The global meal vouchers & employee benefits solutions market size was valued at USD 221.99 billion in 2023 and is anticipated to grow from USD 232.61 billion in 2024 to USD 407.04 billion by 2032, exhibiting a CAGR of 7.24% during the forecast period. Europe dominated the meal voucher and employee benefit solutions market with a market share of 32.82% in 2023.
This information is published by Fortune Business Insights, in its report titled, “Meal Vouchers & Employee Benefits Solutions Market, 2023-2030”.
Get a Free Sample Research Report PDF: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/meal-voucher-and-employee-benefit-solutions-market-104412
Leading Players Featured in the Research Report:
Companies leading the meal vouchers & employee benefits solutions market are 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), Edenred SA (France), Sodexo Group (France), Circula GmbH (Germany), CIRFOOD (Italy), and more.
Report Coverage:
The research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies and product types. Besides, the report encompasses the latest market trends, market segments, and highlights vital industry developments. In addition to the factors mentioned above, the market analysis encompasses several factors that have contributed to the market’s growth in recent years.
Drivers and Restraints:
Growing Awareness of Financial Benefits to Boost Market Growth
The meal voucher system is profitable for both the employees and employers as it has several fiscal benefits. Employers' social insurance changes can be waived if they offer a voucher, and the employee can enjoy tax benefits by using these vouchers. Additionally, such programs have proved to increase employee productivity due to superior quality meals and other advantages offered such as discounts on train/bus tickets or gift vouchers and holidays. Consequently, employers play a vital role in boosting employee engagement at their workplace and presenting benefits that will accelerate the meal vouchers & employee benefits solutions market growth.
However, the high prices of meal vouchers & employee benefits solutions might restrict their demand among small-sized enterprises. Furthermore, data security concerns with respect to using digital meal vouchers might also limit the demand for meal voucher solutions.
COVID-19 Impact:
COVID-19 Pandemic-Induced Restaurant Closures Hindered Market Growth
The COVID-19 pandemic compelled many restaurants, food courts, and hotels to shut down their business. Due to this, working professionals found it difficult to dine in restaurants and cafeterias. This factor had a negative impact on the companies’ revenues from such services and the market of meal vouchers & employee benefits solutions observed a slowdown in revenue generation.
What are the factors driving applications of the Meal Vouchers & Employee Benefits Solutions Market?
Corporate Wellness Programs: Many organizations are increasingly focusing on the well-being of their employees. Meal vouchers and employee benefit solutions are often integrated into corporate wellness programs to promote a healthy work-life balance. These programs can include subsidized meals, fitness benefits, and mental health support.
Tax Benefits: In several countries, providing meal vouchers and certain employee benefits can have tax advantages for both employers and employees. These tax incentives encourage businesses to offer these solutions as part of their compensation packages.
Employee Retention: Offering attractive benefits, including meal vouchers, can enhance employee satisfaction and retention. When employees feel that their needs are being met beyond just their salaries, they are more likely to stay with their current employers.
Cost Control: Employers can control costs by offering meal vouchers instead of traditional meal allowances or canteen services. This approach allows them to allocate a fixed budget for employee meals, making financial planning more predictable.
Compliance and Regulations: In some regions, labor laws mandate the provision of certain benefits to employees. Meal vouchers can help employers stay compliant with these regulations, avoiding legal issues and penalties.
Convenience and Flexibility: Meal vouchers offer employees the flexibility to choose their preferred dining options, which can include restaurants, cafes, or even food delivery services. This convenience is appealing to many workers.
Digital Transformation: The integration of digital solutions in the meal voucher and employee benefits market has made it easier for employers to manage and distribute benefits. Digital platforms and mobile apps provide employees with quick access to their benefits.
Changing Work Habits: With more people working remotely or in flexible arrangements, traditional workplace amenities like cafeterias may not be accessible. Meal vouchers offer a way for employees to enjoy meals while working from different locations.
Segments:
Employee Benefits Segment to Lead due to High Demand from Business Organizations
Based on product type, the market is segmented into meal vouchers and employee benefits. The employee benefits segment is expected to hold a dominating meal vouchers & employee benefits market share as organizations are increasingly demanding employee benefits solutions to satisfy their employees’ needs and improve their purchasing power and motivation level.
The global market is analyzed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights:
Europe Market to Show Notable Growth Due to Supportive Government Policies
Europe is predicted to capture the largest meal vouchers & employee benefits solutions market share as the regional governments are introducing favorable policies to promote the implementation of meal vouchers and employee benefits solutions. Many leading players in this market are trying to expand their presence across Europe by acquiring the region’s top employee benefit solution providers. These factors will fuel the regional market growth.
The North America market is anticipated to account for a major market share during the forecast period as the region has a vast presence of leading employee benefit solution providers. Many American companies are also becoming aware of employee perks, further accelerating the regional market expansion.
Competitive Landscape:
Key Companies to Execute Merger & Acquisition Strategies to Cement Their Market Positions
The top companies involved in the market are focusing on expanding their business operations by signing merger & acquisition agreements to cement their market positions. For example, in May 2020, Edenred announced the acquisition of Brazil-based Cooper Card’s client portfolio, which specializes in offering employee benefits solutions. The acquisition was expected to strengthen Edenred’s position in the South American market. These initiatives will help the leading market players expand their geographical presence.
Key Industry Developments:
October 2021: Edenred Benefits, a prominent meal voucher & employee advantages solution in the U.S. for meal cards and mobility solutions, introduced ‘Edenred Guaranteed Rides’, a program that offers employees a wide range of transportation choices.
Browse Summary of this Research Report:
https://www.fortunebusinessinsights.com/meal-voucher-and-employee-benefit-solutions-market-104412