Meal Kit (Oven Ready) Market size is estimated to be $7.2 billion in 2019, growing at a CAGR of 12.3% during the forecast period 2020-2025. Oven ready meal kit contains precooked ingredients which require instruction based oven heating for few minutes and then it is ready to eat. Rising number of working millennials and their needs and preferences for ready to eat food serves as a significant factor driving its market growth. Besides, this with the increase in e-commerce platform and era of IoT (Internet of thing) for online ordering has contributed the market growth. Moreover, meal kit manufacturers who are selling through online platforms are fuelling up their business by providing meal kit subscriptions to their consumer base. In addition, the meal kit provider’s tries to provide complete Nutrition based precooked food at low prices which attracts the working urban consumer who have less time to invest in cooking thus opt for these products. In addition, to time saving the meal kits also result into minimal wastage of ingredients, therefore, providing new growth avenues to the market growth.
Meal Kit (Oven Ready) Market Segment Analysis – By Products
By Product, the Meal Kit (Oven Ready) Market is segmented into Non-Vegetarian and Vegetarian. Globally meal kit market is dominated by non- vegetarian which are prepared using different ingredients- chicken, fish, beef, goat, sheep, and eggs and so on. Further, non-vegetarian meal kit is expected to witness fastest CAGR of 12.9% during the forecast time period 2020-2025. On contrary, according to a recent report by The Economic Times, a quarter of Americans between the age of 25-34years consider themselves as vegan, which has popularized the vegan kit meal trend.
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Meal Kit (Oven Ready) Market Segment Analysis – By Distribution Channel
By Distribution Channel, the Meal Kit (Oven Ready) Market is dominated by online stores and is also anticipated to register fastest growth rate of 12.6% during the forecast period 2020-2025. This is majorly attributed to the rise in internet penetration amongst consumer as they are becoming more tech savvy and prefer to purchase online which in turn is fueling the segment growth. Moreover, the online platforms provide subscription based delivery services where consumer on weekly basis can pre order their choice of meal kit. In addition, the preference of consumers to shop offline is still in trend as it provides the consumer to buy product according to their experience with offline stores.
Meal Kit (Oven Ready) Market Segment Analysis – Geography
North America dominated the Meal Kit (Oven Ready) Market with the revenue market share of 42% during the forecast period 2019-2025. Rising working class millennial generation preferring ready to cook food at their doorsteps in the region is supporting the regional market growth. Moreover, the US Department of Agriculture (USDA) stated that Americans born between 1981-1996 spends less time in food preparation and 30% or more prefer consuming outside the home food which has helped the meal kit market to grow in America. In addition to this Asia- Pacific is also seeing a potential growth in this industry owing to the untapped opportunities in the region.
Meal Kit (Oven Ready) Market Drivers
Growing working population
The rise in working urban class of tech savvy younger generation coupled with less time available for cooking has resulted into high demand for ready to cook food. Rising health consciousness among consumers and the demand of nutrients at a lower cost is contributing to the market growth. Moreover, the manufacturers are coming up with different kinds of nutrient based diets like- protein rich, gluten free, vegan based and so on. The market has also tried to tap the different consumer choice by providing instant cooking recipes by catering different taste and preferences.
Rising preference for Online Delivery
With the increase in internet penetration people have started buying online which is a vital factor driving its market growth. Moreover, online delivery provides services on subscription basis where consumer can choose and place order online.
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Meal Kit (Oven Ready) Market Challenges
Rising preference for freshly prepared food
Online delivery of meal kits demands for fresh ingredients to the consumer which incurs high shipping cost to the companies, thus, hampering its market growth during the forecast period 2020-20225. Moreover, the companies struggle to retain their existing customers as more regional players are entering in the market restraining industry growth.
Meal Kit (Oven Ready) Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in Meal Kit Market. Meal Kit Market top 10 companies are Hello Fresh, Blue Apron, Home Chef, Marley Spoon, Sun Basket, Able and Cole, Riverford, Gousto, Quitoque and Kochhous.
October 2018: Blue Apron, a US based meal kit service provider started selling its meal kit products through Jet.com which is an American e-commerce selling platform.
March 2018: Hello Fresh SE, an international publicly traded company acquired Green Chef, the USDA certified organic Meal Kit Company.
May 2018: Kroger Co., the largest US supermarket chain acquired Chicago Based meal kit company Home Chef for $200million.
Non Vegetarian dominated Meal Kit Market in 2019 owing to the rising number of people preferring non-vegetarian products.
By Distribution Channel the Meal Kit (Oven Ready) Market is dominated by online stores owing to the rise in internet penetration among consumer.
North America dominated the meal kit market owing to the rise in working urban class and their changing lifestyle preferences.
The rising number of tech savvy younger generation coupled with less time available for cooking has resulted into high demand for ready to cook food which in turn is fueling the market growth.
Related Reports :
A. Ready To Eat Food Market
B. Nutritional Premixes Market
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