The North America Meal Voucher Market would witness market growth of 5.7% CAGR during the forecast period (2023-2030).
The market refers to buying, selling, and using vouchers or coupons specifically designated for purchasing meals at participating restaurants, cafes, or food outlets. These vouchers are typically issued by employers to employees as part of their benefits package or by government agencies as a form of social benefit. Meal vouchers serve as non-monetary compensation or subsidy, allowing individuals to purchase food items up to a certain value or within specific guidelines. They often promote employee welfare, boost productivity, and support local restaurants or food businesses.
The market is a pivotal element bridging the requirements of sustenance, convenience, and corporate responsibility. The idea of meal vouchers, which can be traced back to the mid-20th century, has undergone significant development since its inception and is now a fundamental component of employee welfare initiatives, government assistance programs, and consumer-oriented economies across the region. At the core, the market encapsulates a dynamic ecosystem where vouchers or coupons, specifically tailored for the procurement of meals, seamlessly integrate with the demand for dining experiences, workplace culture, and socio-economic dynamics.
Canada's rising food and service industry drives the adoption and utilization of such programs among consumers, travellers, and hospitality providers. These offer a convenient, flexible, and value-added solution for managing dining expenses, enhancing the overall dining experience, and promoting culinary tourism in Canada's dynamic and diverse food landscape. As reported by Statistics Canada, the food services and drinking places subsector experienced a noteworthy 8.7% growth in sales, reaching a total of $8.0 billion in January 2023. There was growth observed in each of the industry's subsectors including full-service restaurants (9.5%), limited-service restaurants (8.6%), special culinary services (7.4%), and drinking establishments (1.8%). Every province experienced growth, with Ontario and British Columbia experiencing the greatest (+8.6% and 15.4%, respectively). Therefore, the expanding food service sector and urbanization propel the market's growth.
The US market dominated the North America Meal Voucher Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $21,246.3 million by 2030. The Canada market is experiencing a CAGR of 8.1% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 7.2% during (2023 - 2030).
Free Valuable Insights: The Meal Voucher Market is Predict to reach $102.6 Billion by 2030, at a CAGR of 6.1%
Based on Product Type, the market is segmented into Digital Card, and Book Card. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Product Type
By Country
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