The global Lunch Takeout Market is valued at USD 215.3 Billion in 2022, with a compound annual growth rate (CAGR) of 5.9 per cent predicted from 2022 to 2032.
| Attributes | Details |
|---|---|
| Lunch Takeout Market CAGR (2022 to 2032) | 5.9% |
| Lunch Takeout Market Size (2022) | USD 215.3 Billion |
| Lunch Takeout Market Size (2032) | USD 450.3 Billion |
The demand for lunch takeout has been gaining steam among customers in the United States, with various delivery service providers introducing single and multiple servings for consumers.
Homemade cuisine, for example, is less expensive than eating out at a restaurant. Furthermore, the product's availability has made prepared dinners more time-efficient than takeout and home delivery services.
Food preparation at home also allows for complete control over the ingredients used, which is beneficial for persons who are allergic to or attempting to avoid specific substances. This has changed the lunch takeout market outlook significantly over the years.
As per the lunch takeout market analysis, the global lunch takeout market is divided into two types as per the online model: platform-to-customer and restaurant-to-customer; channel type, which includes websites and mobile applications; and payment method, which includes cash on delivery and online payment.
The lunch takeout market size will be constrained by supply chain and logistics costs. Order fulfilment, shipping, changing business resources to dynamic market demand, and last-mile connection are all included in this cost. In addition, there are charges for packaging cardboard boxes, gas, mileage, and hiring a driver.
The lunch takeout market analysis indicates that to avoid the rotting of items with a short shelf life, the supply chain and logistics must be in place.
In the lunch takeout sector, upgrading the distribution network to a more decentralised system, known as Distribution 4.0, is on the rise.
The lunch takeout market trends indicates that the suppliers collaborate with multiple participants in Distribution 4.0 to achieve the best market coverage between urban and rural areas, focusing their efforts on marketing, branding, and in-store merchandising to offer a best-in-class customer experience.
To expand coverage, they are likely to work with aggregators, e-commerce delivery companies, rural distribution companies, and modern trade distribution arms. This is leading to new lunch takeout market opportunities and development.
Amazon, the e-commerce aggregator, has announced plans to collaborate with a number of small businesses, retail shops, and rural supermarkets in order to improve last-mile connectivity. As a result, the Distribution 4.0 trend is expected to have a favourable impact on the adoption of lunch takeout
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A major aspect driving the lunch takeout market's rise is millennials' growing desire for home-cooked and chef-prepared meals. Among generations Y and Z, the delivery service has grown in popularity and use.
The benefits of cooked meals, which are less expensive than takeout and home delivery services, are driving the rising popularity of the product. This is driving the emerging trends in the lunch takeout market.
The main focus of the lunch takeout market should be on increasing market share by providing the highest possible value to clients at the lowest feasible cost. Existing companies have raised the marketing game to the point where clients are spoiled for choice, even as competition rises, causing customer base instability and hurting brand loyalty.
Food delivery companies are using marketing strategies and methods to increase engagement and propagate word-of-mouth in order to reduce client churn. Thus, the increasing choices for consumers are also detrimentally impacting the lunch takeout market opportunities.
Businesses are striving to maintain food quality standards as a result of the significant increase in online orders. There will always be a gap between food served fresh at a restaurant and food delivered to customers' doorsteps after a short journey, and businesses should develop new ways to address this. As per the lunch takeout market analysis, quality standards are becoming harder to maintain.
While millennials have surpassed baby boomers in terms of population, boomers still make up a sizable portion of the population, and their habits have a considerable impact on the home cooking market.
Lunch takeout is an excellent option because meal preparation ahead of time reduces food waste dramatically. Owing to each portion being pre-measured, lunch takeout contains components in the exact quantity needed to cook a meal.
Although some delivery services serve larger quantities, they nonetheless include calorie counts and nutritional information depending on the portions. These new lunch takeout market trends are carefully crafted for the rising generation.
In 2021, the online segment dominated the lunch takeout market, accounting for 63.2 percent of total revenue. Companies who have built an online platform are able to provide better customer care since they are available 24 hours a day, seven days a week.
To provide consumers with ease, the majority of businesses offer their products through their own websites. Instead of visiting the service provider in person or calling, customers prefer to go to websites to learn about the weekly and monthly menus as well as the different types of food subscriptions offered.
The lunch takeout adoption trends state that it also makes it easier for businesses to service clients that are spread out across a large geographic area.
In 2021, the non-vegetarian sector dominated the lunch takeout market, accounting for 63.7 percent of total revenue. Over the forecast period, the category is expected to maintain its dominance.
The availability of protein, as well as vitamins and minerals like A, B6, B12, niacin, and thiamine in meat, contributes to the growth of demand for lunch takeout, making it enticing to customers who wish to include lean protein in their diets.
Several product delivery service firms are now offering a wide range of fresh, value-added, and healthy meats, which is encouraging non-vegetarian meal kit consumption. Other reasons, such as rising consumer knowledge of the benefits of eating non-vegetarian diets like fish and chicken, are fuelling adoption of lunch takeout.
From 2022 to 2030, the lunch takeout market in the Asia Pacific is predicted to grow at an annual rate of 18.8%. Because of the convenience and freshness of the product, the market is likely to grow rapidly in the region.
The demand for these delivery services has been fuelled by an increase in the number of time-strapped clients in the region. China, Japan, and South Korea are the region's most important lunch takeout markets.
Furthermore, COVID-19 has heightened interest in home-cooked meals and boosted demand for lunch takeout across the country. The market for vegetarian and vegan meal kits is being driven by countries such as Australia, Japan, China, Singapore, Sri Lanka, South Korea, and India.
North America dominated the lunch takeout market in 2021, accounting for 46.2 percent of total revenue. A big number of customers in the area buy these kits to save time and effort. The product has evolved into a healthier and more affordable alternative to pre-cooked foods found in grocery shops, delivery services, and restaurants.
There are a few well-established participants in the lunch takeout market, as well as a number of small and medium-sized businesses. Mergers, acquisitions, and product launches are still among the industry's most important strategic activities.
Some of the recent developments in the lunch takeout market are:
Freshly Inc. introduced its first-ever plant-based prepared meals line, 'Purely Plant,' in August 2021, with six new meals incorporating plant-based proteins crafted with clean, whole-food ingredients to meet consumer demand for diversity, taste, nutrition, plant-based meal options, and convenience. No preparation is necessary for meals that may be heated and served in three minutes.
HelloFresh paid USD 277 million for Factor75, LLC in November 2020. The acquisition was made to help HelloFresh boost its position in the US market and expand its customer base.
Nestlé paid USD 950 million for Freshly Inc. in October 2020. This acquisition was made to help Freshly Inc. grow, as well as to allow Nestlé to enter a fast-growing industry in the United States.
The lunch takeout market is projected to have a CAGR of 5.9% in 2032.
North America dominated the lunch takeout market in 2021, accounting for 46.2 percent of total revenue.
The non-vegetarian segment dominated the lunch takeout market and accounted for the largest revenue share of 67.9% in 2022.
The cook and eat segment dominated the market and held the largest revenue share of 60.7% in 2021.
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Lunch Takeout Market
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