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Meal Kit Market Growth Reaches Rate Of 20% With The Increasing Number Of Working Professionals As Per The Business Research Company's Meal Kit Global Market Report 2022

TBRC’s market research report covers meal kit market size, meal kit market forecasts, major meal kit companies and their market share, key strategies to undertake, and more.

LONDON, May 11, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the meal kit market, the rising number of working professionals is contributing to the growth of the meal kit market. For instance, in August 2021, the U.S. Bureau of Labor Statistics reported a rise in total nonfarm payroll employment of 235,000 in August, and the unemployment rate declined by 0.2 percentage points to 8.4 million. Also, they reported that 74,000 job growth occurred in professional and business services; 53,000 in transportation and warehousing; 37,000 in manufacturing; and 37,000 in other services such as personal services, laundry services, and repair and maintenance services. Meal kits are convenient for busy working professionals who prefer to eat affordable, personalized, and ready-to-eat meals. The rising number of working professionals is driving the market for meal kits.

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The global meal kit market share is expected to grow from $11.19 billion in 2021 to $13.50 billion in 2022 at a compound annual growth rate (CAGR) of 20.64%. Meal kit industry growth is mainly due to the companies' resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $23.23 billion in 2026 at a CAGR of 14.54%.

Strategic partnerships and collaborations are a trend in the meal kit market. Major companies are making strategic partnerships with start-ups and mid-sized companies to maintain market share in the competitive market, broaden products and services, and enter into new geographies. For instance, in December 2020, Franklin Farms, a company that provides meatless meals to customers, entered into a new partnership with Purple Carrot, a plant-based meal kit company. The partnership will allow consumers to enjoy great-tasting meatless meals made with Franklin Farms’ tofu at home. In July 2021, Hello Fresh, a meal kit company, announced its partnership with Fenn Foods. Hello Fresh will be expanding its vegan offerings in Australia by utilizing Fenn Foods’ carbon neutral-certified, plant-based mince as an ingredient in their "Chilli Cin Carne" recipe.

Major players in the meal kit market are Hello Fresh, Blue Apron Holdings, Inc., Home Chef, Marley Spoon, Inc., Sun Basket, Gousto, Green Chef Corporation, Gobble, Inc., The Purple Carrot, Foodstirs, Inc., Freshly, Daily Harvest, Fresh Direct, Snap Kitchen, Veestro, EveryPlate, Sakara Life, Yumble, Hungryroot, Dinnerly, Ahold USA, PeachDish, Just Add Cooking, Relish Labs LLC, Fit Foods Club, Fresh Prep, Fuud Canada, Global Belly, Goodness Me, Quitoque, and Kroger Prepx.

The global meal kit market is segmented by type into fresh food, processed food; by category into vegetarian, non-vegetarian; by distribution channel into hypermarket/supermarket, convenience store, specialty food stores, small grocery stores, online stores, others.

As per TBRC’s meal kit industry statistics, North America was the largest region in the market in 2021. The regions covered in the global meal kit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the meal kit market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Meal Kit Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide meal kit market overviews, meal kit market analyze and forecast market size and growth for the whole market, meal kit market segments and geographies, meal kit market trends, meal kit market drivers, meal kit market restraints, meal kit market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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