by The prepared meal delivery market provides consumers the convenience of having fresh and nutritious meal kits and cooked dishes delivered at their doorstep. The meal kits come with pre-portioned ingredients and recipes to cook wholesome meals at home with little effort. Ready-to-eat meals are also available that only require reheating, saving even more time in the kitchen. The market allows consumers to experiment with new recipes, eat healthy, and make informed dietary choices. Despite the pandemic challenging food services, the prepared meal delivery market has thrived on the need for convenience and home-cooked options.
The Global Prepared Meal Delivery Market is estimated to be valued at US$ 10.92 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the prepared meal delivery market are Hello Fresh, Blue Apron, Home Chef, Marley Spoon, and Sun Basket. The growing demand for convenience and healthier food options has significantly boosted the prepared meal delivery market. Consumers have less time for grocery shopping and cooking, driving the need for easily accessible yet nutritious meals. The millennial population in particular prefers the personalized meal experiences and variety offered by Prepared Meal Delivery Market Demand.
Market leaders are actively expanding globally to capture more geographic regions and customers. International expansion allows them to benefit from different local ingredients, cuisines and consumer preferences. With growing health-consciousness, prepared meals delivered to the doorstep provide a far more convenient way of following dietary recommendations than cooking all meals from scratch.
Market Key Trends
Personalization is a key trend in the prepared meal delivery market. Services are allowing more customization options for diet types like keto, paleo etc. Meal plans can be customized based on dietary preferences, hometown flavors and other parameters. Advancements in technology enable better personalization through data collection on past orders and meal preferences of each consumer. This makes choosing meal options more tailored and enjoyable for subscribers. The opportunity to customize prepared meals as per personal needs and tastes is helping drive greater market demand.
Porter’s Analysis
Threat of new entrants: The prepared meal delivery market requires large capital investment in infrastructure and supply chains making it difficult for new companies to enter. However, ease of online business model allows some threat from new startups.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to availability of many substitutes and brands in the market providing variety of options.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power as production depends on availability of fresh ingredients from limited number of suppliers.
Threat of new substitutes: Threat from new substitutes is moderate as customized meals are gradually gaining popularity over other substitutes like takeaways and frozen foods.
Competitive rivalry: The rivalry in prepared meal delivery market is high with presence of many international and local brands offering varied choices to consumers.
Geographical Regions
North America accounts for the largest share in the global prepared meal delivery market both in terms of value and volume. This is majorly driven by increasing health consciousness and busy lifestyles requiring easy meal solutions in countries like U.S. and Canada.
The Asia Pacific region is expected to record fastest growth during the forecast period owing to growing number of online shoppers, rising disposable incomes and expanding retail channels in emerging countries like China and India making convenient access to ready meals. Improving living standards along with increasing nuclear families is further propelling the market growth.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
