The Global Food Box Service market is estimated to record a CAGR of around 6.1% during the forecast period
Evolve Business Intelligence has published a half-cooked research report on the Global Food Box Service Market, 2021–2030. The global Food Box Service market is projected to exhibit a CAGR of around 6.1% during the forecast period of 2022 to 2030.
Evolve Business Intelligence has recognized the following companies as the key players in the global Food Box Service market: Chef’d, LLC, Gobble, Gousto, Green Chef, HelloFresh, Home Chef, Marley Spoon, PeachDish, Abel & Cole, Simply Cook, Mindful Chef and Farmison.
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Market Highlights
The global Food Box Service market is projected to be valued at USD 25.7 Billion by 2030, recording a CAGR of around 6.1% during the forecast period. A food box service is a subscription-based service that delivers fresh, local produce and other food items regularly to your doorstep. They can be a great way to save money on groceries, eat healthier, and support the community. The growth of this market can be attributed to factors such as growing demand for convenient, healthy, and sustainable food products from a population that is increasingly health-conscious; the rise in the number of working women leading to reduced time for household work. Unlike previous generations, millennials are more inclined to eat out and this has led to increased consumption of pre-packaged meals among them. Furthermore, their introduction of meal kit delivery services has done a lot in making the process easier and faster.
The COVID-19 pandemic has offered a huge opportunity to the market for meal kit delivery services. Almost all the restaurants, eateries, and hotels were shut down across the globe and people were seeking alternatives. Meal delivery services have been providing instant food for people who are not able to cook or go out due to COVID-19. Meal kits allow people to cook at home for themselves without having to manage grocery shopping or cooking. This has resulted in a huge demand which has created an opportunity.
Segmental Analysis
The global Food Box Service market has been segmented based on the type, application, and region.
The Food Box Service market is segmented based on Product Type into Meal and Baking Products. The Meal segment dominates the market because of factors such as consumer preference for more healthy food and reduced wastage. On the other hand, The Baking Products Box consists of a grocery delivery service that allows customers to order baking supplies and ingredients online or through an app, which are then delivered in bulk.
Based on Application, the Food Box Service market is segmented based on Residential and Commercial. The Commercial segment is anticipated to hold the largest market share due to increased demand from the corporate sector. The residential application segment is expected to grow significantly. The increased awareness of healthy eating habits and preference for homemade food is driving this significant growth. The new generation has a growing interest in healthier food choices, which will have a direct impact on their diet and lifestyle.
Regional Analysis
Based on Region, the market for Food Box services is segmented by North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. North America makes up the largest share of the global Food Box Service industry and is expected to continue maintaining its dominance soon. Europe has a smaller but significant share of the global Food Box Service market given it has higher penetration rates for online grocery shopping. Asia Pacific is projected to register the highest CAGR in the forecast period. This is mainly because of the increasing number of youth population with more disposable income. The Middle East and Africa are expected to be the probable region of expansion for the meal delivery service industry, as developing countries are witnessing a large population and rapid urbanization.
