Meal kits are becoming increasingly popular as people look for convenient ways to cook delicious and nutritious meals at home. With the rise of subscription meal delivery services, the meal kit industry has seen tremendous growth over the past few years. In March, we reported that the meal kit industry had been one of the most innovative in recent years. Now, we will take a look at what the year was.
Who’s Buying Meal Kits?
Spending on meal kits and grocery boxes in the UK increased by 114 percent in April 2020, according to Fine Foods Guild. The global pandemic has triggered growth as an increase in the number of consumers who want to recreate restaurant recipes from the comforts of their own homes.
In the US, 17 percent of Americans have a meal kit delivery service subscription, and 90 percent of them referred others to the service.
A survey by Money-Blue Consult revealed that 26 percent of Generation X and 29 percent of millennials had used the service. At the same time, only 12 percent of the older generation had tried the kit.
Industry Insights
A report valued the global market at $10.26 billion in 2020 and predicts the market will see a 13 percent Compound Annual Growth Rate (CAGR) from 2021 to 2028.
There are many reasons behind this growth. One, millennials prefer homemade meals compared to eating out. In addition, the kits offer value for money.
In addition, the global pandemic plays a role here and has made more people health-conscious. Hence, there is a growing interest in a healthy and well-balanced diet.
The report also showed that single service kits accounted for over 55 percent of the market in 2020, but it predicted that multiple service kits would see the fastest CAGR from 2021 to 2028.
This is due to the busier lifestyles that make people turn to meal kits to reduce the time spent prepping a good meal. In addition, millennials are constantly looking for ways to save time.
The Trends in the Meal Kit Industry
Numerous trends have emerged within the meal kit industry. Some of them are:
- Organic foods: People who want to eat only organic food will find it easier to get them through meal kits. This also saves them the hassle of finding ingredients in the grocery that are usually hard to find for their organic dishes.
- Diet specialization: There is now a growing number of meal kit delivery services focused on catering to specific diets.
- Technology: Meal kit delivery services are leveraging technology to make ordering more efficient. This includes mobile apps, personalized meal recommendations, and automated delivery scheduling.
The Bottom Line
In conclusion, meal kit services continue growing in popularity and show no signs of slowing down. Meal kits allow individuals to enjoy restaurant-quality meals in their homes while eliminating the need to go to the grocery store.
They also offer convenience, variety, and easy-to-follow instructions that make cooking hassle-free. With the increasing demand for meal kits, the industry is expected to experience further growth in the years to come. As more and more people become aware of the benefits of meal kits, the industry will continue to thrive and become even more popular.
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