UK food and grocery market to grow by 14.8% in 5 years
The British food and grocery market is forecast to grow by 14.8% in the next 5 years reaching a value of GBP 218.5 billion (€249.2 billion), according to a report released by food and grocery research organisation IGD.
Keeping up with the trends registered last year, online and discount channels are set to benefit from this expansion accounting for more than 50% of the increase in market value to 2023. In fact, discounters will achieve the biggest cash gain in sales over the next five years (30% of the total) as they benefit from further store openings and format development, informs the forecast. At this moment, discounters in the UK have a market share of GBP 23.1 billion (€ 26.3 billion), which is expected to grow at GBP 31.5 billion (€35.9 billion).
High-quality store interiors, better customer facilities will represent the improvements made to the discount stores to build customer engagement.
"Food discounters are benefiting from targeted investment in key categories such as fresh produce, meat and bakery, along with improvements to the in-store environment and facilities, making stores much more comparable to supermarkets", explained Simon Wainwright, Director of Insight at IGD.
The growth of online channel will be the fastest registered between retailers (+52%) as smaller and more recent players will scale up their operations while the established businesses will improve their services. Two-thirds (61%) of online grocery shoppers say they would like it if online retailers personalised special offers based on what they buy regularly. More rapid and flexible fulfilment options will boost growth, such as click and collect services from more convenient locations such as local c-stores, places of work and unattended lockers. 34% of online grocery shoppers show an in interest in these services.
The convenience store segment is expecting a growth of 18% over the forecast period but the channel is to deliver the second-biggest gain in sales as it meets the growing demand for smaller and more frequent shopping trips.
Supermarkets (+7.7%) and hypermarkets (+1.4%) will have to improve the shopper experience in order to preserve their market share. Other retailers, comprising specialist food and drink retailers, CTNs (confectionery, tobacco and news), food sales from mainly non-food retailers and street markets, are forecast to decrease the market value of their operations by 3.5% over the next 5 years.
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