The meal vouchers & employee benefits solutions market size was valued at USD 214.36 billion in 2022 and is projected to grow from USD 221.99 billion in 2023 to USD 346.65 billion by 2030, exhibiting a CAGR of 6.6% during the forecast period. This information is published by Fortune Business Insights, in its report titled, “Meal Vouchers & Employee Benefits Solutions Market, 2023-2030”.
List of Key Players Profiled in the Meal Vouchers & Employee Benefits Solutions Market Report:
Edenred SA (France)
Sodexo Group (France)
Circula GmbH (Germany)
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 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 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.
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.
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.
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 America market. These initiatives will help the leading market players expand their geographical presence.
Key Industry Developments:
October 2021: Edenred Benefits, a prominent meal vouchers & employee advantages solutions 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.
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