Brazil - Meal Vouchers and Employee Benefit Solutions Market by Application, Product and Type - Forecast and Analysis 2024-2028

Brazil - Meal Vouchers and Employee Benefit Solutions Market 2024-2028 

The Brazil - meal vouchers and employee benefit solutions market size is estimated to grow at a CAGR of 9.55% between 2023 and 2028. The market size is forecast to increase by USD 6.99 billion. Several factors play a crucial role in the market's growth, such as the tax benefits of meal vouchers in Brazil, the active participation of banks in employee benefits solutions, and the growing popularity of job-hopping.

The report offers extensive research analysis on the Brazil - Meal Vouchers and Employee Benefit Solutions Market, with a categorization based on Application, including meal vouchers and employee benefits. It further segments the market by Product, encompassing non-cash voucher and cash voucher. Additionally, the report provides categorization based on Type, including book card and digital card. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.

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

For More Highlights About this Report, Download Free Sample in a Minute 

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

Our researchers analyzed the data with 2023 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 Brazil Meal Vouchers And Employee Benefit Solutions Market Driver

One of the key factors driving the Brazil meal vouchers and employee benefit solutions market growth is the active participation of banks in employee benefit solutions. Employee benefits are referred to as employment perks offered by employers to their employees during their service tenure. In addition, employers partner with third-party providers of products and services, which can provide specialized benefit plans to their employees so that both employees and employers can save on taxes.

For instance, Sodexo SA partnered with VR Beneficios, a Brazilian leader in meal and food vouchers, on a joint venture to meet the product requirements in the agreement. In addition, many corporates have permanent accounts with banks, and avail of services from their banks helps them manage employee benefits and meal vouchers more efficiently. Hence, such factors are driving the Brazil meal vouchers and employee benefit solutions market growth during the forecast period.

Key Brazil Meal Vouchers And Employee Benefit Solutions Market Trends

A key factor shaping the Brazil meal vouchers and employee benefit solutions market growth is the strategic partnerships between the market and meal kit delivery companies. The global meal kit delivery service market is growing at a tremendous rate, which can eventually affect the dine-in restaurant business. In addition, along with convenience, consumers look for sustainably sourced food at affordable prices.

Moreover, meal kit delivery services offer enhanced convenience, as consumers do not have to buy groceries, which, in turn, saves the time taken in preparing food. In addition, these services also encourage people to venture outside of their comfort zones in terms of ingredients and preparation techniques. Furthermore, companies ensure that meal kits provided to consumers have easy-to-follow recipes, cooking tips, as well as the exact amount of ingredients required to prepare a meal in a convenient, pre-packaged box. Hence, such factors are driving the Brazil meal vouchers and employee benefit solutions market growth during the forecast period.

Key Brazil Meal Vouchers And Employee Benefit Solutions Market Challenge

Alternative ways to save on tax are one of the key challenges hindering the Brazil meal vouchers and employee benefit solutions market growth. In several countries, meal vouchers and other employee benefits offered by employers to their employees help the latter save on taxes. However, there has been a growing awareness about other tax-saving investment tools. For example, in Brazil, people can save on tax by investing through the Brazilian Private Pension Plan contributions or by showing educational expenses.

Moreover, in Brazil, there are two meal ticket programs, namely Vale-Alimentaco and Vale-Refeicao, which, whenever granted by the employer and not discounted from the wage of the worker, is considered part of the employee's salary for all tax purposes. Hence, such factors are negatively impacting the Brazil - meal vouchers and employee benefit solutions market. Therefore, it is expected to hinder the Brazil meal vouchers and employee benefit solutions market growth during the forecast period.

Brazil Meal Vouchers And Employee Benefit Solutions Market Customer Landscape

The market research 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.

Brazil Meal Vouchers and Employee Benefit Solutions Market Customer Landscape

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

Companies 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 which one can swap as it gets accepted in supermarkets, butchers, and grocery stores throughout Brazil.

The research report also includes detailed analyses of the competitive landscape of the market and information about 12 market companies, including:

• Asinta
• Axis Bank Ltd.
• bswift LLC
• CIRFOOD s.c.
• Edenred SE
• PayPal Holdings Inc.
• Rakuten Group Inc.
• Sodexo SA
• SWILE
• Up group
• Zeta Services Inc.

Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

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

The meal vouchers segment is estimated to witness significant growth during the forecast period. Meal vouchers are essentially given to employees by their employers, and can be used to buy food products from food service outlets or items from grocery stores. In addition, 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. Furthermore, meal vouchers are printed and distributed to employers or companies by meal voucher vendors, such as Sodexo SA, Edenred SE, and others.

Get a glance at the market contribution of various segments Download the PDF Sample

The meal vouchers segment was the largest segment and was valued at USD 5.88 billion in 2018. Moreover, companies 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. In addition, meal vouchers allow employees to save on taxes, as many countries globally have specified tax exemptions on meal vouchers. For example, Sodexo SA offers prominent meal vouchers in the market, which are special types of benefits normally granted to employees who work more than 30 hours a week. Hence, such factors are fuelling the growth of this segment which in turn will drive the Brazil meal vouchers and employee benefit solutions market growth during the forecast period.

Segment Overview

The Brazil meal vouchers and employee benefit solutions market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Application Outlook 
  • Meal vouchers
  • Employee benefits
• Product Outlook
  • Non-cash voucher
  • Cash voucher
• Type Outlook
  • Book card
  • Digital card

Brazil Meal Vouchers And Employee Benefit Solutions Market Scope
Report Coverage	Details
Page number	136
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 9.55%
Market Growth 2024-2028	USD 6.99 billion
Market structure	Concentrated
YoY growth 2023-2024(%)	9.07
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Alelo, Asinta, Axis Bank Ltd., bswift LLC, CIRFOOD s.c., Edenred SE, PayPal Holdings Inc., Rakuten Group Inc., Sodexo SA, SWILE, Up group, and Zeta Services Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Download PDF Sample

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

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Brazil meal vouchers and employee benefit solutions market between 2024 and 2028
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across Brazil
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. 

Get in touch