LONDON--(BUSINESS WIRE)--The meal vouchers and employee benefit solutions market is expected to grow by USD 27.81 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
Companies, organizations, or employers providing meal vouchers, food coupons, or prepaid meal cards as part of employees' salary structure are exempted from tax in many countries worldwide. For example, in 1976, the Federal Government of Brazil launched the Workers’ Food Program (Programa de Alimentação do Trabalhador - PAT), in which companies or employers were asked to pay for employees' food provisions in exchange for tax relief. In 2016, according to the Ministry of Labour and Social Welfare, Brazil, 20 million employees benefited from PAT in the country. In India, the number of meal vouchers an employee avails is not included in the taxable salary. According to the Income Tax Department, Government of India, there are tax benefits for free food and beverages provided to employees. These benefits and tax exemptions have helped the market to grow exponentially in the past and will further drive growth during the forecast period as well.
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As per Technavio, the strategic partnerships with meal kit delivery vendors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This meal vouchers and employee benefit solutions research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Meal Vouchers and Employee Benefit Solutions Market: Strategic Partnerships with Meal Kit Delivery Vendors
The global meal kit delivery service market is growing at a high rate, which can eventually affect the dine-in restaurant business. Meal kit delivery services enhance convenience, which saves time to prepare food. In addition, vendors ensure that meal kits provided to consumers have easy-to-follow recipes, cooking tips, as well as the exact amount of ingredients required to prepare a meal in a convenient, pre-packaged box. Vendors of meal vouchers and employee benefit solution providers are entering into strategic partnerships with vendors of meal kit delivery services, whereby consumers are enabled to make payments and avail discounts at meal kit delivery services through meal vouchers and cards. This will not only help meal voucher companies increase their profit margins but also get a first-mover advantage, which will fuel the growth of the market in focus.
“Factors such as new investments in developing countries, and a shift toward digital meal vouchers and employee benefit solutions will have a significant impact on the growth of the meal vouchers and employee benefit solutions market value during the forecast period,” says a senior analyst at Technavio.
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Meal Vouchers And Employee Benefit Solutions Market: Segmentation Analysis
This market research report segments the meal vouchers and employee benefit solutions market by application (meal vouchers and employee benefits) and geography (Europe, South America, APAC, North America, and MEA).
The European region led the meal vouchers and employee benefit solutions market in 2019, followed by South America, APAC, North America, and MEA respectively. The preference for making online payments and digital payment methods are factors influencing the meal vouchers and employee benefit solutions market growth in this region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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