food joints. For instance, in March 2020, various restaurants across Philadelphia including Baology, Sate Kampar, and Jezabel began their own meal kit delivery services. During the spread of COVID-19, restaurants across various states have been facing a shutdown indefinitely until the pandemic is brought under control. Moreover, in March 2020, Crisp & Green launched Crisp @ Home. It includes various ingredients to prepare over 20 meals.
Similarly, in March 2020, Purple Carrot started offering deals that offer USD 30 off on first full week of meal deliveries at Purple Carrot. The company offers two-serving plan and four-serving plan. The two serving plan costs USD 11.99 per serving and four serving plan costs USD 9.99 per serving. It offers a wide variety of meals, which depending upon the choice of the customer can be gluten-free, high-protein, and soy-free. Furthermore, in April 2020, Newk's Eatery launched Newk's Pantry that offers grocery items and meal kits in-store, available through curbside and delivery. The kit includes soup and sandwich kit, family lunch essentials, build your own pizza kit, and mac and cheese bar kit.
Grand View Research has segmented the global meal kit delivery services market on the basis of offering, service, platform, and region:
Ready To Drink Premixes Market – Increasing popularity of Ready-To-Drink (RTD) beverages and demand for high strength premixes are projected to drive the market.
Grain Mill Products Market– Increasing number of cafes and fast food restaurants across the globe is fueling the demand for flour, henceforth driving the market for grain mill products.
Evaporated Milk Market– Market growth can be attributed to factors such as wide scope in downstream application industry, high nutrition value, long shelf life, and affordable price. Evolving culinary trends is also boosting demand for evaporated milk in household applications.
Gain access toGrand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: +1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected]