Increasing preference for homemade meals among millennial to propel further growth in the Global Vegan Meal Kit Delivery Service Market
The Vegan Meal Kit Delivery Service market is expected to grow at a CAGR of 17.4% to reach USD 64.3 billion in 2030.
Covid-19 Impact & Market Status
The Covid-19 pandemic has remained quite instrumental in driving the growth of the global vegan meal kit delivery service market. This is because covid-19 has piqued interest in vegan meal kit delivery service technologies. People have shifted their work preferences from in-office to remote work, whereas schools are also operating remotely. This research report offers a detailed market outlook of the global vegan meal kit delivery service market depending upon the current economic situation and developments in the application, type, and regional segments.
It does a deep analysis of the impact of covid-19 on the market and recovery strategies applied by market players to restore the growth trends and maintain market competitiveness. The in-depth insights documented in the report enable well-informed investment decisions by for the new payers, aspirants, and also the well-established ones in the global vegan meal kit delivery service market.
Weekly Subscription Vegan Meal Kit Delivery Service Type to Emerge as the Most Lucrative Segment
Global vegan meal kit delivery service market is classified into monthly subscription, daily subscription, weekly subscription, others type segments. Among these, the mobile type vegan meal kit delivery service is poised for substantial market growth in the years ahead. The weekly subscription type is appealing to most customers because it allows them to easily scale up or down without worrying about additional costs as they pay for what they get served in short period of time. All this leads to satisfied customers who will likely return for the next immediate purchases which will improve the relationship between customer and company. Therefore, the weekly subscription model is one of the best ways to retain the customers by demonstrating that services are qualified and flexible to their needs. With a traditional e-commerce business model, knowing how much inventory is needed to maximize profit and minimize waste can be quite a conundrum and costly too. However, when it comes to subscription e-commerce, inventory management is a whole new ballgame. As a subscription retailer, players know how many subscribers they have and how much stock they need in weekly basis. Also, this model is especially convenient, because they can expect recurring revenues and when the financial transactions are spread out over an established timeline. The pros of adapting weekly subscription leading to recurring revenues have resulted in weekly subscription type of vegan meal kit delivery services market growth in the forecasted period.
Adult Applications to Ensure Revenue Maximization
Global vegan meal kit delivery service market is classified as child, teenager, adult, and elder type applications. Among these, the adult type vegan meal kit delivery service application segment is poised for substantial market growth in the years ahead. According to the census survey of India 2011, India has more than 50% of its population below the age of 25 and more than 65% below the age of 35. It is expected that, in 2020, the average age of an Indian will be 29 years compared to 37 years for China. According to a survey conducted in 2020, 25% of 25 to 34 years old Americans say they are either vegans or vegetarians and interest in veganism hit an all-time high in 2020. Increasing numbers of adults are moving toward vegan diets due to health, animal welfare, or environmental concerns. A survey in the United States depicts that in 2018; about 3% of people are fully vegan and notes that sales of plant-based foods are rising. Vegan diets tend to include plenty of fruits, vegetables, beans, nuts, and seeds. Eating a variety of these foods will provide a wide range of important vitamins, minerals, healthful fats, and protein. The above-mentioned developments are evident to expect a global vegan meal kit delivery service market pace in the near future.
Backed by Immense Development Potential North America Vegan Meal Kit Delivery Service Market to Sail Ahead
Performance analysis of global vegan meal kit delivery service market based on regional segmentation states that North America is the most mature market for vegan meal kit delivery service adoption and investments. The region is likely to garner maximum revenue share of global vegan meal kit delivery service market in the years ahead, mostly from 2021 to 2028.
This is evident from rapid investments in new technologies, shift in user preferences, applications in various industry verticals across leading countries in the region such as Canada and United States.
The rapid urbanization has elevated the working population in North America. The growing workforce along with their hectic schedules provides tremendous growth opportunities for the market players operating across the vegan meal kit delivery services market. With evolving technologies, rising penetration of internet services coupled with rising number of health-related issues, consumers are shifting towards consumption of healthy meals. Furthermore, growing presence of online food delivery partners across the region is anticipated to fuel vegan meal kit delivery service market growth over the forecast period. According to the International Journal of Retail & Distribution Management, the majority of online users are younger than 55, and have $70,000 or more in annual income in the U.S. Since, their key reasons for purchasing food items online are due to comfort and saving time; this will boost the demand for vegan meal kit delivery services in North America region.
