Burlingame, June 07, 2024 (GLOBE NEWSWIRE) -- The global prepared meal delivery market size was valued at US$ 10.92 Billion in 2024 and is expected to reach US$ 23.85 Billion by 2031, growing at a compound annual growth rate (CAGR) of 11.8% from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. The increasing online adoption and smartphone penetration are further fueling the market growth during the forecast period. Additionally, rise in dual income households coupled with changing consumer lifestyle is encouraging time-pressed consumers to opt for prepared meal delivery services. Furthermore, favorable government policies supporting startups is also contributing to market growth.
Market Dynamics:
The growth of the prepared meal delivery market is driven by two major factors - rising demand for convenience foods and increasing health consciousness among consumers. With changing lifestyles and busy schedules, consumers prefer ready-to-eat meals that save time on cooking. Moreover, prepared meals allow consumers to monitor their nutrition intake and make healthier choices. Several meal kit delivery companies offer personalized meal plans and customized macros to meet individual health goals.
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Market Trends:
Customization and Personalization: Major players in the market are focusing on customization and personalization to cater to diverse consumer demands. They offer a wide range of menu items to choose from along with options to modify ingredients, portion sizes, dietary preferences etc.
Sustainable Packaging: Companies are innovating packaging materials and designs to reduce environmental impact. Compostable, recyclable and reusable packaging solutions are gaining popularity. For example, packaging made from plant-based and recyclable materials.
Market Opportunities:
The prepared meal delivery market players are focusing on expanding their service portfolios to cater to evolving customer preferences. The players are offering various meal options including heat & eat meals, cook & eat meals, diet-specific meals, combo meals etc. to attract more customers. They are also providing add-on services like grocery delivery, meal customization as per tastes, nutrition counselling etc. along with prepared meals. This strategic expansion of service offerings enables the players to increase their orders per customer and boost revenue growth over the long run.
The prepared meal delivery players see huge market potential in entering new geographical regions globally. While North America and Europe currently dominate the market, regions like Asia Pacific and Latin America are emerging as lucrative opportunities. The players are investing heavily in setting up local production and supply chain infrastructure in high potential countries to capture the untapped demand. This will help them diversify revenue streams and gradually build global leadership in the prepared meals delivery space.
Prepared Meal Delivery Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $10.92 billion |
| Estimated Value by 2031 | $23.85 billion |
| Growth Rate | Poised to grow at a CAGR of 11.8% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By End User, By Delivery Frequency |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Convenience and Busy Lifestyles • Health and Wellness |
| Restraints & Challenges | • Customer Acquisition and Retention • Food quality concerns |
Key Market Takeaways
The global prepared meal delivery market is anticipated to witness a CAGR of 11.8% during the forecast period 2024-2031, owing to growing acceptance of online food ordering and rising health consciousness among consumers.
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On the basis of offering, the heat & eat segment is expected to hold a dominant position, accounting for over 60% share owing to its convenience and lower prices compared to cook & eat meals.
In terms of service, the multiple meal service is expected to hold a dominant position over single meal service due to cost effectiveness of subscriptions.
On the platform basis, the online segment is expected to hold the dominant position and exhibit a strong CAGR owing to widespread internet and smartphone penetration.
Regionally, North America is expected to hold a dominant position over the forecast period, driven by growing health awareness and busy lifestyles in countries like US and Canada.
Some of the leading players operating in the prepared meal delivery market include Blue Apron, LLC, Freshly Inc., HelloFresh, Home Chef, Purple Carrot, Marley Spoon etc. These players are focused on introduction of new offerings and expansion to various global markets.
Recent Developments:
In April 2023, Blue Apron and Dashmart by DoorDash unveiled the extension of their partnership, enabling the widespread delivery of Blue Apron's Heat & Eat meals in 11 markets, including New York City, through DashMart. This strategic move exemplifies the companies' commitment to expanding their customer base and enhancing product accessibility by leveraging DashMart's platform beyond the successful initial pilot program in Philadelphia
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Detailed Segmentation-
By Product Type:
- Ready to Eat Meals
- Ready to Cook Meals
- Specialty Meals
- Others
By End User:
- Households
- Offices
- Diet Specific
- Others
By Delivery Frequency:
- Weekly subscription
- Bi-weekly subscription
- Monthly subscription
- Others
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
