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.
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.
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Further key findings from the report suggest:
- 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.