Meal Vouchers and Employee Benefit Solutions Market Size, Industry Analysis Report By Type (Meal Vouchers, Employee Benefits), By Product Type (Cash Voucher, Non-Cash Voucher), By Application (Meal, Gift, Travel), By End-User (Mobile Workforce, Volunteer Organisations, Training Centers & Recruiting, School Trip & Sporting Events, Disaster Victims & Relief Workers, Convention Teams) & Region – Forecasts By 2033
- PUBLISHED ON
- 2024-08-11
- NO OF PAGES
- 233
- CATEGORY
- Food & Beverages
Market Overview
The Global Meal Voucher and Employee Benefit Solutions Market size was at USD 33,734.12 Million in 2022, and it is predicted that it will reach a valuation of USD 51,442.37 Million by the end of 2033 with an annual development rate (CAGR) of 4.8% between 2023 and 2033.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 33,734.12 million |
Market Forecast in 2033 | USD 51,442.37 million |
CAGR % 2023-2033 | 4.8% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Key Companies | Alelo Brasil, Monizze NV SA, Edenred, Axis Bank Ltd, Sodexo Group, The Up Group, Spendit AG, Up Slovensko, Zeta India, and others. |
Meal Vouchers and Employee Benefit Solutions Market- Description
The voucher that is given to the employee for a meal or an employee benefit, which permits them to eat outside at any restaurant, especially for lunch. That voucher is called a Meal voucher, aka Luncheon Voucher. In various countries, meal vouchers get favorable tax benefits., Vouchers were generally in the form of Paper Tickets, but they are gradually being replaced with unique payment cards. Meal vouchers and employee benefits solutions are products made to enhance the employee's life. It can be used for several purposes, such as fuel, meals, gifts, etc.
There are several benefits associated with meal vouchers and Employee benefit solution products. This product aids in keeping employees motivated, enhances their productivity and facilitates the business process. Organizations, companies or employers are liable to get the tax benefits from the government due to the execution of these products. These factors have been accelerating the market expansion.
Meal Vouchers and Employee Benefit Solutions Market: Key Trends
· Tax Benefits for the Organization to boost the market growth:
Meal vouchers give various tax benefits, and several government authorities offer lucrative tax benefits to organizations and companies. Organizations, companies or employers who offer meal vouchers, prepaid meal cards or food coupons as part of an employee's salary structure are liable to get the tax benefits and are exempt from tax. It is applicable in many countries worldwide. For instance, there are tax benefits for free food and beverages provided to employees, as stated by the Income-tax Department Government of India. Food and beverages provided on the office premises via non-transferable paid vouchers usable only at the food court or eating joint given by the employer are not taxable if the per-meal cost to the employer is less than Rs.50 (0.66 USD).
· Aids in Business Development by motivating and Retaining employees:
This product (meal voucher and employee benefits solution) aids in improving the employee's life, and it can be used for many purposes, such as fuel, gifts and meals and others. The prime benefit of this product is to keep an employee motivated, which helps increase productivity, facilitating the business process. Attrition is a major issue in many organizations. The rising number of job-hopping is fueling the demand for the product as meal vouchers and employee benefits solutions can help in pleasing & satisfying the employees for a long period of time. Therefore, it helps an organization to retain their employees as long as possible.
Meal Vouchers and Employee Benefit Solutions Market: Segmentation Analysis
By Type:
•Meal Vouchers
•Employee Benefits
The Meal Voucher segment dominated the market and accounted for the largest revenue share in the global market in 2020. This high share is attributed to employees' worldwide use of meal vouchers in various organizations and companies.
By Product Type:
•Cash Voucher
•Non-Cash Voucher
The Non-Cash Voucher segment led the global market and accounted for the largest global revenue share in 2020. This high share is attributed to its ability to aid the employees to utilize the product at the exact place where it is intended to be used. Besides, Non-Cash Voucher has several benefits, such as they are available in the form of non-transferable vouchers and supporting vouchers.
By Application:
•Meal
•Gift
•Travel
The Meal Segment has dominated the global market and accounted for the largest market share in the global revenue in 2020. This dominance is ascribed to its application, where it can be used in both office cafeterias and any other dedicated cafeterias, making it the most used card on a regular basis compared to other cards.
By End-User:
•Mobile Workforce
•Volunteer Organizations
•Training Centers & Recruiting
•School Trip & Sporting Events
•Disaster Victims & Relief Workers
•Convention Teams
•Other
The mobile workforce segment led the global market and accounted for the largest share of over 52% of the global revenue in 2020. This high share can be credited to its ability to provide facilities to the employees, whether they are travelling or working in the office. The mobile workforce segment, followed by the volunteer organization segment, is expected to hold a large market share in the global market. This high market share can be credited to the rising number of NGOs and volunteering organization, which has been funded and supported by the government to do social work for helping underprivileged people.
