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Meal Voucher and Employee Benefit Solutions Market Size, Share & Industry Analysis, By Product Type (Cash Voucher, Non-Cash Voucher), By Card Type (Book Card, Digital Card), By Application (Meal, Gift, Travel) And Regional Forecast 2021-2028

Region : Global | Report ID: FBI104412 | Status : Ongoing



Meal voucher and employee benefits solution is basically a product that is made to enhance the life of an employee and can are used for certain purposes such as meal, gift, fuel, and others. Some of the advantages of using the product include helps to keep employees motivated, increase productivity, and simplify the business processes. Various types of job profiles such as sales, consulting, and others that require the use of organization resources also escalate the consumption of the product as it helps to monitor, and record the exact amount of resources being used. Furthermore, intense competition among the key players also increases the consumption of the product as it results in coming up with a more attractive product that has various benefits for employees and employers. For instance, according to the Economic Times, May 2019, Sodexo announced the launch of its multi-benefit pass and this product has the capability to helps administer all employee benefits in one innovative card.

The increasing number of job-hopping is propelling the demand of the product as meal voucher and employee benefits solution is assisting to generate delight to employees and thus in turn help to retain employees for a long period of time. For instance, according to the data released by the Economic Times, January 2019, in India, 60% of the millennial population are estimated to job hopped in the past 3 – 10 years. Furthermore, the product offering capabilities such as the ability to monitor and record activities, real-time notification, digital transfer, and others are boosting the demand to accelerate employee management. Moreover, the various security benefits offered by key players have a positive impact to generate loyal consumers. For instance, Sodexo is providing security options for users as it has the ability to instantly block its vouchers in case of loss through its smartphone application.  

Nevertheless, small and medium-size businesses still find it difficult to adopt the solution due to their low revenue turnover is acting as a restraining factor for the market growth.

Key Market Driver -

The growing popularity of job hopping act as one of the major driving factor for the market growth.

Key Market Restraint -

Small and medium-size of businesses still not able to adopt the solution hampers the market growth.

Key Players Covered:

Monizze NV SA, Alelo Brasil, Axis Bank Ltd, Sodexo Group, Spendit AG, Up Slovensko, Zeta India, and others are the key companies operating in the market.

The meal voucher and employee benefits market is segmented into by product type, by card type, by application, and by geography.

On the basis of product type, the market is fragmented into cash vouchers and non-cash vouchers. Non-cash voucher is anticipated to be the larger market shareholder on an account of its ability to direct the employees to use the product to the exact place where it is intended to be used. Also, non-cash voucher even comes in a transfer voucher as well as a supporting voucher also increases its attractiveness.

Based on card type, the market is bifurcated into book card and digital card. Digital card is projected to be the greater segment owing to its ability to record every transaction which is simplifying the work and process of businesses. Likewise, its capability to recharge and add new features makes it more preferable as compared to the book card.

By application, the market is divided into meal, gift, and travel. Meal is estimated to be the dominant based on application due to being able to substitute office run cafeterias and thereby reducing the need for a dedicated cafeteria area. It thus makes it more essential as compared to other types of segments that are not used on a regular basis.

Regional Analysis:

On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

North America is projected to be the leading market shareholder and is estimated to continue during the forecast period of 2020-2027. Large number of employers in this region genuinely concern of health and well-being of their employees plays a significant role for increasing usages of the product as this in turn results in generating more productive employees. For instance, according to the survey done by the Canadian Payroll Association, Canadian employers are providing various benefits to their employees including gifts and awards, vehicle allowances, health and dental insurance, group life insurance, and training expenses. Furthermore, large percentage of the companies in this region having high revenue turnover is also projected to escalate the usage of the product as they are more capable of providing better benefits to their employees as compared to other regions.

The Asia Pacific is also displaying a significant presence during the coming years owing to the key players in this region implementing penetrative promotional campaigns has accelerated the consumption and also results to increase in awareness.  The growing change in corporate work culture while simultaneously increasing the adoption of better working tools and systems to enhance the employee's performance increases the usage of the product in this region. The increasing establishment of new businesses in various countries in this region is likely to fuel the growing demand of the product. For instance, according to the Entrepreneur India article’Economic survey of 2020’, in 2018 the number of new firms in India is estimated to be 1,24,000 which is a growth of 80% from 2014.

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By Product Type

  • Cash Voucher

  • Non-Cash Voucher

By Card Type

  • Book Card

  • Digital Card

By Application

  • Meal

  • Gift

  • Travel

By Geography

  • North America (U.S., Canada, and Mexico)

  • Europe (Germany, France, Italy, Spain, U.K., Russia, and Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)

  • South America (Brazil, Argentina, and Rest of South America)

  • Middle East & Africa (South Africa, UAE, and Rest of ME&A)

Key Industry Developments-

  • In May 2019, Alelo Brasil announced its partnership with Pague Menos. This partnership is a part of Alelo's plan to enhance the proposal of benefits and discounts to its card users.

  • In April 2018,  Zeta India proclaimed the launch of deep analytics to digitized corporate cafeteria solution. This insights feature is a unique solution in the automated cafeteria industry that will offer corporates and cafeteria vendors complete analysis.

Meal Voucher and Employee Benefit Solutions Market Size, Share and Global Industry Trend Forecast till 2026
  • Ongoing
  • 2020
  • 2017-2019


  • 4850

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