Why Invest in P2P?
Plan to Plate is currently in the idea stage and is looking for funding to aid with application development, marketing, and business start-up costs.
Plan to Plate’s goal is to have the application developed for public release by end of 2022.
Plan to Plate’s next goal is to become the global leader in the all in one industry by end of 2024 and the global leader in the meal kit industry by end of 2028. This will be accomplished through further application development and increased marketing.
Target Market and Market Size
The meal kit delivery market size was valued at $13B in 2020 and is expected to grow by 13% each year reaching over $25B by 2027.
People between the ages of 20-45 make up a large portion of the industry (~70%).
The primary target market for Plan to Plate are working individuals with or without families between the ages of 20-45 within Canada and the US. They are technologically savvy and work long hours. The limited free time puts a greater emphasis on the convenience and time saved that will be provided by using the Plan to Plate application.
Canada has roughly 6M families and the US has roughly 50M families within this age range and with access to grocery delivery.
The secondary target marker are post-secondary students. They also have extremely busy lives and will benefit from the time saving and convenience of Plan to Plate. Plan to Plate will also reduce monthly grocery spending by reducing waste.
Canada has 2.25M and the US has 20M post-secondary students.
Timing. Why right now, the timing has never been better.
The market for an all-in-one meal planning to grocery delivery service is relatively open and is primed to be capitalized on.
The market for meal planning and grocery delivery is projected to grow at 13% per year.
The Covid-19 pandemic has resulted in new consumer habits such as increased digitization and food delivery which is expected to remain after the pandemic has passed.
There has been a massive acceleration in digitization over the course of the past year. E-commerce and food delivery sector saw an increase in the first half of 2020 that was as high as its growth in the previous 10 years.
61% of consumers reported that they bought groceries online during the pandemic and 92% of the consumers surveyed said that they’d continue.
The food industry is evolving and constantly looking to become more convenient. More people are working now than ever, and people are working longer days. This is making meal planning and grocery shopping even less practical with our busy schedules.
Younger generations are putting more and more value on time and a greater importance on convenience.
Millennials are becoming more interested in cooking meals and entertaining guests at home over restaurant dining experiences.
The world is also becoming more concerned with sustainability and reducing food waste.
At the consumer level, each year about 2.4 million tonnes or more than $10 billion worth of edible food is wasted in Canada alone. This equals an annual cost of avoidable food waste in Canada of $1,766 per household each year and $34 per week.
More and more grocery stores are adding pick-up and delivery services which will decrease the costs of grocery delivery going forward and give access to more users. 75% of Canadians will have access to these services within the next three years.
More and more people are moving from rural settings to urban areas. This will give more customers access to the services and increase the customer base.
What makes Plan to Plate Different?
Plan to Plate that brings healthy eating, meal planning, and grocery delivery into one simple, easy to use all in one application.
Applications currently exist for meal planning, meal kit delivery, and grocery delivery, but no applications with significant market share currently offers a combine service.
An all-in-one application allows for convenience and significantly reduced cost over current meal kit planning applications.
Approximately 8% of people tried meal kit delivery in 2020 and only 4% have remain subscribed. Most have listed price and lack of customization as the many reasons. Plan to Plate would address this issue and looks to gain these customers.
Plan to Plate will leverage local grocery store pick-up and delivery options to deliver groceries rather than having a distribution center that repackages good. This reduces costs for Plan to Plate and for the consumer.
Waste reduction is managed by utilizing smart meal planning and a current grocery inventory feature.
For the growth to continue in the industry, experts say companies will need to innovate, offer new models, more customization, and lower prices. Plan to Plates business model will take advantage of this new trend.