Enjoy complimentary customisation on priority with our Enterprise License!
The Meal Vouchers & Employee Benefit Solutions Market size is forecast to increase by USD 21.30 billion at a CAGR of 4.43% between 2023 and 2028. The market is experiencing significant growth, driven by various factors. Firstly, the tax benefits associated with meal vouchers make them an attractive offering for both employers and employees. Employers can reduce their payroll taxes, while employees save on income taxes for the value of the vouchers. Secondly, the growing employment rates are fueling the demand for such solutions, as more businesses look to offer competitive benefits packages to attract and retain talent. Lastly, the active participation of banks in this market is further driving its growth, as they offer meal voucher programs as part of their corporate services. This trifecta of tax incentives, employment growth, and banking support is creating a robust and expanding market.
For More Highlights About this Report, Download Free Sample in a Minute
The employee voucher solutions market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The meals voucher segment is estimated to witness significant growth during the forecast period. The feast employee voucher solutions portion represented the most noteworthy piece of the pie in the market in the center in 2021. Meal vouchers, which can be used to buy food at restaurants or grocery stores, must be provided to employees by their employers. The tax regime's tax exemption benefits are primarily responsible for the growth of this meal voucher market segment.
Get a glance at the market contribution of various segments Download the PDF Sample
The meal voucher segment was the largest segment and was valued at USD 52.27 billion in 2018. Some of the Companies operating in this segment are expanding their service offerings by launching new meal vouchers. They will have the flexibility of loading, transferring, and withdrawing funds to Obopay's wallet as part of their meal voucher which contains a primary digital account. Such developments in the market in focus are expected to positively influence the demand for more meal vouchers during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in the region is experiencing significant growth, fueled by supportive government policies and tax incentives. Corporate social responsibility is also driving this market, as companies prioritize employee engagement, work-life balance, and wellness. Digital technologies, such as mobile applications and online platforms, are increasingly popular, enabling integrated benefit platforms, advanced analytics, and reporting capabilities. These solutions cater to employee dietary preferences and offer partner restaurants, food delivery services, and digital meal vouchers. Marketing activities, including social media campaigns and content marketing, enhance brand visibility and financial wellness. Multinational companies (MNCs) are leveraging these offerings to attract and retain talent, while employee wellness initiatives, budgeting tools, healthcare coverage, paid time off, and insurance options further boost the market's appeal.
Meal vouchers enhance employee satisfaction by reducing out-of-pocket costs and offering tax benefits. They simplify meal planning, promote healthier eating, and ease administrative tasks for HR. These vouchers provide convenient access to various dining options, boosting morale and creating a cost-effective benefit for both employees and employers.
To receive assistance from a food bank, you must have a food voucher. This voucher is exchanged at the food bank for a food parcel. Contact your local food bank to find out how to obtain a food voucher.
Meal vouchers for employees is best solutions for become essential components of a comprehensive human resources strategy for businesses, enterprises, government agencies, educational institutions, and other organizations. These solutions contribute significantly to employee financial and health well-being by offering meal coupons, travel vouchers, and gift coupons. By implementing such initiatives, organizations aim to enhance workplace productivity, team engagement, work life balance and employee satisfaction. Furthermore, Meal vouchers are a popular form of financial benefit that helps employees manage their daily food expenses. These vouchers can be used at various outlets, contributing to the economy and supporting local businesses. Additionally, employee benefit solutions encompass health and wellness programs, retirement plans, and flexible work arrangements and work from home (WFH) . These benefits foster a positive work culture, boost morale, and serve as competitive advantages in the labor market. 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.
The tax benefits of meal vouchers employee benefit is driving the growth of the market. Meal vouchers and employee benefits solutions, including Cooper Cards, play a significant role in promoting financial and health wellness among the workforce. These solutions enable businesses, enterprises, government agencies, educational institutions, and professional services to offer tax-exempt meal coupons, travel vouchers, and gift coupons as part of their salary structures. This initiative contributes to workplace productivity, team engagement, and positive work culture. The consumption and production patterns influenced by meal vouchers and employee benefits solutions have geopolitical implications. For instance, they can mitigate the impact of natural disasters and climate change on employees' access to essential goods and services. In the legal scenario, these solutions adhere to economic impact, trade policies, and social concerns.
