The global meal vouchers and employee benefits solutions market size reached US$ 24.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 34.15 Billion by 2028, exhibiting a growth rate (CAGR) of 5.45% during 2023-2028. The increasing emphasis on employee well-being and satisfaction, changing workforce demographics and preferences, rapid technological advancements, and implementation of supportive government policies are some of the major factors propelling the market.
|Meal Vouchers & Employee Benefits Solutions Market Size in 2022
||US$ 24.6 Billion
|Meal Vouchers & Employee Benefits Solutions Market Forecast in 2028
||US$ 34.15 Billion
|Meal Vouchers & Employee Benefits Solutions Market Growth Rate (2023-2028)
Meal vouchers and employee benefits solutions refer to programs provided by employers to enhance the overall compensation and well-being of the employees. It includes health and wellness benefits, retirement plans, flexible work arrangements, and financial benefits. Meal vouchers and employee benefits solutions are widely used by corporations, businesses, enterprises, government agencies, educational institutions, and non-profit organizations (NPOs). They enhance employee satisfaction, increase productivity, improve retention, boost morale, and support overall well-being. Meal vouchers and employee benefits solutions also aid in improving employee retention rates, promoting positive work culture, and providing competitive advantages to organizations.
The implementation of supportive government policies to encourage the adoption of meal vouchers and employee benefits solutions by providing tax incentives is contributing to the market growth. Furthermore, the incorporation of meal vouchers and employee benefits solutions in corporate social responsibility (CSR) initiatives to support local businesses, sustainable food practices, or charitable causes is positively influencing the market growth. Moreover, aggressive marketing and promotional activities by leading companies through social media and digital marketing to improve brand visibility and increase awareness regarding their offering are strengthening the market growth. Apart from this, the increasing awareness about the benefits of meal vouchers and employee benefits solutions in promoting a positive work culture and supporting work-life balance is propelling the market growth. Other factors, including the rapid expansion of multinational companies (MNCs), the integration of digital technologies, and the growing focus on employee wellness, are anticipated to drive the market growth.
Meal Vouchers & Employee Benefits Solutions Market Trends/Drivers:
Increasing emphasis on employee well-being and satisfaction by employers.
Meal vouchers and employee benefits solutions are widely used as a strategic approach to retain existing employees and attract top talents to the companies. They aid in differentiating organizations from their competition and build a stronger brand value. Meal vouchers and employee benefits solutions also increase employee satisfaction and engagement, which aids in improving productivity and overall performance. They also contribute to a healthier work-life balance by providing employees with the convenience of having meals during work hours. In addition to this, they also offer wellness programs, healthcare coverage, and other initiatives aimed at supporting employee well-being. Apart from this, the growing employee expectations from companies regarding overall compensation and benefits packages to enhance their work experience and quality of life are acting as another growth-inducing factor.
The changing workforce demographics and dietary preferences
Meal vouchers and employee benefits solutions play a crucial role in addressing the evolving workforce demographics. They cater to various dietary preferences, such as vegetarian, vegan, gluten-free, and lactose intolerant. Furthermore, the emerging flexible and work-from-home (WFH) culture is facilitating the demand for meal vouchers and employee benefits solutions as they allow employees to avail the vouchers at a wide range of partner restaurants and food delivery services. In addition to this, they are highly adaptable to changing work landscape and can be accessed at workplace cafeterias or outdoor dining facilities. Apart from this, they provide customized solutions to meet the specific needs and preferences of different employee segments, such as millennials, working parents, and senior workers.
Rapid technological advancements
The introduction of digital meal vouchers that can be easily accessed and utilized through mobile applications and online platforms is positively influencing the market growth. Furthermore, the recent developments of integrated benefit platforms that consolidate various employee benefits, including meal vouchers, into a single, user-friendly interface to enable easy tracking and management are contributing to the market growth. Additionally, the utilization of advanced analytics and reporting capabilities to gain insights into employee engagement and usage patterns of meal vouchers and other benefits, which allow companies to identify trends and make data-driven decisions, is strengthening the market growth. Besides this, the integration of financial wellness and budgeting tools to assist employees in managing their expenses, tracking spending on meals, and setting budget goals, is supporting the market growth.
Meal Vouchers & Employee Benefits Solutions Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global meal vouchers & employee benefits solutions market report, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on product type.
Breakup by Product Type:
- Meal Vouchers
- Employee Benefits
Employee benefits dominate the meal vouchers & employee benefits solutions market.
