Technology

Meal Vouchers and Employee Benefit Solutions Market in Brazil to Grow by USD 6.99 Billion (2024-2028) as AI Powers Market Evolution, Tax Benefits Boost Revenue – Technavio

Published

3 days ago

November 20, 2024

NEW YORK, Nov. 20, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The meal vouchers and employee benefit solutions market in brazil size is estimated to grow by USD 6.99 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 9.55% during the forecast period. Tax benefits of meal vouchers in Brazil is driving market growth, with a trend towards strategic partnerships between market and meal kit delivery vendors. However, data privacy and security issues on personal information of employees poses a challenge.Key market players include Alelo, Asinta, Axis Bank Ltd., bswift LLC, CIRFOOD s.c., Edenred SE, PayPal Holdings Inc., Rakuten Group Inc., Sodexo SA, SWILE, Up group, and Zeta Services Inc..

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Meal Vouchers And Employee Benefit Solutions Market In Brazil Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 9.55%

Market growth 2024-2028

USD 6.99 billion

Market structure

Concentrated

YoY growth 2022-2023 (%)

9.07

Regional analysis

Brazil

Performing market contribution

South America at 100%

Key countries

Brazil and South America

Key companies profiled

Alelo, Asinta, Axis Bank Ltd., bswift LLC, CIRFOOD s.c., Edenred SE, PayPal Holdings Inc., Rakuten Group Inc., Sodexo SA, SWILE, Up group, and Zeta Services Inc.

Market Driver

Meal vouchers and employee benefit solutions have become essential tools for business organizations in Brazil to attract and retain their workforce. Meal vouchers, also known as meal cards or electronic vouchers, help employees manage their food expenses at restaurants, providing financial benefits and improving work-life balance. Employers offer meal vouchers, gift coupons, and prepaid cards as part of their employee benefits package, which includes health-related policies, travel vouchers, and cultural coupons. Employees, including working and office professionals, restaurant staff, and government agencies, appreciate these benefits, leading to increased employee engagement, motivation level, and productivity. Meal vouchers and employee benefits solutions offer tax benefits, social insurance changes, and contribute to employee health and wellbeing, including physical health conditions and mental health services. However, businesses must address data security issues and security concerns when implementing these solutions. The meal segment, travel segment, and financial well-being are significant areas of focus for employers, with trends including digital cards, gift hampers, and meal cards. Geopolitical influences, natural disasters, climate change, and economic impact can also impact the meal voucher and employee benefit solutions market in Brazil.

The meal voucher and employee benefit solutions market in Brazil is witnessing significant growth, with meal kit delivery services gaining popularity due to their convenience and affordability. Consumers appreciate the time saved from grocery shopping and the opportunity to explore new ingredients and cooking techniques. Vendors ensure meal kits come with easy-to-follow recipes, cooking tips, and precise ingredient quantities, making meal preparation more efficient and enjoyable. This trend may impact the dine-in restaurant industry, as consumers opt for the convenience of meal kits. Sustainably sourced ingredients add to the appeal, making meal kit delivery services an attractive option for health-conscious individuals.

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Market Challenges

Meal vouchers and employee benefit solutions have become essential tools for business organizations in Brazil to attract and retain their workforce. Meal vouchers, including meal cards and electronic vouchers, help employees manage their food expenses and improve their purchasing power. Employers offer various types of vouchers, such as health-related policies, travel, fuel, and financial benefits, to enhance employee engagement and productivity. However, businesses face challenges in implementing meal voucher programs. Social insurance changes and tax benefits require continuous updates. Employers must ensure data security and address security concerns related to electronic vouchers. Moreover, meal vouchers and employee benefit solutions should cater to the diverse needs of working professionals, office professionals, restaurant staff, and other employees. Geopolitical influences, natural disasters, and climate change can impact meal voucher programs, requiring flexibility and adaptability from employers. In addition, meal vouchers and employee benefits extend beyond financial benefits, encompassing mental health services, medical insurance, gift hampers, coupons, and cultural experiences to promote overall health, workplace productivity, and team engagement.In the Brazilian market for Meal Vouchers and Employee Benefit Solutions, businesses have experienced significant gains due to technological advancements and digitization. However, these developments come with risks, particularly concerning data security. Vendors provide mobile apps and cards for managing employee benefits, collecting and storing personal information. While many employ commercially available security technologies, potential vulnerabilities in servers or apps could jeopardize privacy and negatively impact market leaders. In today’s digital era, safeguarding data is crucial.

