The global meal voucher market size was valued at USD 65.57 billion in 2022 and is expected to be worth USD 67.91 billion in 2023. The market is projected to reach USD 105.56 billion by 2030, recording a CAGR of 6.5% during the forecast period.
Meal vouchers are normally issued by companies to enhance their employees’ motivation and engagement rate. They are now becoming a part of the many perks employees receive at their workplace. Many organizations are collaborating with technology firms to create cutting-edge food ordering platforms to improve their employees’ workplace satisfaction. Such initiatives are expected to augment the global meal voucher market growth.
Fortune Business Insights™ displays this information in a report titled, “Meal Voucher Market, 2023-2030.”
Infformation Source:
https://www.fortunebusinessinsights.com/meal-voucher-market-108689
List of Key Players Profiled in the Meal Voucher Market Report:
- Edenred SA (France)
- The Up Group (France)
- Sodexo Group (France)
- Alelo (Brazil)
- Asinta (U.S.)
- Axis Bank Limited (India)
- Cinqo Group (Bahrain)
- Circula GmbH (Germany)
- CIRFOOD International (Italy)
- Emburse, Inc. (U.S.)
- Monizze Nv SA (Belgium)
- Rakuten Group Inc. (Japan)
- SPENDIT AG (Germany)
- Swile (France)
- Unum Group (U.S.)
COVID-19 Impact:
COVID-19 Lowered Product Demand Due to Closure of Restaurants
The COVID-19 pandemic had a negative impact on the market progress as governments across the world introduced lockdowns and other restrictions to contain the spread of the virus. This scenario forced restaurant owners and dine-in outlets to shut down their operations. Moreover, since a vast majority of the employees had adopted the work-from-home culture, there was even less demand for meal vouchers, which further impeded the market growth.
Segments:
Digital Cards to Become Popular Due to Rising Demand for Digital Vouchering Solutions Among Companies
Based on product type, the market is segmented into book cards and digital cards. The digital cards segment is estimated to capture a major meal voucher market share as companies across the world are opting for digital vouchering solutions to improve their employees’ experience while ordering food.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report analyzes the market in-depth and highlights various key areas, such as leading product types and top market players. It also provides information regarding the key industry developments, market drivers, constraints, and leading market trends. Apart from the abovementioned factors, the report also focuses on many factors that have helped the market grow.
Drivers and Restraints:
Increasing Investment in Employee Benefit Solutions to Accelerate Market Growth
Companies across the globe are increasing their investments in employee benefit schemes, such as food coupons to enhance the workplace satisfaction of employees. Moreover, providing perks, such as lunch cards to employees can help companies distinguish themselves from their competitors. This factor is prompting more employers to boost their spending on food couponing-related services, which may accelerate market progress.
However, rising concerns regarding data security while using digital meal vouchers can impede market growth.
Regional Insights:
Europe Dominated Market Due to Growing Use of Lunch Cards and Gift Vouchers
Europe accounted for a sizeable meal voucher market share as countries, such as Italy, the U.K., and Germany are using lunch cards and gift vouchers extensively to enhance employees’ work satisfaction level. Moreover, mid-sized companies in Belgium, the Netherlands, and the U.K. are offering lunch cards to their employees to avail tax benefits.
North America also captured a major market share in 2022 as more companies across the region are demanding food coupons to offer them as perks to their employees in the U.S. and Canada.
Competitive Landscape:
Consistent Efforts by Key Companies to Upgrade Product Portfolio Will Help Them Tackle Market Competition
Some of the key players operating in the market are using a wide range of strategies to expand their presence in the market. They are upgrading their current portfolio of digital meal vouchers to increase their customer base and respond to the rising competition in the market.
Key Industry Developments:
July 2022: Groupe BPCE, a French banking solutions provider, announced its partnership with Swile to improve its digital payment solutions business. This partnership assisted Swile in expanding its operations in the international market and accelerating the development of employee-experience platforms.
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