The Food Basket Market is driven by consumer convenience, with growth seen in meal options for travel, corporate perks, health-conscious choices, and last-mile delivery services, despite eco concerns. In the United States, the Food Basket Industry is experiencing sluggish growth, slated to report a CAGR of 1.8% through 2034.
NEWARK, DE / ACCESSWIRE / July 10, 2024 / The food basket market is valued at USD 11.9 billion in 2024, is expected to reach USD 17.5 billion by 2034. The industry is forecast to sustain a CAGR of 3.9% in the next decade. Consumer convenience has led to the growth of food baskets, with the general populace being the largest consumers. Businesses offer complete meal options, making them convenient for travel. The Western culture has also influenced the market, with premium food and snacks included.
Subscription-based food baskets are also becoming more popular in corporations and large businesses due to their cost-effectiveness and convenience. These baskets are used to provide employee perks and enhance workplace wellness.
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Health-conscious consumers are increasingly seeking customized, healthy food baskets, including organic, gluten-free, and vegan options. These baskets offer fresh ingredients without the hassle of shopping, making them a popular choice for busy schedules.
Personalized food baskets and theme-based snack baskets are also popular. Last-mile delivery services in developing and developed economies have also boosted the market. However, skepticism from eco-conscious consumers and businesses is a challenge, as plastic or polyester materials are not considered food-safe and there are issues with food waste.
"Companies should focus on several key strategies. Emphasizing sustainability by using eco-friendly packaging and sourcing organic, locally-grown produce can attract environmentally conscious consumers. Customization options allow customers to tailor baskets to their preferences and dietary needs. Companies should also invest in quality and freshness, ensuring that products arrive in optimal condition", says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Market Study
Food baskets made from bamboo dominate the global market with a share of 24.3% in 2024.
Based on the end use, the fruits and vegetable segment leads the food basket market with a share of 27% in 2024.
The food basket market in India is anticipated to grow at a CAGR of 4.2% through 2034.
The food basket market in China is estimated to rise at a 3.9% CAGR through 2034.
The food basket market in Thailand has the potential to increase at 4.1% CAGR through 2034.
The United States food basket market is predicted to rise by 3.8% CAGR through 2034.
The food basket market in the United Kingdom is very likely to grow at a CAGR of 3.5% through 2034.
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Competitive Landscape
Companies at the top of the industry are using apps and websites to market their products. A few of them are also developing food baskets that are based on subscriptions. Local businesses are putting a lot of emphasis on adding both local and foreign goods to their baskets to provide customers with a classy experience. Due to the small number of participants in the market, there are relatively few mergers and acquisitions in this industry. The industry is impacted by the sustainability movement, and companies are now incorporating biodegradable materials in their baskets.
Several well-known firms in this industry include Blue Apron, HelloFresh, Instacart, FreshDirect, and Misfits industry.
Recent Developments:
UK-based Wonder Group plans to acquire meal-kit delivery company Blue Apron, one of the leading companies in the food basket market, in July 2023.
In November, HelloFresh launched its in-house fleet delivery service across 19 metropolitan areas, managing nearly 500 vans to improve transit times, customer experience, and logistics oversight for its brands like Factor, Green Chef, and EveryPlate.
Key Players in the Food Basket Industry
Blue Apron
HelloFresh
Instacart
FreshDirect
Misfits Market
Imperfect Foods
Farmbox Direct
Thrive Market
Hungry Harvest
Daily Harvest
Green Chef
Sunbasket
Purple Carrot
Martha & Marley Spoon
Good Eggs
Full Circle
Organic Valley
Green Bean Delivery
FreshRealm
Peapod
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Key Segments of the Food Basket Industry
By Material:
The material category in the food basket industry includes bamboo, metal, reed, plastic, and wood.
By End User:
The end user category encompasses fruits and vegetables, bakery and confectionery, tea and coffee, and spiced and condiments.
By Sales Channel:
The industry based on sales channels is bifurcated into offline and online.
By Region:
Key countries of North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), and Oceania have been covered in the report.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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