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.
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.
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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Key Segments
By Payment Type
- Cash
- Debit Cards
- Credit Cards
- Digital Wallets
- Electronic Bank Transfers
By Restaurants Type
- Quick Service Restaurant
- Self Service Restaurants
- Assisted Self Service Restaurants
- Self Service Restaurants
- Full Serviced Restaurants
- Fine Dining
- Casual Dining
- Cafes and Bars
- Street Food
By Product Type:
- Chinese Cuisine
- Indian Cuisine
- Japanese Cuisine
- Italian Cuisine
- Mediterranean Cuisine
- Mexican Cuisine
- Turkish Cuisine
- Others
By Nature:
- Vegetarian
- Non-Vegetarian
- Vegan
By Purchase Model:
- Direct-to-Consumer
- Platform-to-Consumer
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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