In the past five years, meal kit delivery services have undergone the equivalent of an economic rollercoaster.
Blue Apron, one of the first services in the space, lost more than 30% of their customers in the past two years. Their stock has dropped more than 90% since their Initial Public Offering (IPO) in 2017.
Hello Fresh, another large competitor in the space, lost more than half of its value since its IPO. The company has managed to climb out of that hole, recovering to their initial valuation after more than two years. Currently, their stock is trading at an all-time high.
Despite the ups and downs of national service, the future of the meal kit delivery service is local according to Jon Marrone, CEO and founder of Isthmus Eats. Isthmus Eats is a meal kit delivery service that focuses exclusively on the Madison area and sources ingredients almost exclusively from local farms.
WORT producer Jonah Chester spoke with Merrone at the Isthmus Eats prep kitchen on Madison’s south side for this week’s installment of They Way We Eat. In the discussion, Merrone addresses how the meal kit delivery service has faltered and why the future of the industry is local.
(Photo c/o Isthmus Eats)