The report has provided a detailed breakup and analysis of the meal vouchers & employee benefits solutions market based on the product type. This includes meal vouchers (book card and digital card) and employee benefits (meal, gift, travel, and others). According to the report, employee benefits represented the largest market segment.
Employee benefits are dominating the market as they provide a comprehensive package comprising healthcare coverage, retirement plans, paid time off, insurance options, and wellness programs. Furthermore, the increasing focus on employee retention has encouraged employers to offer attractive benefits packages which stand out from competitors and create a strong brand value. Moreover, the growing demand for employee benefits to increase employee satisfaction, boost morale, enhance productivity, and improve overall satisfaction is strengthening the market growth. Besides this, the implementation of strict government regulations to mandate employers to provide healthcare coverage, retirement plans, and other employee benefits is propelling the market growth. Apart from this, employee benefits play a crucial role in shaping positive company culture, increasing teamwork, and improving overall organizational performance.
Breakup by Region:
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
Europe exhibits a clear dominance in the market, accounting for the largest meal vouchers & employee benefits solutions market share.
The report has also provided a comprehensive analysis of all the major regional markets, which includes North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe represented the largest market segment.
Europe is the leading market for meal vouchers and employee benefits solutions due to the implementation of legal and regulatory frameworks by the regional governments to mandate the provision of certain employee benefits by employers. Additionally, the growing emphasis on work-life balance and employee well-being in the region is facilitating the demand for meal vouchers that aid in maintaining a healthy lifestyle by providing access to meals during working hours. Moreover, the introduction of favorable tax policies and incentives by European countries has prompted employers to offer meal vouchers as part of the employee benefits package. Apart from this, the growing emphasis by organizations on employee retention and attracting top talents is contributing to the market growth.
The leading companies in the meal vouchers and employee benefits solutions market are focusing on incorporating new features, functionalities, and services, such as digital meal voucher solutions, mobile apps, and integration with expense management systems to enhance user experience, increase convenience, and streamline administrative processes. Furthermore, the growing strategic partnerships and collaboration between the top companies, restaurants, and food delivery services to offer multiple dining options and ensure the acceptance of meal vouchers at popular establishments is strengthening the market growth. In addition to this, several companies are actively engaged in the acquisition of smaller market players to expand their customer base, increase market penetration, and enhance service offerings. Moreover, aggressive promotional and marketing activities by companies through social media campaigns and content marketing to raise awareness about meal voucher solutions and employee benefits offerings are contributing to the market growth.
The report has provided a comprehensive analysis of the competitive landscape in the global meal vouchers & employee benefits solutions market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- Alelo Brasil
- Axis Bank Limited
- Circula GmbH
- Edenred Group
- Emburse Inc.
- Hrmony GmbH
- Monizze SA/NV
- Rakuten Group Inc.
- Spendit AG
- In January 2022, Circula GmbH announced the close of a €12 million funding round for the expansion of its employee finance app that can be used for digitally processing expenses and accessing employee benefits in a tax-compliant manner.
- In October 2021, Edenred Group launched “Edenred Guaranteed Rides”, an employee benefit program that provides a wide range of transportation choices to employees.
- In October 2022, Emburse Inc. announced the launch of integrated corporate cards and expense management to eliminate the need for employee out-of-pocket spending.
Meal Vouchers & Employee Benefits Solutions Market Report Scope:
|Base Year of the Analysis
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
|Product Types Covered
- Meal Vouchers: Book Card, Digital Card
- Employee Benefits: Meal, Gift, Travel, Others
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Alelo Brasil, Axis Bank Limited, Circula GmbH, Edenred Group, Emburse Inc., Hrmony GmbH, Monizze SA/NV, Rakuten Group Inc., Sodexo, Spendit AG, etc.
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
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|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the global meal vouchers & employee benefits solutions market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global meal vouchers & employee benefits solutions market?
- What is the impact of each driver, restraint, and opportunity on the global meal vouchers & employee benefits solutions market?
- What are the key regional markets?
- Which countries represent the most attractive meal vouchers & employee benefits solutions market?
- What is the breakup of the market based on the product type?
- Which is the most attractive product type in the meal vouchers & employee benefits solutions market?
- What is the competitive structure of the global meal vouchers & employee benefits solutions market?
- Who are the key players/companies in the global meal vouchers & employee benefits solutions market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the meal vouchers & employee benefits solutions market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global meal vouchers & employee benefits solutions market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the meal vouchers & employee benefits solutions industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.