LONDON--(BUSINESS WIRE)--The global lunch bags market 2019-2023 is expected to post a CAGR of over 11% during the forecast period, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the growing preference for home-cooked meals. Despite the high prevalence of foodservice outlets and easy-to-prepare meal options, it is estimated that more than a third of Americans prefer home-cooked meals and half the population cook 3-6 days a week. Factors such as the growing cost of restaurant meals and the rise of grocery e-commerce encourage consumers to stay at home to prepare meals. Another growth factor is the rising population of health-conscious consumers who prefer home-cooked food over food bought from foodservice delivery outlets. Home-cooked food has a higher nutritional value and is fresh and hygienic. The chances of contamination are also less compared, and it is more economical. Thus, the increased preference for food prepared at home acts as a significant growth driver for the global lunch bags market.
Looking for more information on this market? Request a free sample report
As per Technavio, the increased adoption of omni-channel strategy will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Lunch Bags Market: Increased Adoption of Omni-Channel Strategy
Advancements in technology have a significant impact on retailers' marketing and sales. A growing number of lunch bag vendors are embracing the omni-channel strategy to appeal to the tech-savvy millennial population. This strategy aims to seamlessly integrate consumers' shopping experiences across multiple channels, including stores, PCs, and mobile devices. Vendors are expanding their omni-channel efforts by adding features to their stores' mobile app, such as the option to check for special in-store promotions and search for store inventory. Thus, such initiatives are expected to boost market growth during the forecast period.
“Apart from the increased adoption of omni-channel strategy, product advancements leading to product premiumization and the rise in a number of private-label brands and smaller manufacturers are some other factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Lunch Bags Market: Segmentation Analysis
This market research report segments the global lunch bags market by distribution channel (offline and online) and geographical regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA, respectively. During the forecast period, the APAC region is expected to maintain its dominance and register the highest incremental growth due to the growing awareness about the health benefits associated with home-cooked meals in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
