New figures from grocery think-tank IGD forecast the UK grocery market will grow by an average of 3.9 per cent per year over the next five years to £182.7bn. Growth will be even faster in the convenience sector, where an average 5.8 per cent increase will take the total market to £42.6bn from the current £32.1bn.
Also on the rise are non-food sales - which are expected to rise from the current £12.4bn to £17.1bn - and online grocery, which IGD predicts will double.
“Many UK retailers have announced major development plans in areas such as convenience and online - all of which are helping to drive growth,” said IGD UK research manager Gavin Rothwell. “Multi-format and multi-channel strategies are gaining traction and scale as retailers seek to reach shoppers in different ways.”
An IGD supplier survey also found 63 per cent of food and drink manufacturers were highly optimistic about the next three years for their business.
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