Meal Vouchers and Employee Benefit Solutions Market: Geographical Analysis
The market is segmented based on regions such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America dominated the market and accounted for a significant global revenue share in 2020. It is expected to register substantial growth with a growing CAGR over the forecast period. A huge number of employers in the region are actually concerned about the health & well-being of their employees. It has resulted in a surge in usage of this product, aids in generating more efficient and productive employees. However, the Asia Pacific region is also anticipated to register healthy growth over the forecast period. This growth is due to major players in the region executing promotional campaigns that have accelerated the consumption and surge in awareness. Rising change in the corporate work culture coupled with a surge in adoption of better working tools and systems to enhance the performance of the employees. These factors are responsible for the rising use of the product in the region.
Meal Vouchers and Employee Benefit Solutions Market: Recent Developments
The top players are engaging in various activities to propel the market. They are hunting for new and innovative ways to ensure that employees are benefited; thereby, ensuring that the organization as a whole in benefited.
Meal Vouchers and Employee Benefit Solutions Market: Key Companies
· Alelo Brasil
· Monizze NV SA
· Edenred
· Axis Bank Ltd
· Sodexo Group
· The Up Group
· Spendit AG
· Up Slovensko
· Zeta India
· Others
Meal Vouchers and Employee Benefit Solutions Market: Regional Scope
North America
· U.S.
· Canada
· Mexico
Europe
· U.K.
· Germany
· France
· Italy
· Spain
· Rest of Europe
Asia Pacific
· China
· India
· Japan
· South Korea
· Australia
· Rest of Asia Pacific
South America
· Brazil
· Argentina
· Rest of South America
Middle East and Africa
· Saudi Arabia
· UAE
· Egypt
· South Africa
· Rest of Middle East and Africa
1. Global Meal Vouchers and Employee Benefit Solutions Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Meal Vouchers and Employee Benefit Solutions Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years – 2020 to 2021
1.3.2. Projected Data Reporting Years – 2022 to 2033
1.3.3. Reporting Data Parameters – Value (US$ Million)
1.4. Global Meal Vouchers and Employee Benefit Solutions Market Scope and Market Estimation
1.4.1. Global Meal Vouchers and Employee Benefit Solutions Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Meal Vouchers and Employee Benefit Solutions Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Meal Vouchers and Employee Benefit Solutions Market Segmentation
1.5.1. Product Type of Global Meal Vouchers and Employee Benefit Solutions Market
1.5.2. Type of Global Meal Vouchers and Employee Benefit Solutions Market
1.5.3. Application of Global Meal Vouchers and Employee Benefit Solutions Market
1.5.4. End User of Global Meal Vouchers and Employee Benefit Solutions Market
1.5.5. Key Regions of Global Meal Vouchers and Employee Benefit Solutions Market
2. Global Meal Vouchers and Employee Benefit Solutions Market - Executive Summary
2.1. Global Meal Vouchers and Employee Benefit Solutions Market – Summary & Snapshot
2.2. Global Meal Vouchers and Employee Benefit Solutions Market, By Product Type (US$ Million)
2.3. Global Meal Vouchers and Employee Benefit Solutions Market, By Type (US$ Million)
2.4. Global Meal Vouchers and Employee Benefit Solutions Market, By Application (US$ Million)
2.5. Global Meal Vouchers and Employee Benefit Solutions Market, By End User (US$ Million)
2.6. Global Meal Vouchers and Employee Benefit Solutions Market, By Geography (US$ Million)
2.7. Global Meal Vouchers and Employee Benefit Solutions Market Outlook & Future Opportunities
3. Meal Vouchers and Employee Benefit Solutions Market Trends, Outlook, and Factors Analysis
3.1. Global Meal Vouchers and Employee Benefit Solutions Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Meal Vouchers and Employee Benefit Solutions Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Meal Vouchers and Employee Benefit Solutions Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Increasing Adoption of Electronic Vouchers by Employers
