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.”
Biotech company Biogen lowered its full-year profit forecast, citing higher costs related to its purchase of drug maker Reata Pharmaceuticals as well as the launch of its Alzheimer's drug.
You might already be planning your Thanksgiving menu as the holiday approaches. Some retailers are offering deals that could help your pockets as you budget for those large family gatherings.
Jade Warshaw, personal finance expert and co-host of 'The Ramsey Show, joined Cheddar News to provide tips on how to save on engagement rings and to look at cheaper alternatives.
As the country watches the financial situation and monitors decisions from the Federal Reserve, many may be re-evaluating what to do with their money, with interest and mortgage rates at some of the highest levels seen in decades. Mark Hamrick, Washington bureau chief and senior economic analyst with Bankrate, joined Cheddar News to provide tips on your money management as monetary policy continues to change.
