The global meal vouchers and employee benefit solutions market is expected to post a CAGR of over 6% during the period 2018-2022, according to the latest market research report by Technavio.
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Technavio predicts the global meal vouchers and employee benefit solutions market to post a CAGR of over 6% by 2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the tax benefits of meal vouchers. Companies, organizations, or employers who provide meal vouchers, food coupons, or prepaid meal cards as part of employees' salary structure are exempt from tax in most counties worldwide. For instance, according to the Income Tax Department Government of India, there are tax benefits for free food and beverages provided to employees. Food in office premises or through non-transferable paid vouchers usable only at eating joints provided by an employer is not taxable if the cost to the employer is Rs. 50 (0.77USD) (or less) per meal. These benefits and tax exemption had helped the market to grow exponentially in the past and will drive growth during the forecast period as well.
This market research report on the global meal vouchers and employee benefit solutions market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the shift toward digital meal vouchers and employees benefit solutions as one of the key emerging trends in the global meal vouchers and employee benefit solutions market:
Global meal vouchers and employee benefit solutions market: Shift toward digital meal vouchers and employees benefit solutions
EDENRED, a world leader in the global meal vouchers and employee benefit solutions market, had around 78% of its total issue volume as digital in 2017, with an ambition to increase its digital issue to more than 85% by 2020. The increasing internet penetration rate in developing economies, coupled with the growing mobile internet and smartphone adoption, has been the prime reason for the shift toward digital wallets and payment methods. Also, an increasing number of retailers and vendors have started accepting payments through digital modes. Companies like Sodexo and EDENRED, which are the key players in the market, are automating and digitizing their processes as well as providing personalized services to their clients and employees associated with them. For vendors, this means new opportunities to increase their returns by innovating their products and services in tandem with the technological advancements in the industry. Favorable government policies also drive the adoption of digital payment modes.
“Apart from the shift towards digital meal vouchers and employee benefit solutions, other factors like growing employee rate and growing new investment in developing countries are boosting the growth of the market largely during the forecast period,” says a senior analyst at Technavio.
Global meal vouchers and employee benefit solutions market: Segmentation analysis
This market research report segments the global meal vouchers and employee benefit solutions market by application (meal vouchers and employee benefits) and geographical regions (APAC, EMEA, and the Americas).
The EMEA region led the market in 2017 with a market share close to 44%, followed by the Americas and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth of over 1%.
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Five Forces Analysis
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- Vendors covered
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