“Global Meal Voucher Market to reach a market value of USD 102.6 Billion by 2030 growing at a CAGR of 6.1%”
The Global Meal Voucher Market size is expected to reach $102.6 billion by 2030, rising at a market growth of 6.1% CAGR during the forecast period.
Urbanization and busy lifestyles in North America have increased demand for convenient dining options. Therefore, the North America region captured $19,175.5 million revenue in the market in 2022. Meal vouchers offer staff members a convenient way of dining at various restaurants and food purveyors, sparing them the troublesome task of organizing and preparing meals. Additionally, many employers in North America prioritize supporting local businesses as part of their corporate social responsibility initiatives, further contributing to the growth of the market in the region.
Positive employer-employee relationships increase the likelihood that an employee will remain with the organization. Meal vouchers enable employees to have a better work-life balance by allowing them to enjoy nutritious meals during work hours without the hassle of meal preparation or spending additional money. These are often considered a cost-effective benefit for employers compared to salary increases or other monetary incentives. They can be tax-deductible for companies, making them an attractive option to enhance employee compensation without significantly impacting their bottom line. Furthermore, many companies are increasingly focusing on employee health and wellness initiatives. Additionally, these can be structured to encourage the purchase of healthy food options. Employers may collaborate with specific restaurants or vendors offering nutritious meal choices, promoting healthier eating habits among employees. Many organizations understand the importance of wellness programs for their workforce. Employers contribute to initiatives to improve their workforce's overall health and well-being by offering vouchers that can be used to purchase healthy meals. Furthermore, providing these can help reduce the consumption of unhealthy fast food or convenience foods among employees. Hence, promoting healthy eating habits is propelling the market's growth.
However, digital meal voucher platforms collect and store sensitive employee information, including personal and financial data. Any security breach could compromise employees' privacy and expose them to identity theft or fraud, leading to a loss of trust in the voucher system and the company providing it. These platforms often involve financial transactions, such as loading funds onto digital accounts or processing vendor payments. If these systems are not adequately secured, they may become targets for cybercriminals seeking to intercept transactions, steal funds, or manipulate payment processes, leading to financial losses for employers and employees. In addition, social engineering techniques, fraudulent emails, and bogus websites may be employed by cybercriminals to deceive employees into divulging passwords or personal data linked to these accounts. Hence, digital security concerns about this hamper the market’s growth.
Based on product type, the market is bifurcated into book card and digital card. In 2022, the digital card segment garnered the highest revenue share in the market. Digital meal vouchers offer unparalleled convenience and accessibility for both employers and employees. With digital cards accessible through mobile apps or online platforms, users can easily view, manage, and redeem their vouchers anytime, anywhere, eliminating the need for physical vouchers and manual processes.
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe region witnessed the maximum revenue share in the market in 2022. Many European countries have implemented regulations mandating the provision of meal vouchers or similar benefits as part of employee compensation packages. These regulations aim to promote employee welfare, improve purchasing power, and stimulate local economies. As such, European employers are increasingly adopting these programs to comply with legal requirements and attract top talent.
Free Valuable Insights: Global Meal Voucher Market size to reach USD 102.6 Billion by 2030
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 64.4 Billion |
| Market size forecast in 2030 | USD 102.6 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 6.1% from 2023 to 2030 |
| Number of Pages | 125 |
| Number of Tables | 160 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product Type, Region |
| Country scope |
|
| Companies Included | ACCOR SA, Emburse, Inc. (Certify), SPENDIT AG, Alelo Inc, Axis Bank Limited, Asinta, Circula GmbH, CIRFOOD International, Rakuten group, Inc. (Gurunavi, Inc.), Swile |
By Product Type
By Geography
This Market size is expected to reach $102.6 billion by 2030.
Rising demand for employee benefits are driving the Market in coming years, however, Digital security concerns related to meal vouchers restraints the growth of the Market.
ACCOR SA, Emburse, Inc. (Certify), SPENDIT AG, Alelo Inc, Axis Bank Limited, Asinta, Circula GmbH, CIRFOOD International, Rakuten group, Inc. (Gurunavi, Inc.), Swile
The expected CAGR of this Market is 6.1% from 2023 to 2030.
The Europe region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $35.9 billion by 2030.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 