The global lunch
takeout market was worth USD 215.3 billion in 2021, with a
compound annual growth rate (CAGR) of 5.9 percent predicted from 2022 to 2032.
The increased desire among millennials for home-cooked and
chef-prepared meals are one factor fuelling the growth of the lunch takeout market.
The delivery service has expanded in popularity and use among generations Y and
Z.
The advantages of cooked meals, which are less expensive
than takeout and home delivery, are fuelling the product’s growing appeal
and adoption of lunch takeout. This is fuelling the growth of the
lunch takeout sector.
The lunch takeout market analysis indicates
that while millennials have overtaken baby boomers in terms of population,
boomers still account for a significant share of the population, and their
eating habits have a significant impact on the home cooking sector.
Lunch takeout is a great alternative because meal
preparation ahead of time drastically lowers food wastage. Lunch takeout contains
components in the exact quantity needed to cook a meal because each portion is
pre-measured.
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Despite the fact that some delivery services serve greater
meals, they nonetheless provide calorie counts and nutritional information
based on the portions. These new lunch takeout market trends have
been specifically designed for the millennial age.
Supply chain and logistical costs will limit the size of
the lunch takeout sector.
This cost includes order fulfillment, shipping, adjusting
business resources to shifting market demand, and last-mile connectivity. There
are also charges for cardboard box packaging, gas, mileage, and hiring a
driver. According to the lunch takeout market analysis, the supply
chain and infrastructure must be in place to prevent foods with a limited shelf
life from decomposing.
Customers in the United States have been increasing their
desire for lunch takeout, with several delivery service companies
offering single and multiple portions. Cooking at home, for example, is less
expensive than going out to eat.
The adoption of lunch takeout has increased
globally. In addition, the availability of the product has made cooked dinners
more time-efficient than takeout and home delivery services. Food preparation
at home also gives you complete control over the items you use, which is
advantageous for people who are allergic to or trying to avoid certain foods.
This has had a tremendous impact on the lunch takeout
market throughout the years.
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Key Takeaways:
- In
2021, the cook and eat sector dominated the lunch takeout market, with a
revenue share of 60.7 percent.
- From
2022 to 2032, the lunch takeout market size in Asia Pacific is predicted
to grow at an annual rate of 18.8%.
- In
2021, the online segment dominated the demand for lunch takeout,
accounting for 63.2 percent of total revenue.
- The
non-vegetarian sector dominated the lunch takeout market, accounting for
63.7 percent of total revenue.
Competitive Landscape:
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.
The key players operating in the lunch takeout market are
Einstein Noah Restaurant Group, Inc., Manchu Wok, HuHot Mongolian Grill, Panda
Express, Olive Garden, Mama Fu’s, McDonald’s Corp. (MCD), Domino’s Pizza, Inc.
(DPZ), Bloomin’ Brands, Inc. (BLMN), Autogrill SpA (ATGSF), Yum China Holdings,
Inc. (YUMC), Spaghetti Warehouse, and Fazoli’s.
Recent Development:
In August 2021, Freshly Inc. launched its first-ever
plant-based prepared meals line, ‘Purely Plant,’ with six new meals made with
clean, whole-food ingredients to address consumer demand for variety, taste,
nutrition, plant-based meal options, and convenience. Meals that can be heated
and served in three minutes require no preparation.
In November 2020, HelloFresh paid USD 277 million for
Factor75, LLC. The purchase was undertaken to assist HelloFresh expand its
client base and strengthen its position in the US market.
In October 2020, Nestlé paid USD 950 million for Freshly
Inc. Freshly Inc.’s growth was aided by this acquisition, which also allowed
Nestlé to enter a fast-growing industry in the United States.
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