NEWARK, Delaware, Aug. 15, 2024 (GLOBE NEWSWIRE) — The global food basket market is expected to reach a value of USD 11.9 billion in 2024 and is projected to reach USD 17.5 billion by 2034. It is expected to grow at a compound annual growth rate (CAGR) of 3.9% during the forecast period from 2024 to 2034.
The food basket market is experiencing robust growth, driven by changing consumer preferences and an increased focus on convenience and health. As more people embrace the concept of fresh, local and artisanal food, demand for food baskets – particularly those featuring organic, gourmet and specialty items – has surged. This trend is particularly pronounced in urban areas, where hectic lifestyles and increasing health consciousness are fueling the desire for convenient yet nutritious food options.
Additionally, the rise of e-commerce and subscription services has further propelled the market, making it easier for consumers to access a diverse range of food baskets tailored to their specific needs and preferences. The versatility of food baskets, which can range from traditional fruit and vegetable assortments to curated collections of international delicacies, appeals to a wide audience, including busy professionals, health-conscious individuals and gift givers.
Key findings:
- Current rating: The global food industry is estimated to be worth $11.9 billion in 2024.
- Future growth: The market is expected to grow to USD 17.5 billion by 2034.
- Continuous expansion: The industry is expected to grow at a compound annual growth rate of 3.9% from 2024 to 2034.
- Leading companies: Well-known manufacturers include Blue Apron, HelloFresh, Instacart, FreshDirect and Misfits Market.
- Current market value: The market was estimated to be worth USD 11.5 billion in 2023, reflecting steady growth.
- Positive outlook: With steady growth and key players driving innovation, the grocery basket industry is poised for a successful future.
Key drivers and trends in the food basket market
- Consumer convenience and customization:
Modern lifestyles have created a need for convenience, making food baskets popular with busy professionals and families. These baskets offer a complete meal solution, making them ideal for holidays, travel and special occasions. The trend towards personalised food baskets allows consumers to select contents that suit their tastes, increasing the appeal of these products. The rise of themed snack baskets, including those based around movies, anime and superheroes, further appeals to millennials and helps brands reach a wider audience. - Gift and luxury appeal:
The tradition of gifting food baskets has become a global phenomenon, influenced by Western culture. These baskets are often packed with high-quality food and snacks to make a luxurious gift option. Personalized and themed baskets add a touch of class, making them a sought-after choice for special occasions and corporate gifts. - Subscription-based services:
Subscription-based food baskets are becoming increasingly popular among corporations and large companies. This model provides a cost-effective way to offer employee perks and increase workplace wellbeing. Subscription services also simplify the process of procuring food baskets, making them an attractive option for companies looking to streamline their operations. - Health-conscious and customizable options:
Due to increased health awareness, there is a growing demand for customizable and healthy food baskets. Consumers are looking for baskets that cater to specific dietary needs, such as organic, gluten-free or vegan options. The convenience of receiving ready-to-eat or easy-to-prepare meals appeals to health-conscious people with busy schedules.
The food basket market is driven by consumer convenience, with a focus on subscription services and customizable options. Millennials and businesses value these baskets for their comprehensive meal solutions, luxury appeal, and health-conscious offerings, supported by e-commerce and agricultural wealth. Says a Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key players in the food basket industry
- Blue apron
- HelloFresh
- Instacart
- FreshDirect
- Market of outsiders
- Imperfect foods
- Farmbox Direct
- Thriving market
- Hungry Harvest
- Daily harvest
- Green Cook
- Sun basket
- Purple Carrot
- Martha & Marley Spoon
- Good eggs
- Full circle
- Organic Valley
- Green Beans Delivery
- FreshRealm
- Pea pod
To get detailed insights into the market, browse the full report: https://www.futuremarketinsights.com/reports/food-basket-market
Key segments of the food basket industry
By material:
The material categories in the food basket industry include bamboo, metal, reed, plastic and wood.
By end user:
The final consumer category includes fruit and vegetables, bakery and confectionery, tea and coffee, and spices and seasonings.
By sales channel:
The industry is divided into offline and online based on distribution channels.
By region:
The report covers major countries in North America, Latin America, Europe, East Asia, South Asia, the Middle East and Africa (MEA), and Oceania.
Author:
Ismail Sutaria (Senior Packaging and Materials Consultant) has over 8 years of experience in market research and consulting in the packaging and materials industry. Ismail’s strength lies in identifying the client’s key challenges and delivering logical and actionable insights to empower clients with strategic decision-making power.
Ismail has been instrumental in several transformation consulting engagements. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis and business transformation consulting. Ismail holds an MBA in Marketing and a Bachelor’s degree in Mathematics.
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About Future Market Insights (FMI)
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