The growth of restaurant sales has slowed in the last decade, with some of the largest casual dining restaurants reporting stalled or falling sales. Meanwhile, meal-kit businesses are on the rise with companies like Blue Apron, Plated and Green Chef generating $1.5 billion in 2016. The single largest food retailer? Walmart.
Look around: home cooking is back in a big way.
While Americans are still overworked and under-rested, health and wellness trends have created a new middle-class ambition: healthy, home-cooked meals. Supported by falling food prices and the popularity of all things artisanal, this trend shows no signs of slowing. People are clearing jackets, homework and mail off the dining room table and replacing them with meals they’ve assembled or fully cooked themselves.
As this market expands, simplicity, flexibility and affordability are crucial. Ordering from a meal-kit service or online grocer (that now includes Amazon), accommodating dietary restrictions, access to transportation or delivery, and ease of prep will be omnipresent. It’s unlikely that home chefs will be constructing complicated, multi-ingredient recipes, but a simple, fresh and inexpensive option at home will be an increasingly common occurrence.
Successful entrepreneurs will need to find a way to add one more unique element to distinguish themselves from the pack. Look to see a focus on fair trade ingredients, tailored offerings to a specific dietary clientele, or specialized growth in a desire for non-GMO-fed verified products in the near future. The nugget here is that a growing market is a diversified one, and the visionary leaders will identify a need ahead of their own consumers.