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Foodbag, the Belgian supplier of meal boxes, has a market share of 30 percent after the acquisition of compatriot 15gram and HelloFresh is on its heels in Belgium.
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Foodbag – half owned by the Colruyt family – markets itself with local and seasonal food as the Belgian version of HelloFresh.
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HelloFresh is still the dominant player in the meal boxes market, but Foodbag is advancing. The company merged with Smartmat two years ago. Now Stéphane Ronse, the founder and CEO, is taking an even bigger step forward with the acquisition of 15 grams.
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Ronse does not want to lose how much Foodbag paid. The number of meals sold will grow by more than a quarter to 5.7 million per year as a result of the deal. The market share rises to more than 30 percent.
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This is an important move. Volumes are crucial to survive in this sector.
Stephane Ronsé
Founder and CEO Foodbag
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“This is an important move. Volumes are crucial to survive in this sector’, says Ronse. ‘It allows us to make our fulfillment center (preparing the boxes) and distribution more efficient. It therefore becomes profitable to build in extra delivery days and thus increase the service for the customer.’
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The takeover will give Foodbag’s turnover a major boost this year. He was already in the elevator. Foodbag doubled its turnover last year to just under 20 million euros, partly thanks to the pandemic. The company was profitable, but Ronsé does not give details.
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Due to lockdowns and working from home, many were looking for a simple and healthy alternative to lunch at work. They often ended up with meal boxes. “Any concept that allows people to save time or be a little lazier has a chance of success. A meal box removes the stress of choice and saves a car trip to the supermarket’, Ronse said earlier.
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The fear that turnover would fall this year after the exceptional boom in 2020 appears to be unfounded. ‘The market continues to grow by 20 to 25 percent, and that is what we see in our figures.’
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The market will continue to grow by 20 to 25 percent this year, and that is what we see in our figures.
Stephane Ronsé
Founder and CEO Foodbag
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Foodbag still has plans and is already looking beyond meal boxes for your home. With Canteen, it launched a concept of fresh, prepared meals for work. Ronse also does not rule out further acquisitions. ‘There is a lot of movement in the sector,’ he says.
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The competition is not getting any less. The Flemish start-up Mealhero – with a steam engine and frozen ingredients – is on the rise, among others. Carrefour and Colruyt already have their own food box on the market. ‘And retailers are expanding the home delivery of your shopping. They also provide inspiration online with recipes, where you can load the ingredients into your shopping cart with one click. That’s to keep an eye on.’
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