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Venkat Reddy
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Meal Kit (Oven Ready) Market to Grow at a CAGR of 12.3% During the Forecast Period 2020-2025
Rising Number of Working Millennials and Their Needs and Preferences for Ready to Eat Food Serves as a Significant Factor Driving Its Market Growth., 3/02/2021 - Meal Kit (Oven Ready) Market size is estimated to be $7.2 billion in 2019, growing at a CAGR of 12.3% during the forecast period 2020-2025. Oven ready meal kit contains precooked ingredients which require instruction based oven heating for few minutes and then it is ready to eat. Rising number of working millennials and their needs and preferences for ready to eat food serves as a significant factor driving its market growth. Besides, this with the increase in e-commerce platform and era of IoT (Internet of thing) for online ordering has contributed the market growth. Moreover, meal kit manufacturers who are selling through online platforms are fuelling up their business by providing meal kit subscriptions to their consumer base. In addition, the meal kit provider’s tries to provide complete Nutrition based precooked food at low prices which attracts the working urban consumer who have less time to invest in cooking thus opt for these products. In addition, to time saving the meal kits also result into minimal wastage of ingredients, therefore, providing new growth avenues to the market growth.

ey Takeaways

Non Vegetarian dominated Meal Kit Market in 2019 owing to the rising number of people preferring non-vegetarian products.

By Distribution Channel the Meal Kit (Oven Ready) Market is dominated by online stores owing to the rise in internet penetration among consumer.

North America dominated the meal kit market owing to the rise in working urban class and their changing lifestyle preferences.

The rising number of tech savvy younger generation coupled with less time available for cooking has resulted into high demand for ready to cook food which in turn is fueling the market growth.

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Meal Kit (Oven Ready) Market Segment Analysis - Geography

North America dominated the Meal Kit (Oven Ready) Market with the revenue market share of 42% during the forecast period 2019-2025. Rising working class millennial generation preferring ready to cook food at their doorsteps in the region is supporting the regional market growth. Moreover, the US Department of Agriculture (USDA) stated that Americans born between 1981-1996 spends less time in food preparation and 30% or more prefer consuming outside the home food which has helped the meal kit market to grow in America. In addition to this Asia- Pacific is also seeing a potential growth in this industry owing to the untapped opportunities in the region.

Meal Kit (Oven Ready) Market Drivers

Growing working population

Rising preference for Online Delivery

Meal Kit (Oven Ready) Market Industry Outlook : Meal Kit Market top 10 companies are Hello Fresh, Blue Apron, Home Chef, Marley Spoon, Sun Basket, Able and Cole, Riverford, Gousto, Quitoque and Kochhous.

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