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.”
It's a tough time for the job market. Amid wider economic uncertainty, some analysts have said that businesses are at a “no-hire, no fire” standstill. At the same time, some sizeable layoffs have continued to pile up — raising worker anxieties across sectors. Some companies have pointed to rising operational costs due to U.S.'s new tariffs, while others have redirected money to artificial intelligence investments. Workers in the public sector have also been hit hard. Federal jobs were cut by the thousands earlier this year. And many workers are now going without pay as the U.S. government shutdown has now dragged on for more than a month.
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