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NEWS6 June 2017

UK food and grocery market to increase 15% by 2022

FMCG News Retail Trends UK

UK – The food and grocery market is expected to grow 15% to £213 billion by 2022, according to grocery research organisation IGD.

There will be growth across all the major grocery channels although IGD predicts a particularly strong performance from discounters (up almost 50% between 2017 and 2022 ) as they adopt ambitious store opening programmes, new store formats and range investment.

By 2022, IGD forecasts that one in every £7 will be spent at a discounter, up from one in every £9 currently.

Overall online will remain the fastest-growing channel, rising almost 54% to a value of £16bn by 2022.

Joanne Denney-Finch, IGD chief executive, said: “Our market growth figures to 2022 are higher than last year’s forecast, primarily driven by resurgent inflation following three years of sustained deflation across UK food and grocery. All channels are set to see growth, but we anticipate that encouraging shoppers to trade up or buy more will remain as competitive as it always has been – and potentially even more so, given the challenging economic outlook.”

“There’s a revolution underway in food and grocery, in terms of what, how and where shoppers do their shopping. On average, shoppers say they use around 12 different stores every month – and in the future, we will have an even greater choice in what, where and how we buy our food.”

@RESEARCH LIVE

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