3.2.1.2. Increasing Number of Working-Class Population to Augment Market
3.2.1.3. Financial Benefits to Assist the Meal Vouchers & Employee Benefits Solutions Market Growth
3.2.2. Restraints
3.2.2.1. Higher Cost of Meal Vouchers & Employee Benefits Solutions to Limit Market
3.2.3. Opportunities
3.2.3.1. Emerging economies.
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porter’s Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Meal Vouchers and Employee Benefit Solutions Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of Meal Vouchers and Employee Benefit Solutions Market
3.9.1. By Product Type
3.9.2. By Type
3.9.3. By Application
3.9.4. By End User
3.9.5. By Regions
4. Global Meal Vouchers and Employee Benefit Solutions Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Meal Vouchers and Employee Benefit Solutions Market, 2020 – 2021 (US$ Million)
4.2. Global Meal Vouchers and Employee Benefit Solutions Market, By Type, 2020 to 2021 (US$ Million)
4.3. Global Meal Vouchers and Employee Benefit Solutions Market, By Product Type, 2020 to 2021 (US$ Million)
4.4. Global Meal Vouchers and Employee Benefit Solutions Market, By Application, 2020 to 2021 (US$ Million)
4.5. Global Meal Vouchers and Employee Benefit Solutions Market, By End User, 2020 to 2021 (US$ Million)
4.6. Global Meal Vouchers and Employee Benefit Solutions Market, By Region, 2020 to 2021 (US$ Million)
5. Global Meal Vouchers and Employee Benefit Solutions Market Estimates & Forecast Trend Analysis, by Product Type
5.1. Global Meal Vouchers and Employee Benefit Solutions Market Share (%) Estimates and Forecasts, by Product Type, 2022 & 2033
5.2. Global Meal Vouchers and Employee Benefit Solutions Market Revenue (US$ Million) Estimates and Forecasts, by Product Type, 2022 to 2033
5.2.1. Cash Vouchers
5.2.2. Non Cash Vouchers
Global Meal Vouchers and Employee Benefit Solutions Market Estimates & Forecast Trend Analysis, by Type
5.3. Global Meal Vouchers and Employee Benefit Solutions Market Share (%) Estimates and Forecasts, by Type, 2022 & 2033
5.4. Global Meal Vouchers and Employee Benefit Solutions Market Revenue (US$ Million) Estimates and Forecasts, by Type, 2022 to 2033
5.4.1. Meal Vouchers
5.4.2. Employee benefits
6. Global Meal Vouchers and Employee Benefit Solutions Market Estimates & Forecast Trend Analysis, by Application
6.1. Global Meal Vouchers and Employee Benefit Solutions Market Share (%) Estimates and Forecasts, by Application, 2022 & 2033
6.2. Global Meal Vouchers and Employee Benefit Solutions Market Revenue (US$ Million) Estimates and Forecasts, by Application, 2022 to 2033
6.2.1. Meal
6.2.2. Gift
6.2.3. Travel
7. Global Meal Vouchers and Employee Benefit Solutions Market Estimates & Forecast Trend Analysis, by End User
7.1. Global Meal Vouchers and Employee Benefit Solutions Market Share (%) Estimates and Forecasts, by End User, 2022 & 2033
7.2. Global Meal Vouchers and Employee Benefit Solutions Market Revenue (US$ Million) Estimates and Forecasts, by End User, 2022 to 2033
7.2.1. Mobile Workforce
7.2.2. Volunteer Organizations
7.2.3. Training Centers & Recruiting
7.2.4. School trip & Sporting Events
7.2.5. Disaster Victims & relief workers
7.2.6. Convention Teams
7.2.7. Others
8. Global Meal Vouchers and Employee Benefit Solutions Market Analysis and Forecast, by Region
8.1. Global Meal Vouchers and Employee Benefit Solutions Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033
8.2. Global Meal Vouchers and Employee Benefit Solutions Market Revenue (US$ Million) Estimates and Forecasts, by Region, 2022 to 2033
8.2.1. North America
8.2.2. Europe
8.2.3. Asia Pacific
8.2.4. Middle East and Africa
8.2.5. Latin America
9. North America Meal Vouchers and Employee Benefit Solutions Market: Estimates & Forecast Trend Analysis
9.1. North America Meal Vouchers and Employee Benefit Solutions Market Assessments & Key Findings
9.2. North America Meal Vouchers and Employee Benefit Solutions Market Share (%) Estimates and Forecasts, 2022 & 2033
9.3. North America Meal Vouchers and Employee Benefit Solutions Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
9.3.1. By Type
9.3.2. By Product Type
9.3.3. By Application
9.3.4. By End User
9.3.5. By Major Country
9.3.5.1. The U.S.
9.3.5.2. Canada
10. Europe Meal Vouchers and Employee Benefit Solutions Market: Estimates & Forecast Trend Analysis
10.1. Europe Meal Vouchers and Employee Benefit Solutions Market Assessments & Key Findings
10.2. Europe Meal Vouchers and Employee Benefit Solutions Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. Europe Meal Vouchers and Employee Benefit Solutions Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
