Meal vouchers and employee benefit solutions market 2022-2026; A descriptive analysis of the five forces model, market dynamics, and segmentation - Technavio

NEW YORK, Jan. 23, 2023 /PRNewswire/ -- According to Technavio, the global meal vouchers and employee benefit solutions market size is estimated to grow by USD 16.69 billion from 2021 to 2026. The market is estimated to grow at a CAGR of 4% during the forecast period. Europe held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 39%. Get detailed insights into the market study. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share, among others. Buy the report!

Meal vouchers and employee benefit solutions market - Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers– 

• Bargaining Power of Buyers 
• The threat of New Entrants
• Threat of Rivalry
• Bargaining Power of Suppliers
• Threat of Substitutes
• For more Insights on market size, Request a sample report

Meal vouchers and employee benefit solutions market – Customer Landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Meal vouchers and employee benefit solutions market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on application (meal vouchers and employee benefits) and geography (Europe, South America, APAC, North America, and Middle East and Africa). 

• The market growth in the meal vouchers segment will be significant during the forecast period. Meal vouchers allow employees to save on tax, as many countries globally have specified tax exemptions on meal vouchers. For instance, meal vouchers worth USD 0.6 (INR 50) or less than that were exempted from tax in India. In addition, vendors are expanding their service offerings by launching new meal vouchers and forming strategic alliances. These developments are fueling the growth of the segment.

Geography Overview
By geography, the global meal vouchers and employee benefit solutions market is segmented into Europe, South America, APAC, North America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global meal vouchers and employee benefit solutions market.

• Europe will account for 39% of the market growth during the forecast period. The growth of the regional market is driven by evolving buying patterns of consumers, such as the increasing preference for making online payments and digital payment methods. In addition, some of the vendors operating in the region are raising funds. Some vendors are expanding their presence by acquiring small players to gain access to their distribution networks.

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Meal vouchers and employee benefit solutions market – Market Dynamics

Key factor driving market growth

• The market growth is driven by the tax benefits of meal vouchers.
• Many organizations and employers include meal vouchers as part of their employees' salary structure to be exempt from tax.
• For instance, according to the Income Tax Department, Government of India, there are tax benefits for free food and beverages provided to employees.
• Similarly, in Brazil, according to the Workers' Food Program, companies and employers are asked to pay for employees' food provisions in exchange for tax relief.
• The benefits and tax exemption associated with the use of meal vouchers is increasing their demand among enterprises and employers, which is driving the market growth.

Leading trends influencing the market 

• The shift toward digital meal vouchers and employee benefit solutions is identified as the key trend in the market.
• The increasing penetration of the internet and smartphones in emerging economies has led to a shift in the inclination toward digital wallets and payment methods.
• With a large number of retailers accepting digital payments, market players are automating and digitizing their processes as well as providing personalized services.
• Digitization is providing new opportunities for vendors to increase returns by innovating their products and services in tandem with technological advancements.
• In addition, the push toward the adoption of digital payment by governments across the world is encouraging vendors to introduce electronic or digital meal vouchers.

Major challenges hindering market growth

• Data privacy and security issues are some of the challenges hindering market growth.
• Mobile apps and cards offered by vendors collect and store the personal information of customers.
• Although vendors are adopting security technologies to safeguard this critical data, any vulnerabilities in the servers or mobile apps could pose a threat to privacy and may impact the business of vendors.
• As personal consumer information is stored and synced between all the apps, any hacker or phishing attack can steal critical data and information if not protected properly.

Driver, trend, and challenges are the factors of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this meal vouchers and employee benefit solutions market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the meal vouchers and employee benefit solutions market between 2022 and 2026
• Precise estimation of the size of the meal vouchers and employee benefit solutions market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the meal vouchers and employee benefit solutions market industry across Europe, South America, APAC, North America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of meal vouchers and employee benefit solutions market vendors

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Table of contents:

1. Executive Summary 

2. Market Landscape 

  2.1 Market ecosystem 

  Exhibit 01: Parent market

  2.2: Market Characteristics 

3. Market Sizing 

  3.1 Market definition

  Exhibit 02: Offerings of vendors included in the market definition

  3.2 Market segment analysis 

  Exhibit 03: Market segments

  3.3 Market size 2020 

  3.4 Market outlook: Forecast for 2020 - 2025 

  Exhibit 04: Chart on Global - Market size and forecast 2021-2026 ($ million)

  Exhibit 05: Data Table on Global - Market size and forecast 2021-2026 ($ million)

  Exhibit 06: Chart on Global Market: Year-over-year growth 2021-2026 (%)

  Exhibit 07: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4. Five Forces Analysis 

  4.1 Five Forces Summary 

  Exhibit 08: Five forces analysis 2020 & 2025

  4.2 Bargaining power of buyers 

  4.3 Bargaining power of suppliers 

  4.4 Threat of new entrants 

  4.5 Threat of substitutes 

  4.6 Threat of rivalry 

  4.7 Market condition

  Exhibit 09: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Application 

  5.1 Market segments

  The segments covered in this chapter are Meal vouchers and Employee benefits.