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Segment Overview

This meal vouchers and employee benefit solutions market in Brazil report extensively covers market segmentation by

Application 1.1 Meal vouchers1.2 Employee benefitsProduct 2.1 Non-cash voucher2.2 Cash voucherType 3.1 Book card3.2 Digital cardGeography 4.1 South America

1.1 Meal vouchers- Meal vouchers are a common form of compensation provided by employers to their employees in Brazil. These vouchers can be used to purchase food products from food service outlets or grocery stores. Employers work with meal voucher vendors, such as Sodexo SA and Edenred SE, to print and distribute these vouchers to their employees. In return, vendors charge an equivalent amount for printing and distribution, along with a commission from the employers. Meal vouchers offer tax benefits for employees, as many countries, including Brazil, have specified tax exemptions for meal vouchers. Sodexo SA, for instance, offers specialized meal vouchers for employees working over 30 hours a week. The meal vouchers segment is expected to experience growth in the meal vouchers and employee benefit solutions market in Brazil due to these advantages.

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Research Analysis

Meal vouchers and employee benefit solutions have become essential tools for business organizations in Brazil to enhance their employees’ financial and overall health. These solutions, which include meal vouchers, meal cards, Lunch Pass cards, electronic vouchers, and gift coupons, enable employers to offer their workforce a range of benefits, from meal subsidies to cultural and book cards. Meal vouchers help working professionals and office employees save money on daily meals, while travel vouchers facilitate commuting expenses. These benefits not only improve employees’ financial well-being but also contribute to their overall health and job satisfaction. Voucher issuing companies play a crucial role in facilitating these solutions, with digital cards and government agencies collaborating to ensure seamless implementation. Employers can choose from various options to customize their employee benefit packages, fostering a more engaged and productive workforce.

Market Research Overview

Meal vouchers and employee benefit solutions have become essential tools for business organizations in Brazil to attract, retain, and engage their workforce. Meal vouchers, also known as meal cards or electronic vouchers, enable employees to purchase meals at restaurants or canteens, providing financial benefits and improving employee productivity. Employers can also offer health-related policies, such as medical insurance, mental health services, and wellness programs, to enhance overall employee health and wellbeing. Employee benefit solutions extend beyond meal vouchers to include travel vouchers, prepaid cards, and gift vouchers. These benefits cater to various segments, including working professionals, office professionals, and restaurant staff. Government agencies and employers are increasingly adopting these solutions to navigate social insurance changes and tax benefits. Employee engagement, motivation level, and work-life balance are critical factors influencing the adoption of meal and employee benefit solutions in Brazil. Data security issues and concerns regarding security are essential considerations for businesses implementing electronic vouchers. The meal segment is a significant component of employee benefits, with physical health conditions and workplace productivity impacting employee health and wellbeing. Businesses can also offer cultural coupons, book cards, and digital cards as part of their employee benefits package to promote team engagement and workforce motivation. Geopolitical influences, natural disasters, and climate change can impact the adoption and effectiveness of meal and employee benefit solutions in Brazil. Employers must consider these factors when designing their employee benefits strategies to ensure long-term success.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationMeal VouchersEmployee BenefitsProductNon-cash VoucherCash VoucherTypeBook CardDigital CardGeographySouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

PASHA Holding forges global connections at COP29

Published

1 hour ago

November 23, 2024

BAKU, Azerbaijan, Nov. 23, 2024 /PRNewswire/ — PASHA Holding, a leading Azerbaijani company, successfully participated at COP29, reaffirming its dedication to climate action. As an Impact Partner at the event, PASHA Holding actively engaged in meaningful discussions, collaborated with global stakeholders, and shared its vision for a sustainable future.

