Based on product type, the market is segmented into meal vouchers and employee benefits. 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. These initiatives will help the leading market players expand their geographical presence.

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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.

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. Sign up to receive texts from Restaurant Business on news and insights that matter to your brand.

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The Bottom Line: The fast-food giant said it is losing customers to grocers. But then Taco Bell said it was doing fine. Facebook Twitter LinkedIn Value-priced combo meals are more of a draw in certain parts of the world than others.

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Furthermore, the region has a robust innovation hub as there is fierce competition among organizations to provide futuristic solutions. Asia Pacific is projected to display vital growth as many businesses are employing millions of people in their workplaces.

Players are focusing on various strategies, such as partnerships and collaborations to offer value-added solutions to their clients and increase their market share. Developing countries in the region, such as India are offering numerous opportunities as employers in the region are trying hard to retain high-quality talent and are keen to adopt employee benefit solutions.

For instance, in August , Axis Bank Ltd. redefined the conventional employment processes by launching GIG-A-Opportunities that embrace alternate work models to attract the finest talent.

The increasing female employment rate will boost the demand for employee benefits solutions in the South American region. According to the World Bank figures, Argentina's female labor force participation rate reached Increased business-related investments in the region and growing involvement of major players in the employee benefits market to support the region's working professionals are expected to drive the market expansion throughout the forecast period.

Therefore, subsidies and voucher systems are among the best employee retention strategies adopted by organizations to improve employee engagement and increase their productivity, and prevent the loss of a talented workforce. An Infographic Representation of Meal Voucher and Employee Benefit Solutions Market.

To get information on various segments, share your queries with us. The market 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.

Fortune Business Insights says that the global market size was USD The global market is expected to register a CAGR of 6. The employee benefits segment is expected to be the leading segment under product type during the forecast period.

Increasing percentage of the working class population and growing awareness regarding the financial benefits of these vouchers and benefits will drive the market growth.

Again, I may have questions as we dig in deeper. Thanks again for some really good work. This does help us in our business decision making.

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KEY MARKET INSIGHTS. Listen to Audio Version. COVID IMPACT Closure of Restaurants Amid COVID Pandemic Hampered Market Growth COVIDrelated lockdowns and restrictions forced restaurants, food courts, and hotels to shut down their business. LATEST TRENDS. An Infographic Representation of Meal Voucher and Employee Benefit Solutions Market View Full Infographic.

In , the market value stood at USD At what CAGR is the market projected to grow during the forecast period of ?

What is the leading segment in the market? What is the key factor driving the market? Which are the leading players in the market? Edenred SA, Sodexo Group, and Circula GmbH are the leading players in the global market.

Which region held the largest share in the market? Europe dominated the global market in Which factors are expected to drive the adoption of these products? Employers increasing adoption of electronic vouchers is expected to surge the product adoption.

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Great work! based solar racking solutions provider. Call Email Request Sample. Sharing this report over the email ×. Enter your name:. Close Send Email. Share X. The closure of restaurants and dine-in outlets due to the COVIDrelated lockdowns lowered the demand for meal vouchers in many countries globally.

During the pandemic, the widespread adoption of the work-from-home culture among corporate professionals reduced the necessity to use meal coupons in restaurants. This aspect negatively impacted the market growth. According to the data presented by the National Restaurant Association, during the COVID pandemic, around 90, drinking and eating establishments in the U.

remained permanently closed. Shifting Consumer Preference Toward Digital Employee Benefit Solutions to Favor Market Growth.

Shifting consumer preference toward digital meal cards and continuous efforts by companies to develop innovative meal coupon platforms are favoring the market growth.

In addition, increasing trends of cashless and contactless payment transactions will likely accelerate the digital food coupon demand globally. As per Edenred S. Request a Free sample to learn more about this report. Growing Investments by Companies in Employee Benefit Solutions to Boost Market Growth.