  Exhibit 10: Chart on Application - Market share 2021-2026 (%)

  Exhibit 11: Data Table on Application - Market share 2021-2026 (%)

  5.2 Comparison by Application 

  Exhibit 12: Chart on Comparison by Application

  Exhibit 13: Data Table on Comparison by Application

  5.3 Meal vouchers - Market size and forecast 2021-2026 

  Exhibit 14: Chart on Meal vouchers - Market size and forecast 2021-2026 ($ million)

  Exhibit 15: Data Table on Meal vouchers - Market size and forecast 2021-2026 ($ million)

  Exhibit 16: Chart on Meal vouchers - Year-over-year growth 2021-2026 (%)

  Exhibit 17: Data Table on Meal vouchers - Year-over-year growth 2021-2026 (%)

  5.4 Employee benefits - Market size and forecast 2021-2026 

  Exhibit 18: Chart on Employee benefits - Market size and forecast 2021-2026 ($ million)

  Exhibit 19: Data Table on Employee benefits - Market size and forecast 2021-2026 ($ million)

  Exhibit 20: Chart on Employee benefits - Year-over-year growth 2021-2026 (%)

  Exhibit 21: Data Table on Employee benefits - Year-over-year growth 2021-2026 (%)

  5.5 Market opportunity by Application 

  Exhibit 22: Market opportunity by Application ($ million)

6 Customer Landscape 

  6.1 Customer landscape overview 

  Exhibit 23: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape 

  7.1 Geographic segmentation

  Exhibit 24: Chart on Market share by geography 2021-2026 (%)

  Exhibit 25: Data Table on Market share by geography 2021-2026 (%)

  7.2 Geographic comparison 

  Exhibit 26: Chart on Geographic comparison

  7.3 Europe - Market size and forecast 2021-2026 

  Exhibit 27: Chart on Europe - Market size and forecast 2021-2026 ($ million)

  Exhibit 28: Data Table on Europe - Market size and forecast 2021-2026 ($ million)

  Exhibit 29: Chart on Europe - Year-over-year growth 2021-2026 (%)

  Exhibit 30: Data Table on Europe - Year-over-year growth 2021-2026 (%)

  7.4 South America - Market size and forecast 2021-2026 

  Exhibit 31: Chart on South America - Market size and forecast 2021-2026 ($ million)

  Exhibit 32: Data Table on South America - Market size and forecast 2021-2026 ($ million)

  Exhibit 33: Chart on South America - Year-over-year growth 2021-2026 (%)

  Exhibit 34: Data Table on South America - Year-over-year growth 2021-2026 (%)

  7.5 APAC - Market size and forecast 2021-2026 

  Exhibit 35: Chart on APAC - Market size and forecast 2021-2026 ($ million)

  Exhibit 36: Data Table on APAC - Market size and forecast 2021-2026 ($ million)

  Exhibit 37: Chart on APAC - Year-over-year growth 2021-2026 (%)

  Exhibit 38: Data Table on APAC - Year-over-year growth 2021-2026 (%)

  7.6 North America - Market size and forecast 2021-2026 

  Exhibit 39: Chart on North America - Market size and forecast 2021-2026 ($ million)

  Exhibit 40: Data Table on North America - Market size and forecast 2021-2026 ($ million)

  Exhibit 41: Chart on North America - Year-over-year growth 2021-2026 (%)

  Exhibit 42: Data Table on North America - Year-over-year growth 2021-2026 (%)

  7.7 Middle East and Africa - Market size and forecast 2021-2026 

  Exhibit 43: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)

  Exhibit 44: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)

  Exhibit 45: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)

  Exhibit 46: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

  7.8 Brazil - Market size and forecast 2021-2026 

  Exhibit 47: Chart on Brazil - Market size and forecast 2021-2026 ($ million)

  Exhibit 48: Data Table on Brazil - Market size and forecast 2021-2026 ($ million)

  Exhibit 49: Chart on Brazil - Year-over-year growth 2021-2026 (%)

  Exhibit 50: Data Table on Brazil - Year-over-year growth 2021-2026 (%)

  7.9 France - Market size and forecast 2021-2026 

  Exhibit 51: Chart on France - Market size and forecast 2021-2026 ($ million)

  Exhibit 52: Data Table on France - Market size and forecast 2021-2026 ($ million)

  Exhibit 53: Chart on France - Year-over-year growth 2021-2026 (%)

  Exhibit 54: Data Table on France - Year-over-year growth 2021-2026 (%)

  7.10 Italy - Market size and forecast 2021-2026 

  Exhibit 55: Chart on Italy - Market size and forecast 2021-2026 ($ million)

  Exhibit 56: Data Table on Italy - Market size and forecast 2021-2026 ($ million)

