The global meal vouchers & employee benefits solutions market size was valued at USD 208.34 billion in 2021. The market is projected to grow from USD 214.36 billion in 2022 to USD 320.68 billion by 2029, exhibiting a CAGR of 5.9% during the forecast period. This information is published by Fortune Business Insights, in its report titled, “Meal Vouchers & Employee Benefits Solutions Market, 2022-2029.”
Conclusion of Restaurants during COVID-19 Pandemic to Hinder Market
The COVID-19 bestowed lockdown limitations have compelled restaurants, food courts, and hotels to shut down their business. As a consequence, working experts have found it difficult to find meals in restaurants and cafeterias. This reason has notably influenced the companies’ revenues from such services and the market of meal vouchers & employee benefits solutions observed a slowdown in revenue generation.
Fortune Business Insights™ lists out all the meal vouchers & employee benefits solutions market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Edenred SA (France)
- Sodexo Group (France)
- Circula GmbH (Germany)
- CIRFOOD (Italy)
- Monizze NV SA (Belgium)
- Spendit AG (Germany)
- Alelo Brasil (Brazil)
- Axis Bank Ltd (India)
- Rakuten Group Inc. (Japan)
- Unum Group (U.S.)
- Cinqo Group (Bahrain)
The report presents a systematic study of the segments and thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to boost the market growth. COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.
Drivers and Restraints:
Financial Advantages for Employees to Aid Market Growth
The meal voucher system is profitable to both employees and employers owing to its fiscal advantages. The employers’ social insurance variations are waived by offering a voucher, and the employee gains tax benefits as a type of social benefit. Additionally, such programs have been witnessed to augment employee productivity as superior quality meals and other benefits such as discounts on train/bus tickets or offering gift vouchers and holidays. Consequently, employers conduct a vital role in spurring employee engagement in establishments and presenting benefits that assist in the meal vouchers & employee benefits solutions market growth.
However, the high prices of meal vouchers & employee benefits solutions primarily restrict its demand among small-sized organizational groups. Furthermore, data security concern in digital meal vouchers is anticipated to restrict the demand for meal voucher solutions.
North America to Lead Stoked by Amplified Alertness among Employees
North America is estimated to hold a considerable meal vouchers & employee benefits solutions market share on account of the augmented existence of company authorities and higher awareness of employee benefits. Better alertness that enhances employee quality of life and leads to the global growth of the employer’s business makes a significant contribution to the region’s dominance in the global market.
Europe is anticipated to display a notable presence in the market as corporations gain tremendous support from their governments.
Asia Pacific is predicted to display fundamental growth, owing to numerous corporate businesses employing millions of people in their workplaces.
Employee Benefits Segment to Lead the Global Market
The employee benefits solutions segment is expected to hold a lion’s share in the global market due to significant business organizations’ demand for the employee benefits solutions to satisfy needs in improving purchasing power and the motivation level of their employees.
The global market is analyzed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Lucrative Ideas Launched by Prime Players to Boost Market Growth
The fundamental players adopt numerous tactics to bolster their position in the market as dominating companies. One such prime strategy is procuring companies to bolster the brand value among users. Another vital strategy is intermittently launching innovative products with a detailed study of the market and its target audience.
Key Industry Developments:
October 2021: In Edenred Benefits, a dominating meal vouchers & employee advantages solutions in the U.S for meal cards and mobility solutions, unveiled Edenred Guaranteed Rides, a program to offer employees with transportation choices.
Browse Detailed Summary of Research Report: