Meal kit delivery services are an ideal solution since meal planning in advance significantly helps reduce food wastage. While millennials have surpassed baby boomers in number, boomers remain a large population and their behaviors have a significant influence on the marketplace that caters to cooking at home. One of the key factors contributing to this shift is the attitudes and behaviors of the two largest generational groups-boomers and millennials. Consumers are also making fewer visits to restaurants and are opting to stay at home. Boomers, as well as, millennials increasingly prefer staying at home and cooking or ordering in rather than spending money at restaurants. Dining in is becoming more popular than dining out.
Preparing food at home also gives full control over the ingredients one wishes to use and comes in handy for people who are allergic to certain food ingredients or are trying to avoid specific ingredients.Īccording to a survey conducted by HUNTER in April 2020, 54% of consumers in America are cooking more than before and 22% are ordering prepared meal kits more frequently. Furthermore, the availability of the product has made homemade meals more time-saving in comparison to takeouts and home delivery services. For instance, homemade food is more economical than eating at a restaurant. as several delivery service companies have been tapping into this segment by launching single and multiple servings for consumers. The heat and eat segment has been gaining traction among consumers in the U.S. with an increase of 66% in its Y-O-Y revenue. Companies like Blue Apron have also reported a hike in global sales, followed by HelloFresh, which doubled its customer base in the U.S. Furthermore, key players in the market have witnessed a surge in sales during the pandemic as compared to 2019. People have started focusing on a healthy diet more than ever to increase their immunity and to maintain a balanced diet as a result, an increasing number of people have been looking for healthy and easy meals options. The COVID-19 pandemic has offered a huge opportunity to the market for meal kit delivery services as almost all the restaurants, eateries, and hotels were shut down across the globe.
The increasing preference for the product is driven by the benefits of homemade meals as they are more economical in comparison to takeouts and home delivery services. The delivery service has been gaining high popularity and adoption among generation Y and Z.
Increasing preference for home-cooked and chef-cooked food among millennials is a major factor contributing to the growth of the market. The global meal kit delivery services market size was valued at USD 15.21 billion in 2021 and is expected to witness a compound annual growth rate (CAGR) of 17.4% from 2022 to 2030.
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