  Exhibit 57: Chart on Italy - Year-over-year growth 2021-2026 (%)

  Exhibit 58: Data Table on Italy - Year-over-year growth 2021-2026 (%)

  7.11 Japan - Market size and forecast 2021-2026 

  Exhibit 59: Chart on Japan - Market size and forecast 2021-2026 ($ million)

  Exhibit 60: Data Table on Japan - Market size and forecast 2021-2026 ($ million)

  Exhibit 61: Chart on Japan - Year-over-year growth 2021-2026 (%)

  Exhibit 62: Data Table on Japan - Year-over-year growth 2021-2026 (%)

  7.12 Spain - Market size and forecast 2021-2026 

  Exhibit 63: Chart on Spain - Market size and forecast 2021-2026 ($ million)

  Exhibit 64: Data Table on Spain - Market size and forecast 2021-2026 ($ million)

  Exhibit 65: Chart on Spain - Year-over-year growth 2021-2026 (%)

  Exhibit 66: Data Table on Spain - Year-over-year growth 2021-2026 (%)

  7.13 Market opportunity by geography 

  Exhibit 67: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends 

  8.1 Market drivers 

  8.1.1 Tax benefits of meal vouchers

  8.1.2 Growing employment rates

  8.1.3 Active participation of banks

  8.2 Market challenges 

  8.2.1 Data privacy and security issues

  8.2.2 Alternative ways to save on tax

  8.2.3 Advocacy against meal voucher companies

  8.3 Impact of drivers and challenges 

  Exhibit 68: Impact of drivers and challenges in 2021 and 2026

  8.4 Market trends 

  8.4.1 Shift toward digital meal vouchers and employee benefit solutions

  8.4.2 Rise in venture capital investment in employee benefit solution

  8.4.3 Strategic partnerships with meal kit delivery vendors

9. Vendor Landscape 

  9.1  Competitive scenario 

  9.2  Vendor landscape 

  Exhibit 69: Vendor Landscape

  9.3  Landscape disruption 

  Exhibit 70: Landscape disruption

  9.4  Industry risks 

  Exhibit 71: Industry risks

10.  Vendor Analysis 

  10.1  Vendors covered 

  Exhibit 72: Vendors covered

  10.2 Market positioning of vendors 

  Exhibit 73: Matrix on vendor position and classification

  10.3 Alelo 

  Exhibit 74: Alelo - Overview

  Exhibit 75: Alelo - Product / Service

  Exhibit 76: Alelo - Key offerings

  10.4 Axis Bank Ltd. 

  Exhibit 77: Axis Bank Ltd. - Overview

  Exhibit 78: Axis Bank Ltd. - Business segments

  Exhibit 79: Axis Bank Ltd. - Key offerings

  Exhibit 80: Axis Bank Ltd. - Segment focus

  10.5 Cinqo Group 

  Exhibit 81: Cinqo Group - Overview

  Exhibit 82: Cinqo Group - Product / Service

  Exhibit 83: Cinqo Group - Key offerings

  10.6 Edenred SA 

  Exhibit 84: Edenred SA - Overview

  Exhibit 85: Edenred SA - Business segments

  Exhibit 86: Edenred SA - Key offerings

  Exhibit 87: Edenred SA - Segment focus

  10.7 Emburse Inc. 

  Exhibit 88: Emburse Inc. - Overview

  Exhibit 89: Emburse Inc. - Product / Service

  Exhibit 90: Emburse Inc. - Key offerings

  10.8 Monizze NV SA 

  Exhibit 91: Monizze NV SA - Overview

  Exhibit 92: Monizze NV SA - Product / Service

  Exhibit 93: Monizze NV SA - Key offerings

  10.9 Sodexo Group 

  Exhibit 94: Sodexo Group - Overview

  Exhibit 95: Sodexo Group - Business segments

  Exhibit 96: Sodexo Group - Key offerings

  Exhibit 97: Sodexo Group - Segment focus

  10.10 SPENDIT AG 

  Exhibit 98: SPENDIT AG - Overview

  Exhibit 99: SPENDIT AG - Product / Service

  Exhibit 100: SPENDIT AG - Key offerings

  10.11 Up Group 

  Exhibit 101: Up Group - Overview

  Exhibit 102: Up Group - Product / Service

  Exhibit 103: Up Group - Key offerings

  10.12 VR Beneficios 

  Exhibit 104: VR Beneficios - Overview

  Exhibit 105: VR Beneficios - Product / Service

  Exhibit 106: VR Beneficios - Key offerings

11. Appendix 

  11.1 Scope of the report 

  11.1.1 Market definition

  11.1.2 Objectives

  11.1.3 Notes and caveats

  11.2 Currency conversion rates for US$ 

  Exhibit 107: Currency conversion rates for US$

  11.3 Research Methodology 

  Exhibit 108: Research Methodology

  Exhibit 109: Validation techniques employed for market sizing

  Exhibit 110: Information sources

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