Investing in employee benefit plans, such as meal vouchers is a strategic decision that has a range of benefits for the company and its employees. Increase in employers' spending on employee benefit services is driving the market growth. Nowadays, offering lunch card plans can set a firm apart from its competitors in terms of benefit packages, which is a strategic move by companies to achieve a competitive advantage in the job market.

According to the data published by the U. Bureau of Labor Statistics BLS , as of , employee benefits accounted for around Increasing Number of Working Professionals to Augment Product Demand. The rising number of working professionals and significant consumer demand for food coupons and gift cards are driving the global market growth.

According to the statistical data published by the Ministry of Statistics and Programme Implementation MOSPI , the employment rate in India increased to Furthermore, the growing trend of online food ordering will likely increase the usage of digital food coupons among employees and accelerate the global market growth.

Rising Incidence of Data Theft While Using Digital Vouchers to Impact Market Progres. Digital meal programs often require users to upload personal information, such as their names, email addresses, and sometimes even financial details for transactions.

Rising incidence of data theft or transaction failure during the usage of digital coupons are limiting the product demand globally. In addition, loss of physical meal cards by employees are restraining the market development.

Significant Adoption of Digital Vouchering Solutions among Employers to Boost Demand for Digital Cards. Based on product type, the market is segmented into book cards and digital cards.

Significant adoption of digital vouchering solutions among employers will help the digital cards segment hold a major meal voucher market share.

For instance, Just Eat, a Netherlands-based online food delivery platform, processed around million food orders from its 90 million active customers in To know how our report can help streamline your business, Speak to Analyst. Employers are trying to provide their employees with paper-based meal vouchers to avoid data theft and smartphone network issues while using digital meal vouchers.

Europe Meal Voucher Market Size, USD Billion. To get more information on the regional analysis of this market, Request a Free sample.

Europe has been dominating the global market share due to the greater usage of gift vouchers and lunch cards among corporate professionals in the U. In addition, an increasing number of mid-sized organizations prefer giving meal vouchers to their employees for tax benefit purposes in the U.

According to the data published by the House of Commons Library, the Government of U. North America accounted for a considerable market share in due to a significant demand for food coupons among employers to provide perks to their employees in the U.

and Canada, and better contribute to their well-being. Furthermore, Uber Technologies, Inc. These factors are accelerating the adoption of such solutions among employers across the region. For instance, in May , Uber Technologies, Inc. Nowadays, Chinese and Japanese employers are providing shopping gift cards and food vouchers to build the motivation of employees while working at offices.

This aspect will significantly increase the product demand in Asia Pacific. The market in South America is mainly driven by the significant presence of local and international companies, such as Edenred S.

Employers are also providing paper-based meal vouchers to encourage employees to adopt the work-from-office culture post the COVID pandemic. This will support the product demand in South Africa. The key players in the global market are focusing on adopting various strategies to strengthen their foothold in the market.

They are introducing upgraded versions of digital meal vouchers to build a merchant and customer base in the global market. The card is beneficial to customers, including the office, restaurant, and home employees. The product was claimed to be equipped with special features, including take-away and home delivery solutions.

The new pass card was an electronic voucher that helped individuals comply with social distancing norms during the COVID pandemic. An Infographic Representation of Meal Voucher Market. To get information on various segments, share your queries with us.

The research report provides a detailed analysis of the market and focuses on key aspects, such as leading companies and key product types. Besides this, the report offers insights into the current market trends and highlights key industry developments.

In addition to the aforementioned factors, the report has covered several factors that have contributed to the growth of the market in recent years. Fortune Business Insights states that the global market size was valued at USD Growing investment of companies in employee benefit solutions is the primary factor driving the market's growth.

Shifting consumer preference toward digital employee benefit solutions is expected to drive the adoption of these products globally. Again, I may have questions as we dig in deeper.

Thanks again for some really good work. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future. Thank you so much for all your efforts. I really appreciate the work your team has done.

market from you.