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Online Food Delivery
Jul 6, 2021
Online food delivery platforms adjust to hyper-demand
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Major meal kit makers approached EBITDA breakeven levels in 2020
- HelloFresh, the largest US meal-kit provider by revenue, reported full-year revenue growth of 111% YoY in 2020, outperforming peers Blue Apron (+1% YoY) and Marley Spoon (+101% YoY). The company’s strong topline performance was supported by 1) reaching 5.3 million customers (+78% YoY), and 2) doubling overall order volume to 22 million (+109% YoY). Its revenue base reached approximately 6x that of Blue Apron and Marley Spoon combined in 2020.
- Despite lagging HelloFresh, Marley Spoon registered a strong 2020, doubling revenue to USD 310 million on the back of robust customer growth (+80% YoY to 327,000) and an increase in order volume (+89% YoY). Blue Apron, in contrast, continued to be impacted by rising customer acquisition costs (CAC)—nearly double that of HelloFresh at around USD 140—and high levels of churn. HelloFresh’s customer retention success can be attributed to the company’s higher levels of flexibility (more options) and convenience (less time to prepare). As of March 2021, the company had reached 7 million customers worldwide.
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