The holding’s presence included a tailored booth in the Green Zone, alongside multiple thought-provoking sessions led by PASHA Holding companies, including PASHA Bank, Kapital Bank, PASHA Insurance, PASHA Life, AgroDairy, and PASHA Real Estate. These sessions addressed critical issues such as climate finance, sustainable agriculture, and the role of private sector leadership in fostering inclusive green transitions.

Through its participation, PASHA Holding leveraged the opportunity to exchange ideas, build relationships with regional and global peers, and learn from diverse experiences in tackling climate challenges. By engaging with stakeholders from government, international organizations, and the private sector, PASHA Holding enhanced its capacity to drive sustainable development initiatives in Azerbaijan and beyond.

Aytaj Mukhtazada, Head of PR and Communications at PASHA Holding, remarked:

“COP29 has been an extraordinary platform for us to amplify our sustainability vision and forge valuable connections. The insights gained and partnerships established here will enable us to align our strategies with global climate objectives while addressing the unique needs of our region. This experience underscores the importance of collaboration in creating impactful, long-term solutions to the challenges we all face.”

Key elements of PASHA Holding’s sustainability strategy include minimizing the environmental impact of its own operations, investing in projects that support the transition to net zero, and investing in technological innovation to address the challenges presented by climate change. In the near future, the group plans to conduct comprehensive diagnostics and gap analysis across its subsidiaries to set specific goals to decrease our carbon footprint, including supply chain, support the customers in their transition journeys and increase investments in green initiatives. Additionally, PASHA is committed to empowering its stakeholders through education and collaboration, ensuring that sustainability is embedded across the wider economy. These plans include supporting the development of a sustainable SME landscape in the country, aiding farmers in their green transition, and supporting innovation for developing decarbonization solutions.

View original content to download multimedia:https://www.prnewswire.com/news-releases/pasha-holding-forges-global-connections-at-cop29-302314735.html

SOURCE PASHA Holding

Technology

Global Times: China vows to promote steady growth of foreign trade

Published

2 hours ago

November 23, 2024

BEIJING, Nov. 23, 2024 /PRNewswire/ — Officials from five Chinese departments including the Ministry of Commerce (MOFCOM), the Ministry of Foreign Affairs and the People’s Bank of China vowed to promote the steady growth of foreign trade at a press conference held on Friday in a move experts said is part of a package of policy measures to inject impetus and confidence into stabilizing the economy and help realize its annual economic targets.

Meanwhile, at the same press conference, the vice commerce minister highlighted China’s capacity in dealing with external shocks in the first explicit, publicly known response by a senior commerce official to the impact of the US’ potential 60 percent tariffs on Chinese imports. He stressed tariffs will only lead to high costs for consumers, and a stable, healthy and sustainable development of China-US economic and trade relations will benefit peoples of both countries and the world.

The press conference came after MOFCOM, together with the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the People’s Bank of China and the General Administration of Customs rolled out nine measures to support foreign trade, involving support and guidance in insurance, financing, cross-border trade settlement, expanding scope on imports and exports, optimization of trade structure, visa facilitation and transportation.

Analysts noted that the latest move will further enhance the confidence of Chinese foreign trade enterprises, thereby injecting a stable and strong impetus to economic development, helping the country navigate the complexities of the global market.

Policy support

During the press conference, Chinese Vice Commerce Minister Wang Shouwen noted that the policy is aimed at responding to changes in the international trade situation and promoting solutions to practical difficulties faced by foreign trade enterprises in financing and maritime transport.

The raft of policy measures aimed at promoting the steady growth of foreign trade was deliberated and adopted by a State Council executive meeting on November 8.

The Ministry of Commerce on Thursday unveiled the policy measures in a notice. Among the nine specific measures, financial institutions are encouraged to increase financing support for micro, small and medium-sized companies based on market-oriented and law-based principles.