10.3.1. By Type
10.3.2. By Product Type
10.3.3. By Application
10.3.4. By End User
10.3.5. By Major Country
10.3.5.1. Germany
10.3.5.2. The U.K.
10.3.5.3. France
10.3.5.4. Italy
10.3.5.5. Spain
10.3.5.6. Rest of Europe (includes all other European countries)
11. Asia Pacific Meal Vouchers and Employee Benefit Solutions Market: Estimates & Forecast Trend Analysis
11.1. Asia Pacific Meal Vouchers and Employee Benefit Solutions Market Assessments & Key Findings
11.2. Asia Pacific Meal Vouchers and Employee Benefit Solutions Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Asia Pacific Meal Vouchers and Employee Benefit Solutions Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
11.3.1. By Type
11.3.2. By Product Type
11.3.3. By Application
11.3.4. By End User
11.3.5. By Major Country
11.3.5.1. China
11.3.5.2. Japan
11.3.5.3. India
11.3.5.4. ASEAN
11.3.5.5. South Korea
11.3.5.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
12. Middle East & Africa Meal Vouchers and Employee Benefit Solutions Market: Estimates & Forecast Trend Analysis
12.1. Middle East & Africa Meal Vouchers and Employee Benefit Solutions Market Assessments & Key Findings
12.2. Middle East & Africa Meal Vouchers and Employee Benefit Solutions Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Middle East & Africa Meal Vouchers and Employee Benefit Solutions Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
12.3.1. By Type
12.3.2. By Product Type
12.3.3. By Application
12.3.4. By End User
12.3.5. By Major Country
12.3.5.1. GCC
12.3.5.2. South Africa
12.3.5.3. Egypt
12.3.5.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
13. Latin America Meal Vouchers and Employee Benefit Solutions Market: Estimates & Forecast Trend Analysis
13.1. Latin America Market Assessments & Key Findings
13.2. Latin America Meal Vouchers and Employee Benefit Solutions Market Share (%) Estimates and Forecasts, 2022 & 2033
13.3. Latin America Meal Vouchers and Employee Benefit Solutions Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
13.3.1. By Type
13.3.2. By Product Type
13.3.3. By Application
13.3.4. By End User
13.3.5. By Major Country
13.3.5.1. Brazil
13.3.5.2. Mexico
13.3.5.3. Rest of Latin America (includes all other Latin America countries)
14. Competitive Landscape
14.1. Meal Vouchers and Employee Benefit Solutions Market Revenue Share Analysis (%), by Major Players (2021)
14.2. Meal Vouchers and Employee Benefit Solutions Market Competition Matrix, by Leading Players
14.3. Meal Vouchers and Employee Benefit Solutions List of Emerging, Prominent and Leading Players
14.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
15. Company Profiles
15.1. CleverCards
15.1.1. Company Overview & Insights
15.1.2. Financial Performance
15.1.3. Product / Service Portfolio
15.1.4. Geographical Footprint & Share
15.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
15.2. Axis Bank Ltd.
15.3. Edenred SA
15.4. Alelo
15.5. Sodexo Group
15.6. SPENDIT AG
15.7. Zeta India
15.8. CICOA
15.9. VR Beneficios
15.10. Refyne India
15.11. Broadstone Corporate Benefits Limited
15.12. Virgin Incentives
15.13. Monizze
15.14. Swile
15.15. Circula GmbH
15.16. Swibeco
15.17. VA Tech Ventures Pvt Ltd(happay)
15.18. Advantage Club
15.19. Perkbox Limited
15.20. Enjoy Benefits Ltd.
15.21. Others
16. Assumptions and Research Methodology
16.1. Data Mining
16.2. Secondary Research
16.3. Primary Research
16.4. Subject Matter Expert Advice
16.5. Quality Check
16.6. Final Review
16.7. Data Triangulation
16.8. Bottom-Up Approach
16.9. Top Down Approach
16.10. Research Flow
16.11. Key Insights from Industry Experts
16.12. Data Sources
16.13. Assumptions
16.14. Limitations
17. Conclusions and Recommendations
17.1. Key Research Findings and Conclusion
17.2. Key Insights & Recommendations from Analysts
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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Case Study- ICT Sector
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Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The Global Meal Voucher and Employee Benefit Solutions Market size was at USD 33,734.12 Million in 2022, and it is predicted that it will reach a valuation of USD 51,442.37 Million by the end of 2033 with an annual development rate (CAGR) of 4.8% between 2023 and 2033.
What are the drivers shaping various markets?
Meal vouchers give various tax benefits, and several government authorities offer lucrative tax benefits to organizations and companies. Organizations, companies or employers who offer meal vouchers, prepaid meal cards or food coupons as part of an employee's salary structure are liable to get the tax benefits and are exempt from tax. It is applicable in many countries worldwide.
Who are the key competitors of market Players?
Some of the major players operating within the market are Alelo Brasil, Monizze NV SA, Edenred, Axis Bank Ltd, Sodexo Group, The Up Group, Spendit AG, Up Slovensko, Zeta India, and others.
What are the top performing segments, and countries / regions of each of the markets?
The market is segmented based on regions such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America dominated the market and accounted for a significant global revenue share in 2020.
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