The Global Meal Voucher Market size is expected to reach $102.6 billion by 2030, rising at a market growth of 6.1% CAGR during the forecast period.
Urbanization and busy lifestyles in North America have increased demand for convenient dining options. Therefore, the North America region captured $19,175.5 million revenue in the market in 2022. Meal vouchers offer staff members a convenient way of dining at various restaurants and food purveyors, sparing them the troublesome task of organizing and preparing meals. Additionally, many employers in North America prioritize supporting local businesses as part of their corporate social responsibility initiatives, further contributing to the growth of the market in the region.
Positive employer-employee relationships increase the likelihood that an employee will remain with the organization. Meal vouchers enable employees to have a better work-life balance by allowing them to enjoy nutritious meals during work hours without the hassle of meal preparation or spending additional money. These are often considered a cost-effective benefit for employers compared to salary increases or other monetary incentives. They can be tax-deductible for companies, making them an attractive option to enhance employee compensation without significantly impacting their bottom line. Furthermore, many companies are increasingly focusing on employee health and wellness initiatives. Additionally, these can be structured to encourage the purchase of healthy food options. Employers may collaborate with specific restaurants or vendors offering nutritious meal choices, promoting healthier eating habits among employees. Many organizations understand the importance of wellness programs for their workforce. Employers contribute to initiatives to improve their workforce's overall health and well-being by offering vouchers that can be used to purchase healthy meals. Furthermore, providing these can help reduce the consumption of unhealthy fast food or convenience foods among employees. Hence, promoting healthy eating habits is propelling the market's growth.
However, digital meal voucher platforms collect and store sensitive employee information, including personal and financial data. Any security breach could compromise employees' privacy and expose them to identity theft or fraud, leading to a loss of trust in the voucher system and the company providing it. These platforms often involve financial transactions, such as loading funds onto digital accounts or processing vendor payments. If these systems are not adequately secured, they may become targets for cybercriminals seeking to intercept transactions, steal funds, or manipulate payment processes, leading to financial losses for employers and employees. In addition, social engineering techniques, fraudulent emails, and bogus websites may be employed by cybercriminals to deceive employees into divulging passwords or personal data linked to these accounts. Hence, digital security concerns about this hamper the market’s growth.
Urbanization and busy lifestyles in North America have increased demand for convenient dining options. Therefore, the North America region captured $19,175.5 million revenue in the market in 2022. Meal vouchers offer staff members a convenient way of dining at various restaurants and food purveyors, sparing them the troublesome task of organizing and preparing meals. Additionally, many employers in North America prioritize supporting local businesses as part of their corporate social responsibility initiatives, further contributing to the growth of the market in the region.
Positive employer-employee relationships increase the likelihood that an employee will remain with the organization. Meal vouchers enable employees to have a better work-life balance by allowing them to enjoy nutritious meals during work hours without the hassle of meal preparation or spending additional money. These are often considered a cost-effective benefit for employers compared to salary increases or other monetary incentives. They can be tax-deductible for companies, making them an attractive option to enhance employee compensation without significantly impacting their bottom line. Furthermore, many companies are increasingly focusing on employee health and wellness initiatives. Additionally, these can be structured to encourage the purchase of healthy food options. Employers may collaborate with specific restaurants or vendors offering nutritious meal choices, promoting healthier eating habits among employees. Many organizations understand the importance of wellness programs for their workforce. Employers contribute to initiatives to improve their workforce's overall health and well-being by offering vouchers that can be used to purchase healthy meals. Furthermore, providing these can help reduce the consumption of unhealthy fast food or convenience foods among employees. Hence, promoting healthy eating habits is propelling the market's growth.
However, digital meal voucher platforms collect and store sensitive employee information, including personal and financial data. Any security breach could compromise employees' privacy and expose them to identity theft or fraud, leading to a loss of trust in the voucher system and the company providing it. These platforms often involve financial transactions, such as loading funds onto digital accounts or processing vendor payments. If these systems are not adequately secured, they may become targets for cybercriminals seeking to intercept transactions, steal funds, or manipulate payment processes, leading to financial losses for employers and employees. In addition, social engineering techniques, fraudulent emails, and bogus websites may be employed by cybercriminals to deceive employees into divulging passwords or personal data linked to these accounts. Hence, digital security concerns about this hamper the market’s growth.
By Product Type Analysis
Based on product type, the market is bifurcated into book card and digital card. In 2022, the digital card segment garnered the highest revenue share in the market. Digital meal vouchers offer unparalleled convenience and accessibility for both employers and employees. With digital cards accessible through mobile apps or online platforms, users can easily view, manage, and redeem their vouchers anytime, anywhere, eliminating the need for physical vouchers and manual processes.
By Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe region witnessed the maximum revenue share in the market in 2022. Many European countries have implemented regulations mandating the provision of meal vouchers or similar benefits as part of employee compensation packages. These regulations aim to promote employee welfare, improve purchasing power, and stimulate local economies. As such, European employers are increasingly adopting these programs to comply with legal requirements and attract top talent.- Dec-2023: Axis Bank Limited came into a partnership with American Express Company, an American bank holding company and multinational financial services corporation. Under this partnership, the Axis Bank Privilege Credit Card was launched. Additionally, the partnership assisted its customers in availing of the global and local benefits of the American Express network.
- Aug-2023: Circula GmbH formed a partnership with The Allane Mobility Group, a multi-brand provider of comprehensive mobility solutions. Under this partnership, the "Mobility as a Service" of Circula was incorporated into Allane. Additionally, the partnership offered the customers solutions according to their requirements and digital mobility budgets.
- Jul-2023: Axis Bank Limited introduced the 'Sampann', a banking proposition to initiate the growth of customers in the rural and semi-urban areas. The new product helped Axis Bank by offering several benefits, like discounts on farming practices, crop advisory, and information regarding mandi prices.
- Nov-2021: ACCOR SA extended its partnership with InterGlobe Aviation Limited (IndiGo), the largest airline in India by passengers carried and fleet size. Under this extended partnership, ACCOR provided 6E Rewards and discounts on dining experiences across properties in India, Sri Lanka, and certain hotels in the Maldives. Additionally, the partnership offers the 6E members a 15 percent discount and up to a 6 percent discount to the feature partners on booking directly with ACCOR.
- Jun-2020: Alelo Inc. came into a partnership with Plug and Play, a global innovation platform. Under this partnership, the companies will broaden the horizons of innovation for startups. Additionally, the companies provided several strategies for the customers and the partners.
List of Key Companies Profiled
- ACCOR SA
- Emburse, Inc. (Certify)
- SPENDIT AG
- Alelo Inc
- Axis Bank Limited
- Asinta
- Circula GmbH
- CIRFOOD International
- Rakuten group, Inc. (Gurunavi, Inc.)
- Swile
Market Report Segmentation
By Product Type- Digital Card
- Book Card
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Global Meal Voucher Market by Product Type
Chapter 6. Global Meal Voucher Market by Region
Chapter 7. Company Profiles
Companies Mentioned
- ACCOR SA
- Emburse, Inc. (Certify)
- SPENDIT AG
- Alelo Inc
- Axis Bank Limited
- Asinta
- Circula GmbH
- CIRFOOD International
- Rakuten group, Inc. (Gurunavi, Inc.)
- Swile
Methodology
LOADING...
