The latest food-to-go market report from HIM predicts the market will grow by £0.5bn in next few years – but convenience is losing share.
The latest food-to-go market report from convenience retailing research specialists HIM has predicted that the market will grow by a further £0.5bn in the next three years – but added that convenience retailing is losing share in this key growth market.
Based on exclusive research from HIM and sister company MCA Insight, the report said that the entire UK food-to-go market is set to be worth a whopping £21.2bn in 2019, that’s 3% up on 2018.
The convenience store sector will account for £6.2bn of that, equating to approximately 30% of the market. The insight was gained from over 72,000 online consumer surveys and 20,000 face-to-face shopper interviews.
The findings suggest that, despite continuous growth for the total market, the share that convenience holds has declined slightly since 2013.
Val Kirillovs, Research and Insights Director at HIM, said food-to-go remained “pivotal” to convenience retail despite the decline, and that price and convenience were two of the key trends that retailers needed to focus on.
He added: “Consumers are placing greater importance on range, in particular healthier options. Those retailers that are seeing great success in food-to-go are offering a variety of hot and cold options that cater to the needs of their particular shoppers. These will be best placed to maximise their share of the £0.5bn prize that has been forecast for the channel over the next three years.”