Meal Kit Subscription Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMFB517 | Last Updated On: Jun 30 2022 | Available Formats

> Global Meal Kit Subscription Market Expected to reach a high CAGR by 2029: DataM Intelligence

Global Meal Kit Subscription Market is segmented By Serving (Two-person plan, Three-person plan, Four-person plan, Four and more), By Food Type (Organic, Regular, Regional cuisine, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

 

Market Overview

The Global Meal Kit Subscription Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

  • The concept involves home delivery of pre-portioned ingredients with meal recipes to create specific meals. It was new a few years ago and was expected to be a significant disruptor in the food retail Industry.

Market Dynamics

  • Avoiding a trip to the store is the key benefit of meal kit delivery services. Allowing people to bypass this time-consuming grocery store experience was expected to be a big enough driver to sustain the meal kit subscription business.
  • The simplicity of ordering a meal online, availability of various recipes, and freshness of food allowed entry for multiple companies. Due to massive venture capital funding, companies have spent an enormous amount on marketing & customer discounts. These efforts have resulted in a large no of people buying meal kits online.
  • Unfortunately, most consumers don’t sign up for the subscription after the first-week discount period ends. The reason for the low customer retention rate is cost. Many of the consumers want faster fulfillment & prep time. They also don’t want to deal with packaging & un-appetizing recipes.
  • Acquiring life-long customers is a massive challenge for the meal-kit subscription Market.

Market Segmentation

  • The global meal kit subscription market can be segmented by the size of a meal kit, type of diet, type of product.
  • Based on meal size, the market can be classified into the two-person plan, three-person plan, four-person plan, and others. The average price of a meal kit was about USD 9.99 per serving for Blue Apron and USD 11.5 for hella fresh.
  • Meal kit subscription offers various types of meals to suit the needs of the consumer. Based on diet type, meal kits can be segmented into Vegan, Paleo, Gluten-free, Mediterranean, meat, seafood (pescetarian), and others.

Geography segmentation

  • Based on Geography, the Global meal kit market can be segmented into North America, South America, Europe, Asia-Pacific, and the rest of the world. The meal kit subscription market is dominant in North America and Europe.
  • The growth in western countries is mainly due to their hectic lifestyles and busy work schedules.

Competitive Landscape

  • Blue Apron is the most significant player in meal-kit Subscription services in the US. Hellofresh is a Germany-based company that has gained tremendous momentum in the American Market.
  • Recently Hellofresh acquired green chef. The combined market share of both these companies is higher than Blue Apron.
  • For startups, the market has become very competitive as traditional retail giants like Amazon are starting their meal kit delivery option. When Amazon acquired Whole-foods, it caused a lot of uncertainty about the future of start-ups in the meal-kits subscription market.

Key market segments covered

By Size of Meal-kit

• Two-person plan
• Three-person plan
• Four-person plan
• Four or more

By Food Type

• Organic
• Regular
• Regional cuisine
• Others

Market Report Scope

  • The report covers the key factors impacting the market, Porter 5 Forces, Product Benchmarking, and company profiles. Meal Kit Subscription market is segmented By Size of Meal-kit (Two-person plan, three-person plan, four-person plan, four and more), By food Type (Organic, Regular, regional cuisine, and others). Based on geography the market is segmented into – North America, South America, Europe, Asia Pacific, and the Rest of the world.

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