Moreover, meal vouchers and employee benefits solutions cater to various demographic changes, such as an aging workforce and flexible work arrangements. They also offer financial benefits, including retirement plans, and contribute to employee satisfaction, productivity, retention, and morale. The power dynamics between suppliers and buyers in this market continue to evolve, with businesses seeking competitive advantages through innovative and customized employee benefits solutions. These factors is expected to drive significant growth in the global market during the forecast period.
The shift toward digital meal vouchers and meal vouchers employee benefit is a primary trend in the market. The shift towards digital wallets and payment methods, driven by the expanding internet connectivity in developing economies and the widespread adoption of mobile Internet and smartphones, has also led to the growth of these solutions. These offerings contribute significantly to the financial and health well-being of employees, with meal vouchers and coupons facilitating affordable and convenient dining options, while employee benefit solutions encompass a range of offerings from travel vouchers and gift coupons to retirement plans and flexible work arrangements. Cooperating with human resource departments and professional services, these solutions foster workplace productivity, team engagement, and positive work culture. Geopolitical influences, natural disasters, climate change, and legal scenarios impact the economic landscape and, consequently, the adoption and implementation of these solutions. Such regulations also encourage employees to use electronic or digital meal vouchers, thereby, it is expected to drive the growth of the market during the forecast period.
Data privacy and security issues are major challenges in the market. In the realm of business and enterprise, they have emerged as essential tools for promoting financial and health well-being among workforces. These solutions, which include Cooper Cards and meal coupons, travel vouchers, and gift coupons, contribute significantly to workplace productivity, team engagement, and employee satisfaction. The impact of these offerings extends beyond the workplace, shaping production and consumption patterns in various industries. Human resource departments and professional services firms leverage these benefits to attract and retain top talent, fostering positive work cultures and competitive advantages.
Furthermore. the geopolitical landscape, natural disasters, climate change, legal scenarios, economic impact, trade policies, social concerns, demographic changes, and supplier power all influence the adoption and evolution. Government agencies and educational institutions have also embraced these offerings as essential components of their employee compensation packages. As businesses navigate the complexities of a globalized economy, these benefits serve as crucial elements in maintaining employee morale, retention rates, and overall business success. These factors will hinder the growth of the global meal voucher market during the forecast period.
The staff voucher solutions market forecasting 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 market growth analysis strategies.
Customer Landscape
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 meal vouchers and employee benefit solutions such as Alelo Benefit, a comprehensive employee benefits program including meal vouchers, transportation benefits, and more.
The staff voucher solutions market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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.
Food vouchers for employees solutions have become essential components of compensation packages for businesses worldwide. These solutions offer various advantages, including tax savings for employers and employees, increased employee morale, and improved work-life balance. Meal vouchers enable employees to purchase food and beverages at participating merchants, providing them with flexibility and convenience. Employee benefit solutions encompass a range of offerings, such as health insurance, retirement plans, and wellness programs, which help attract and retain top talent.
Furthermore, the food vouchers for employees is growing steadily due to increasing competition among employers to offer comprehensive benefits packages. Companies are leveraging technology to streamline the administration and delivery of these benefits, making them more accessible and convenient for employees. Employers are also recognizing the importance of customizable solutions that cater to the diverse needs of their workforce. Overall, meal vouchers and employee benefit solutions are essential tools for businesses looking to attract, retain, and engage their employees while optimizing their compensation budgets.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
162 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 4.43% |
|
Market Growth 2024-2028 |
USD 21304 million |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
4.03 |
|
Regional analysis |
Europe, South America, APAC, North America, and Middle East and Africa |
|
Performing market contribution |
APAC at 33% |
|
Key countries |
Brazil, France, Italy, Spain, and Japan |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Alelo, Alera Group Inc., Axis Bank Ltd., Certify Inc., Circula GmbH, CIRFOOD s.c., Edenred SE, Electrum Fintech Solutions Pvt. Ltd., Empyrean Benefits Solutions Inc., Hrmony GmbH, ICICI Bank Ltd., Monizze NV SA, PayPal Holdings Inc., PIB Group Ltd., Set Corporate Services Inc., Sodexo SA, SPENDIT AG, SWILE, The Up Group Ltd., UniCredit SpA, Unum Group, VA Tech Ventures Pvt. Ltd., and Zaggle Prepaid Ocean Services Pvt. Ltd. |
|
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 market forecast period |
|
Customization purview |
If our staff voucher solutions market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.