Efforts should be made to optimize cross-border trade settlement, promote the development of cross-border e-commerce, expand agricultural product exports, and support the imports of key equipment and energy resources, said the notice.

The overall situation of China’s foreign trade is relatively optimistic, but at the same time we should also see that uncertainties continue to accumulate. Maintaining stable growth in foreign trade and sustained improvement in competitiveness cannot be separated from policy support, Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, said on Friday.

“The timely joint efforts by five Chinese departments enhanced the confidence and expectations of Chinese foreign trade enterprises, and the measures will effectively help address problems of current foreign trade and future uncertainties,” Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times on Friday.

Stable growth in foreign trade can provide more impetus for the domestic economy. The nine measures are part of a package of policy measures to inject growth momentum and confidence into stabilizing the economy, which will help realize the country’s annual economic targets, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, said on Friday.

“Consumption, investment, exports and market sentiment all improved in October, and this trend is highly likely to continue in the last two months of the year, as the confidence of enterprises and consumers has been shored up thanks to the support policies,” Wang Peng told the Global Times.

Resilient against external shocks

At the press conference on Friday, Wang Shouwen also stressed that China has the capacity in dealing with external shocks largely owing to its resilient and vibrant economy that has great potential in a response to a question on the impact of the US’ potential 60 percent tariffs on Chinese imports.

China is building a “dual circulation” development pattern, which takes the domestic market as the mainstay while allowing domestic and international markets to reinforce each other. We are capable of resolving and withstanding the impact of external shocks, the official told reporters.

Wang Shouwen noted that history has also shown that the imposition of tariffs on China by a country does not solve the problem of its own trade deficit, on the contrary, it pushes up the prices of the country’s imports from China as well as from other countries.

This is because the tariffs are ultimately paid for by the consumers and the end-users of the importing country, which inevitably leads to an increase in the prices paid by consumers and an increase in the costs to the users, which also leads to inflation, the vice commerce minister further elaborated.

The vice commerce minister said that China and the US are the two largest economies in the world, and have strong complementarities. We believe that if China and the US can maintain a stable, healthy and sustainable development trend in their economic and trade relations, it will be beneficial to both the Chinese people and the American people, as well as the people of all countries in the world, and this is also what the international community expects, he said.

China is willing to engage in dialogue with the US on the basis of the principles of mutual respect, peaceful coexistence and win-win cooperation, in a bid to expand areas of cooperation, manage differences, and promote the stability of the bilateral trade and economic and trade relationship, Wang Shouwen said, noting that China will also firmly safeguard its own sovereignty, security and development interests.

Chinese companies have advantages in ordering, transportation, warehousing and other export-related areas that are difficult for other countries to replace, due to their complete supply chain and high production efficiency, Li said.

“Moreover, the country’s economic resilience provides enough market size to address some of the external risks. In particular, China has continued to promote new dynamics in foreign trade and new quality productive forces, which will cultivate new international competitive advantages,” Li noted.

“Years of China-US trade and investment have made the two sides interdependent. In addition to providing US consumers with cost-effective products, China’s exports of its intermediate products have become embedded in the US supply chain and have become part of the competitiveness of many US industries,” Li said, noting that the US needs to maintain rationality in its economic and trade policy toward China.

View original content:https://www.prnewswire.com/news-releases/global-times-china-vows-to-promote-steady-growth-of-foreign-trade-302314725.html

SOURCE Global Times

Technology

ZICC: Closer China- Honduras Ties

Published

2 hours ago

November 23, 2024

BEIJING, Nov. 23, 2024 /PRNewswire/ — Renato Florentino, vice president of Honduras, accepted an exclusive interview with ZICC in Wuzhen during the 2024 World Internet Conference Wuzhen Summit. He said that China’s advancements in transportation, communication, and computing impressed him a lot. “We hope to continue to promote the cooperation between Honduras and China and maintain close cooperative relations,” he said.

SOURCE ZICC