The focus on sustainability has paved new growth opportunities, thus furthering the inclusion of Vegan Meal Kit Delivery Service
Increasing preference for homemade meals among millennial is expected to be a major factor contributing to the growth of the market. The meal kit delivery service providers deliver proportioned ingredients, and thus simplifying cooking and eliminating the need to shop for a wide variety of ingredients. Vegan diets can be healthy for anyone of any age, including children, pregnant and lactating women, and the elderly. It's important to note that vegans need to pay special attention to their diets to avoid specific nutrient deficiencies. There is little risk of deficiency in a well-planned vegan diet. Becoming vegan is a fantastic resource for ensuring optimal health with living a vegan lifestyle. The rise in demand for gluten-free meal kits is an emerging trend in the foodservice space. Owing to the awareness about the health effects of gluten, consumers are increasingly looking for gluten-free food products. Gluten-free food is generally consumed by individuals with gluten-related disorders such as celiac disease and non-celiac gluten sensitivity.
A vegan meal is a diet based on a wide variety of whole plant foods such as fruits, vegetables, whole grains, legumes, nuts, and seeds. A vegan meal kit (also referred to as vegan meal delivery) is a type of subscription service in which a company sends a box of fresh ingredients in the right amounts for a few recipes that one can cook at home. Vegan meal kit delivery services seem very effective at helping customers naturally reduce the number of calories they eat, resulting in weight loss.
The rise in demand for gluten-free meal kits is an emerging trend in the foodservice space. Owing to the awareness about the health effects of gluten, consumers are increasingly looking for gluten-free food products. Gluten-free food is generally consumed by individuals with gluten-related disorders such as celiac disease and non-celiac gluten sensitivity. Celiac diseases are an autoimmune disorder that damages the small intestine. In individuals with celiac disease, the small intestine cannot process gluten that is present in foods such as wheat, rye, and barley. It damages the small intestine lining and disrupts the absorption of nutrients from food. Thus, many foodservice outlets are offering gluten-free food on their menus to cater to the demands of such customers, which is expected to drive the growth of the market during the forecast period.
Meal kits are convenient but aren’t cheap. Vegan meal kit delivery services have cost-prohibitive service to most people. Most vegan meal kits with delivery service costs from USD 8 to USD 15 per person which can be more than a restaurant if feeding a family of four. Ingredients are perishable so cooking soon after customers receive the food is very important. Meal quantity is also a major con while the meal size may be plenty for some people, but if a customer has a hearty appetite, portions may be too small. Additionally, the kits do not provide all of the ingredients in the recipe, so customers may need to use their pantry and fridge staples, such as oil, egg, and seasonings. There is no option to stick to organic ingredients. The meals are basic and might not suit those who like a lot of flavour and diversity. In terms of waste, meal kits are not much friendlier to the environment than grocery stores. Packaging materials, such as plastic are used for meal kits, and the packaging is a large factor in meals kits environmental impacts. In terms of carbon footprints, the emissions from processing and distribution, farm equipment, and fertilizer production are larger than from packaging used to maintain the freshness of food. In 2022, the meal kit industry is likely to make changes concerning the sustainability of its services, especially in packaging and changing consumer perceptions. Many consumers are still seeking more packaging improvements such as fewer plastics used, more compostable packaging, and insulation made from recycled materials.
The major players of the global vegan meal kit delivery service market are Dorel Industries, Inc., Cass Information System, Inc., ACI Worldwide, Liquid Telecom, Fiserv, Digital Virgo, Kubra, Paymentus, Aliaswire, ebpSource, and Eafricalab.
Among all other established and emerging companies and investors. These market players are spread across the world and are aggressive in developing new technologies to lead the market and improve revenue growth. Furthermore, the market players to stay ahead of the competitive landscape are unravelling strategic initiatives like mergers and acquisitions, new product portfolios, and technological innovations.
Vegan Meal Kit Delivery Service Market Scope
|Revenue forecast in 2030
|USD 64.3 billion
|CAGR of 17.4% during 2020-2030
|Offering, Service, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Blue Apron, LLC,,Freshly Inc.,,HelloFresh,,Sun Basket,,Relish Labs LLC (Home Chef),,Gobble,,Marley Spoon Inc.,,Purple Carrot,,Fresh n' Lean,,Hungryroot
Key Segments of the Global Vegan Meal Kit Delivery Service Market
Type Overview (USD Billion)
- Monthly Subscription
- Daily Subscription
- Weekly Subscription
Application Overview, (USD Billion)
Regional Overview, (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa