Meal Vouchers and Employee Benefit Solutions Market to grow by USD 23.15 billion from 2022 to 2027 | the market is fragmented due to the presence of prominent companies like Alelo, Certify Inc. and Axis Bank Ltd., and many more - Technavio

NEW YORK, Oct. 4, 2023 /PRNewswire/ -- The meal vouchers and employee benefit solutions market is estimated to grow by USD 23.15 billion from 2022 to 2027, growing at a CAGR of 4.95%. The meal vouchers and employee benefit solutions market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer meal vouchers and employee benefit solutions market are Alelo, Alera Group Inc., Axis Bank Ltd., Certify Inc., Circula GmbH, CIRFOOD s.c., Edenred SE, Electrum Fintech Solutions Pvt. Ltd., Empyrean Benefits Solutions Inc., Hrmony GmbH, ICICI Bank Ltd., Monizze NV SA, PayPal Holdings Inc., PIB Group Ltd., Set Corporate Services Inc., Sodexo SA, SPENDIT AG, SWILE, The Up Group Ltd., UniCredit SpA, Unum Group, VA Tech Ventures Pvt. Ltd., and Zaggle Prepaid Ocean Services Pvt. Ltd. The report provides a full list of key companies, their strategies, and the latest developments. Download Free Sample before buying

Company Offering:

• Alelo - The company offers meal vouchers and employee benefit solutions such as Alelo Benefit, a comprehensive employee benefits program including meal vouchers, transportation benefits, and more.
• Axis Bank Ltd. - The company offers meal vouchers and employee benefit solutions such as Axis Meal Cards, a convenient solution providing meal allowances and employee benefits.
• Certify Inc. - The company offers meal vouchers and employee benefit solutions such as Certify Employee Benefits, a platform providing digital meal vouchers and expense management tools for employees.
• For details on companies and their offerings – Buy the report!

By Geography, the market is classified as Europe, South America, APAC, North America, Middle East and Africa. 

• Europe is estimated to contribute 35% to the growth of the global market during the forecast period. Growth in the region is driven by changing consumer shopping habits, such as preferences for online payments and digital payment methods. Implementing new regulations on issuing food vouchers is a top priority for several countries in this region. Some countries in this region are working to develop new regulations on meal vouchers. For example, as of January 1, 2020, new regulations have been applied in Italy regarding the use of meal vouchers. To increase their services, certain providers that operate in this target market are trying to raise funds. Additionally, several organizations in the region are partnering with companies in the market with a focus on providing employee benefits. Sellers are also expanding their presence in the region through acquisitions. Hence, these factors are expected to drive market growth in the region during the forecast period.

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• Impactful driver- Tax benefits of meal vouchers
• Key Trend - Shift toward digital meal vouchers and employee benefit solutions
• Major Challenges - Data privacy and security issues

 Market Segmentation

• By Type, the market is classified into meal vouchers and employee benefits. The meal vouchers segment is estimated to witness significant growth during the forecast period. Employers shall provide staff with meal vouchers that they may use to purchase food from restaurants and grocery stores. The growth of the meal voucher market and employee benefit solutions segment can primarily be attributed to the tax exemptions afforded by the regime. In addition, some of the operators in this segment are moving to expand their service offerings by introducing new vouchers for food. They will be able to flexibly deposit, transfer, and withdraw money into the Obopay wallet as part of a meal voucher containing the main digital account. Hence, these factors are expected to drive segment growth during the forecast period.

Technavio Research experts have provided more insights on the market share of segments - View Free Sample Report

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TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Product

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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SOURCE Technavio