The global meal kit delivery services market size is expected to reach $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 takeaways from the report:
- Based on offering, the heat-and-eat segment was valued at $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.