- Global meal-kit, delivery-services market size is expected to reach $64.3 billion by 2030
- By collaborating with executive/celebrity chefs, Home Bistro has taken the meal-delivery market to the next level
- Earlier this year, Home Bistro reported record-breaking first-quarter revenue
As the meal kit delivery market grows — a recent report projects that the market will reach more than $64 billion by 2030 (https://ibn.fm/hjRyc) — a few companies are distinguishing themselves as leaders in the space. Home Bistro (OTC: HBIS) is one of those, as it has built a reputation for creating a leading online meal-delivery platform for celebrity chef-inspired, gourmet and lifestyle ready-made meals.
According to a recent ResearchandMarket.com report, the global meal-kit, delivery-services market size is expected to reach $64.3 billion in the next several years. “The market is expected to expand at a CAGR of 17.4% from 2022 to 2030,” the report notes. “Increasing preference for homemade meals among millennials is expected to be a major factor contributing to the growth of the market. Meal kit delivery services are popular among busy parents, millennials, those juggling multiple jobs, working couples or people with special diet needs who prefer preplanned ingredients or meals so that they can quickly prepare meals.”
Home Bistro has taken the basic idea of home delivery meals and elevated it — every direct-to-consumer, heat-to-eat gourmet meal the company offers on its tempting and tasty online menu is inspired by a renowned executive or celebrity chef. The list of chefs who have partnered with the company is impressive and includes Cat Cora, owner of more than 18 restaurants and the first-ever female iron chef judge on the “Family Food Fight” TV show; bestselling cookbook author Daina Falk who has created Hungry Fan, a lifestyle game-day brand; and Claudia Sandoval, winner of the sixth season of “MasterChef U.S.” and judge on “MasterChef Latino.”
Other chefs who have created menu offerings include Richard Blais, winner of “Top Chef All-Stars” and mentor on Fox TV’s “Next Level Chef,” and Ayesha Curry, a bestselling author, restaurateur and television host. In addition, executive chef Roblé Ali, one of the most recognizable chefs and one of the few young African-Americans in the culinary world with national notoriety, is slated to launch a line of creative cuisine in the coming weeks. The company also recently unveiled a line of desserts created by celebrity chef Melanie Moss (https://ibn.fm/9ZAsS).
Home Bistro’s approach of collaborating closely with renowned chefs is clearly working. Earlier this year, the company reported record first-quarter revenue (https://ibn.fm/C0Ddc), with sales for Q1 2022 up 101% to $802,000; that increase, in part, was attributed to growing product sales of celebrity chefs Cat Cora and Daina Falk, as well as the mid-quarter launch of Claudia Sandoval and Richard Blais product offerings.
“It takes up to 12 months for a newly launched celebrity chief to fully establish their cuisine on our platform and achieve significant traction,” said Home Bistro CEO Zalmi Duchman. “Understanding this timeline makes first quarter a solid performance as it is only now that menu offerings of Iron Chef Cat Cora are beginning to gain meaningful traction. Hungry Fan chef, Daina Falk, who launched on our platform last October, is expected to continue to build increasing momentum through this year. Newly launched Claudia Sandoval and Richard Blais will likely begin generating meaningful product sales second half of 2022 and into 2023 with an additional three celebrity chefs already signed and contracted expected to launch on our platform over the next two quarters with the likelihood to hit their revenue stride later this year and into 2023.”
For more information, visit the company’s website at www.HomeBistro.com.
NOTE TO INVESTORS: The latest news and updates relating to HBIS are available in the company’s newsroom at https://ibn.fm/HBIS
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