Competition in the meal-kit industry is fierce.
Rivals are looking for creative strategies to minimize time in the kitchen and still cater to varied dietary restrictions and preferences.
But how can smaller players stand out from the pack?
“Focus on needs,” Sun Basket’s Co-founder and CEO Adam Zbar, told Cheddar. The executive argues that the industry has become big business, with meal-kit companies bringing in $5 billion in revenue last year.
Sun Basket currently has less than ten percent of the meal-kit market, according to research firm Second Measure, but it's managed to create big waves. Just in 2017’s first quarter, the company saw sales grow 80 percent. But the industry is constantly changing, and participants have to keep up.
Blue Apron is currently the dominant player in the market, holding a 40 percent market share. But Second Measure says that the leader's recent challenges, including layoffs and a plunging share price since its IPO, open the door for other players.
Sun Basket hopes to capitalize on the opportunity. The company rolled out a new strategy Tuesday and now features more premium meat selections, the CEO told Cheddar.
“All of our consumers were really asking for that,” Zbar said. “We are always talking to our consumers, and they said that they wanted even better premium proteins.”
The holiday season is underway and it's a good time to put your Christmas tree up if you haven't already. But making your home festive can be costly. Cameron Forbes, founder of Forbes Functions, joined Cheddar News to provide tips for decorating on a dime.
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Federal regulators are investigating Chevrolet Volt hybrid cars after some drivers reported issues including sudden power loss and failure to restart.
Fed Chair Jerome Powell weighed in on interest rates, some of Tesla's cybertrucks have been delivered, Apple and Paramount have reportedly discussed bundling their streaming services together and Panera Bread has reportedly filed to go public.
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Holiday shopping on a budget.
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