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Meal Kit Trending In 2020- Customer Gives High Response To market

The Meal Kit Market size was estimated at USD 206.65 billion in 2020 and is expected to reach USD 278.01 billion in 2024

       Meal kit a new concept in the food and beverage industry, where a customer gets a pre-cooked meal or half-cooked food products on a regular basis to their home or desired place. In this, a customer gets customized food ingredients as per their choice for their own individual use of for the whole family.

   Key players in the market are Sisters Food Group, Sigma Alimentos, Grupo Herdez, Kraft Heinz, Unilever, Fleury Michon, Hormel Foods, Advanced Fresh Concepts and Tyson Foods.

     COVID-19 has caused many businesses to struggle for survival, Consider meal kit company Blue Apron. Blue Apron was a pioneer in an industry that analysts initially predicted would change the face of grocery shopping. But as recently as late last year, the company was struggling to stand out in the crowded meal kit market that it had helped create, and was widely viewed in early 2020 as a strong takeover or merger target. By early April, Blue Apron was reporting increases in its customer base and net revenues as demand for its meal-prep boxes spiked among Americans tired of eating peanut butter and jelly sandwiches for dinner. Meal kit companies have been gaining ground rapidly, such that an industry that looked to be on the edge a year ago is now flourishing – and pulling in new players.

    Sept 2020-Chef Sanjeev Kapoor announced the launch of KitFresh Meal Kits in Bengaluru on Amazon India under his newly founded venture, KSK Food. The ready-to-cook KitFresh Meal Kits consist of ingredients put together by Kapoor to help customers recreate some of his most iconic recipes from the comfort and safety of their home. . Each meal kit contains fresh ingredients in pre-measured quantities that are hygienically packed in a certified facility.

     The German company which was founded in 2011, and delivers meal kit in Germany, U.K, Belgium, Netherland, and Canada. HelloFresh raised in 2020 its guidance for the year for the third time, illustrating strong demand for meal-kit among consumers amid the coronavirus pandemic. The recipe box company also hinted at plans to expand in the ready-meal category, and said it was unconcerned at the new competition from retailers offering meal kits.

     Ola Foods, the food delivery unit of cab aggregator Ola, has shelved its plans to open offline quick service restaurants (QSR) due to the pandemic situation. It will instead expand its private brands into new categories such as biryani, pizza, health and self-help meal kits, said a top company executive. Demand for food delivery has been recovering slowly and steadily for food delivery startups such as Swiggy and Zomato, and for cloud kitchen brands like Faasos and Fresh menu. An estimated 70% of the pre-covid demand is back for online food delivery segment, according to analyst estimates. 

     Some market segmentation of meat-kit are on the basis of type is Frozen & Chilled Ready Meals, Canned Ready Meals, Dried Ready Meals. On the basis of Application it has been Hypermarkets and Supermarkets, Independent Retailers and Convenience Stores. On the basis of region it spread in North America, Europe, Asia-Pacific, Middle East & Africa. North America holds the largest share of the meal-kit market, owing to the presence of the number of meal kit companies in this region. Additionally, the presence of the large number of the young and middle-class consumer, who needs this type of delivery to save time for other work is helping to grow this market in this region. Europe is the second-largest market of the meal kits market, owing to the birthplace of the meal kits market concept in this region.

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