U.S. Meal Kit Delivery Services Market Report 2024: HelloFresh Reigns Supreme with $5.06 Billion in Revenue, Towers Over Nearest Competitor Relish Labs' $1.07 Billion
Dublin, May 01, 2024 (GLOBE NEWSWIRE) -- The "Meal Kit Delivery Services in the US - Industry Research Report" report has been added to * ResearchAndMarkets.com's* offering.
Healthier eating habits and the growing popularity of e-commerce spurred sales. While revenue increased rapidly, COVID-19 became the catalyst for success as consumers ordered meal kits as an alternative to grocery shopping. It also paved the way for mass advertising via social media platforms, radio, podcasts and other entertainment outlets. This form of marketing remains strong, offering extra avenues of growth through an expanding market. Revenue grew at a CAGR of 22.4 to $8.7 billion over the past five years, including a 2.8% bump in 2024 alone.
Market share concentration for the Meal Kit Delivery Services industry in the US is high, which means the top four companies generate more than 70% of industry revenue. The average concentration in the Transportation and Warehousing sector in the United States is 36%.
*A selection of companies mentioned in this report includes, but is not limited to:*
· HelloFresh SE
· Relish Labs LLC
· Blue Apron Holdings, Inc.
· Sun Basket, Inc.
*Report Scope*
· Market Estimates from 2014-2029
· Competitive Analysis, Industry Segmentation, Financial Benchmarks
· Incorporates SWOT, Porter's Five Forces and Risk Management Frameworks
*Industry Statistics and Highlights*
· Meal kit delivery services have become more popular thanks to remote working.
· Consumers can stay home and have ingredients shipped directly to them, cutting down on trips to the grocery store.
· Most companies offer a wide range of dietary options to appeal to different customers.
· Consumers can switch dietary plans or alternatives between different types of meals to see which one they prefer.
· Operating near food manufacturers helps cut shipping costs and the downtime needed to receive ingredients.
· This leads to faster processing and delivery to consumers.
· Price competition is rampant among smaller companies.
· New entrants will often heavily discount their services to gain new customers. Even many existing companies continue to discount their plans in hopes of retaining customers.
*Key Trends and Insights*
· Companies thrived during the pandemic and continue to expand:
· In 2020, COVID-19 forced consumers nationwide to stay home and follow quarantine restrictions. Meal kit delivery was viewed as an alternative to grocery shopping, minus the risk of infection. Companies used this to ramp up advertising across various social media outlets (podcasts, video streaming, photo-sharing platforms).
· Consumer preferences alter products:
· Companies offer meal kits specifically designed to fit a consumer's dietary needs. Consumers have trended toward various diets, including vegetarian, vegan, keto or paleo, while avoiding foods that are not organic or classified as genetically modified organisms (GMOs).
· Traditional shopping experiences are making a comeback:
· Without COVID-19 restrictions, consumers return to grocery stores to purchase ingredients and prepared foods.
· Global distribution leads to domestic dominance:
· While many meal kit delivery services exist, Hello Fresh alone accounts for over 70% of the market. Being the only operator based in Europe, it has built a distribution network, enabling it to cover a wide range of consumers.
*List of Topics Covered:*
*About this Industry*
· Industry Definition
· Main Activities
· Similar Industries
· Additional Resources
*Industry at a Glance*
*Industry Performance*
· Executive Summary
· Key External Drivers
· Current Performance
· Industry Outlook
· Industry Life Cycle
*Products & Markets*
· Supply Chain
· Products & Services
· Demand Determinants
· Major Markets
· International Trade
· Business Locations
*Competitive Landscape*
· Market Share Concentration
· Key Success Factors
· Cost Structure Benchmarks
· Basis of Competition
· Barriers to Entry
· Industry Globalization
*Major Companies*
*Operating Conditions*
· Capital Intensity
· Technology & Systems
· Revenue Volatility
· Regulation & Policy
· Industry Assistance
*Key Statistics*
· Industry Data
· Annual Change
· Key Ratios
*Jargon & Glossary*
For more information about this report visit https://www.researchandmarkets.com/r/xpfgj4
*About ResearchAndMarkets.com*
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