Prepared Meal Delivery Market is Expected to Witness High Growth Owing to Changing Consumer Preferences
Prepared Meal Delivery Market is Expected to Witness High Growth Owing to Changing Consumer Preferences
The global prepared meal delivery market is estimated to be valued at US$ 23.85 billion in 2024 and is expected to exhibit a CAGR of 11.88% over the forecast period 2024 to 2031.

The prepared meal delivery market provides customers with fully or partially prepared meals that require little or no preparation. This allows consumers to save cooking time without compromising on healthy and nutritious meals. The meals are pre-portioned and include ingredients and recipes required for a complete home-cooked dish. Some of the common meals offered include pasta, rice, soup, and curry dishes. The prepared meals industry is growing in popularity owing to the fast-paced lifestyles of modern consumers and rising preference for home-cooked food. The Global prepared meal delivery market is estimated to be valued at US$ 23.85 Bn in 2024 and is expected to exhibit a CAGR of 11.88.% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Prepared Meal Delivery Market Growth are Hello Fresh, Blue Apron, Home Chef, Marley Spoon, Sun Basket, Abel & Cole, Riverford, Gousto, Quitoque, Kochhaus, Middagsfrid, Allerhandebox, Chefmarket, Kochzauber, Fresh Fitness Food, Mindful Chef, Fresh N Lean, CookUnity, Pete's Real Food, Mosaic Foods. These players dominate the market due to their diverse and high-quality menu options along with consumer-friendly subscription models.

Key opportunities in the market include growing demand from millennials and working professionals with hectic schedules for hassle-free healthy meals. The market players are focusing on innovative methods like recipe kits to offer consumers more choices and flexibility. There is also potential to expand into untapped regions of Asia Pacific and Latin America driven by rising internet penetration and disposable incomes.

Global expansion is driven by companies focusing on entering new geographic regions to cater to the growing demand. Players are localizing menus, tailoring portions sizes and recipes according to regional tastes. Establishing local sourcing and production centers helps companies to reduce delivery times and carbon footprint. Strategic acquisitions are also allowing major players to quickly gain market share in emerging economies.

Market Drivers

Changing lifestyles and lack of time for grocery shopping and cooking at home have been a key driver for the prepared meal delivery market. Rising number of dual-income households and busy professionals rely on convenient ready-to-cook or ready-to-eat meals. Growing health consciousness is also encouraging consumers to opt for nutritious prepared meals as an alternative to consuming pre-packaged or takeout foods.

Market Restraints

The high prices of subscription plans make prepared meals unaffordable for cost-conscious customers. Additional delivery and packaging costs are also passed on to customers. Requirement of specific kitchen equipment and regular waste generation of excess packaging materials are other challenges faced by the industry. Dependence on weather conditions and shortage of seasonal ingredients can temporarily impact meal availability or pricing.

Segment Analysis
The prepared meal delivery market can be segmented based on the number of ingredients, meal type, subscription and market channel. Based on number of ingredients, the market is divided into two and three ingredients meals. Presently, the two ingredients meals segment dominates the market as they are relatively easy to prepare and affordable for time-pressed consumers. Based on meal type, the market is segmented into vegan, vegetarian, family style meals and meat lover meals. The family style meals segment presently accounts for the largest share as they are suitable for households with children. Based on subscription, the market can be divided into weekly, fortnightly and monthly subscription. The weekly subscription segment dominates as it offers flexibility to consumers. Based on market channel, the market is categorized into platform to consumer and business to consumer. The platform to consumer segment accounts for the highest share as most key players operate on direct to consumer model for deeper customer engagement.

Global Analysis
Regionally, the prepared meal delivery market in North America accounts for the largest share, followed by Europe. High internet penetration, busy lifestyle and increased health consciousness are major factors driving market growth in these regions. Asia Pacific is expected to witness the fastest growth during the forecast period owing to rising disposable incomes, growth of online delivery services and positive government initiatives for health and wellness in countries such as China and India. Key players are expanding through strategic collaborations and acquisitions to strengthen their global presence. HelloFresh acquired Factor75 to enter the US market and Green Chef to expand production capabilities. Increased M&A activities are expected to consolidate market competition during the forecast period.

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