Meal Vouchers and Employee Benefit Solutions Market in Brazil by Application - Forecast and Analysis 2023-2027

The meal vouchers and employee benefit solutions market in Brazil is estimated to grow at a CAGR of 9.15% between 2022 and 2027. The size of the market is forecast to increase by USD 6,106.02 million. The growth of the market depends on several factors, including the tax benefits of meal vouchers in Brazil, the active participation of banks, and the growing popularity of job-hopping.

This report extensively covers market segmentation by application (meal vouchers and employee benefits). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Meal Vouchers And Employee Benefit Solutions Market In Brazil During the Forecast Period?

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Meal Vouchers And Employee Benefit Solutions Market In Brazil: Key Drivers, Trends, Challenges, and Customer Landscape

The tax benefits of meal vouchers in Brazil are notably driving the market growth, although factors such as data privacy and security may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Meal Vouchers And Employee Benefit Solutions Market Driver In Brazil

The tax benefits of meal vouchers in Brazil are the key factor driving the meal vouchers and employee benefit solutions market growth in Brazil. Companies, organizations, or employers that offer meal vouchers, meal vouchers, or prepaid meal cards as part of the employee salary structure are exempt from tax in most countries of the world, including Brazil.

For instance, in 2021, according to the Ministry of Labour and Social Welfare, Brazil, more than 22 million employees benefited from PAT in the country from nearly 287,000 participating companies, representing a value of USD 183 million in tax exemption. Such benefits and tax exemption have helped the meal vouchers and employee benefits solutions market in Brazil grow exponentially in the past and are also expected to drive market growth during the forecast period.

Significant Meal Vouchers And Employee Benefit Solutions Market Trend In Brazil

Strategic partnerships between the market and meal kit delivery vendors are the primary trend in the meal vouchers and employee benefit solutions market growth in Brazil. Food delivery services increase convenience because consumers do not need to buy food, which in turn saves time spent preparing food. These services also encourage people to step out of their comfort zone when it comes to ingredients and production techniques. The vendors also ensure that the ingredients supplied are fresh and in sufficient quantity to prepare the food. This helps single-person households and two-income households conveniently obtain freshly prepared meals.

Moreover, the vendors of meal vouchers and employee benefit solutions can enter into strategic partnerships with vendors of meal kit delivery services to accept payments or by giving discounts to their buyers using their meal vouchers or meal cards to make payments. This will not only help meal voucher companies increase their profit margins but also get a first-mover advantage, which will fuel the growth of the market in focus during the forecast period.

Major Meal Vouchers And Employee Benefit Solutions Market Challenge In Brazil

Data privacy and security issues are a major challenge to the meal vouchers and employee benefit solutions market growth in Brazil. Data theft is one major threat to the market. Mobile applications and cards provided by marketing providers collect and store the personal data of employees and business partners. Many vendors use commercially available security technologies to protect this personal information. However, any vulnerability in the server or mobile applications can threaten privacy and affect the business activities of the most important players in the market. In the current era of digitization, data plays a huge role in everyday life.

Moreover, the details or information of employees who use these meal vouchers or benefits are stored and synced between all the apps. Any hacker or phishing attack can steal this important data and information if it is not protected properly. Therefore, vendors should ensure that all their beneficiary- and client-related data are secure and protected, which will further drive the meal vouchers and employee benefits solutions market in Brazil during the forecast period.

Key Meal Vouchers And Employee Benefit Solutions Market In Brazil Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Meal Vouchers and Employee Benefit Solutions Market in Brazil Customer Landscape

Who are the Major Meal Vouchers and Employee Benefit Solutions Market in Brazil Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Alelo - The company offers solutions for vouchers and employee benefits using a card that one can swap as it gets accepted in supermarkets, butchers, and grocery stores throughout Brazil.

The report also includes detailed analyses of the competitive landscape of the market and information about 10 market vendors, including:

• Asinta
• Axis Bank Ltd.
• Edenred SE
• Francisco Partners Management L.P.
• PayPal Holdings Inc.
• Sodexo SA
• SWILE
• Up group
• VR Beneficios
• Zeta Services Inc.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segments in the Meal Vouchers And Employee Benefit Solutions Market In Brazil?

The market share growth by the meal vouchers segment will be significant during the forecast period. Meal vouchers are given to employees by their employers, which can be used to buy food products from food service outlets or items from grocery stores. Meal vouchers form a part of the compensation structure of an employee, and these vouchers offer certain tax benefits according to the laws of the country in which the employee is currently working.

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The meal vouchers segment was valued at USD 5,503.98 million in 2017 and continued to grow by 2021. Meal vouchers are printed and distributed to employers or companies by meal voucher vendors, such as Sodexo SA, Edenred SE, and others. Vendors charge money that is equivalent to the issue volume of these meal vouchers in return for printing and distributing them to employees, in addition to collecting a commission from employers. Meal vouchers allow employees to save on taxes, as many countries globally have specified tax exemptions on meal vouchers. Therefore, the meal vouchers segment in the meal vouchers and employee benefit solutions market in Brazil is expected to grow during the forecast period.

Parent Market Analysis

Technavio categorizes the meal vouchers and employee benefit solutions market in Brazil as a part of the global specialized consumer services market. The parent global specialized consumer services market covers revenue generated by consumer service providers, including residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Application (Meal vouchers and Employee benefits).

• Application Outlook (USD Million, 2017 - 2027)
  • Meal vouchers
  • Employee benefits

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What are the Key Data Covered in this Meal Vouchers And Employee Benefit Solutions Market In Brazil In Country Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the meal vouchers and employee benefit solutions market in Brazil between 2023 and 2027
• Precise estimation of the size of the meal vouchers and employee benefit solutions market in Brazil size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across Brazil
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of meal vouchers and employee benefit solutions market in Brazil vendors

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