UK food-to-go sector to expand by 26% in the next 5 years
IGD UK has revealed the outlook for the food-to-go sector who is supposed to grow by 26.4% until 2024. The UK food-to-go market is forecast to be worth £23.4bn by 2024, up from £18.5bn in 2019, growing by 26.4%. According to new research from IGD, the channel is set to experience double the growth of the wider UK food and grocery retail market – 12.5% – over the next five years.
Rhian Thomas, Head of Shopper and Food-to-Go Insight at IGD said: "Food-to-go remains a key growth opportunity for businesses and one that appears particularly attractive given the structural and growth challenges being faced by UK supermarkets and hypermarkets right now.
Consumer expectations around convenience and forecourt food-to-go are rising fast, creating an opportunity for businesses to invest and upgrade, or else risk getting left behind. The good news here is that there's lots of growth to go for, and in many locations there remains opportunity to do more to meet these evolving shopper needs. Those businesses who focus more on emulating competitors rather than investing in how they can innovate will meet the big challenges."
Researchers are predicting that food-to-go specialists, such as Greggs, Subway, Pret, Eat and Leon are to see sales increasing from £5.0bn in 2019 to £6.3bn in 2024. The market share will move from 27% in 2019 to 26.9% in 2024 and food-to-go specialists will experience a CAGR of 4.6% between 2019 and 2024.
On the other hand, for quick-service restaurants (QSRs), such as McDonald's, Burger King, KFC and Five Guys sales will increase from £5.8bn in 2019 to £7.2bn in 2024; market share will move from 31.5% in 2019 to 30.9% in 2024; and the sector will experience a CAGR of 4.5% between 2019 and 2024.
On QSRs, Rhian Thomas said: "The QSR channel has remained strong despite an increase in the choice of food-to-go options and a greater focus on healthier eating, which is not an area that QSRs are traditionally known for. But while not all players in this area have experienced fast growth, the combination of improved in-store environments and technology, along with targeting the online meal delivery channel have all been factors that are driving driven growth. McDonald's is a good example of this, but they are far from the only innovators in this space, not least as plant-based options are increasingly introduced onto menus."
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