Where and how we buy our food and drink has changed significantly over recent years and the latest evidence and predictions back this up.
Gone are the days of doing a large shop in one location. Convenience, online and shopping in multiple locations and discounters is now the norm.
By 2022 it is expected that the grocery market is to grow by 15% to £213bn. Increasing population sizes as well as a shift in to some premium products in certain categories will be some of the things to contribute to this.
In the report it states that 40% of people have done some of their food shopping online in the last month, with this figure expected to rise to 60% over the next 3 years. Overall online sales are currently worth £10.4bn, with these expected to rise to £16bn by 2022.
Discounters are also going to grow over the next 5 years by 49.8%. By 2022 one in every £7 will be spent in the discounters. A huge shift away from the top 4 grocers. This is attributed to improved quality from the discounters.
The consumer market is changing. How are you adapting your strategy?
The UK food and grocery market is to grow 15% by 2022 to £213bn, according to new research from grocery think-tank IGD, with online being the fastest growing channel. Online food sales were forecasted to grow 53.8% in the next five years and estimated to be worth £16bn. However, IGD lowered its prediction for online growth from last year, as retailers begin to refocus their efforts on in-store experiences.
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