USD 52.54 billion growth in UK Grocery Retail Market between 2022 to 2027 | Strategies like- rising promotions, including bundled prices, volume discounts, and seasonal sales to boost growth

NEW YORK, Feb. 15, 2024 /PRNewswire/ -- The grocery retail market in UK size is expected to grow by USD 52.54 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 3.83% during the forecast period. The market is driven by rising promotions, including bundled prices, volume discounts, and seasonal sales. Market vendors are adopting various strategies to attract customers. Product bundling is one of the key strategies adopted by vendors in recent times. The strategy benefits and helps them save around 7%-15% on the cost of purchasing the bundled items separately. In addition, promotional offers, such as volume discounts, are adopted by retail stores to drive more sales. Various retail stores offer seasonal discounts on grocery products on occasions such as Christmas, which helps attract several people to department stores. Technavio provides a comprehensive report summary describing the size and forecast along with research methodology. The sample report is available in PDF format 

Rapid urbanization and rising consumer spending are notably driving the industry. However, factors such as threats from counterfeit grocery products may impede growth.

The market is segmented by Product (Food and beverages and Non-food) and Distribution channels (Hypermarkets and supermarkets, Convenience stores, Discount stores, Online, and Others).  The food and beverages segment will be significant during the forecast period. This segment includes a wide range of products, such as fruits and vegetables, dairy products, frozen foods, fresh and frozen meat, baked products, snack foods, canned foods, and condiments. However, fresh bread, salty snacks, and cereals are among the most preferred products in the segmenṭ. Given the rise in the per capita income of consumers, there is a rapid shift in their consumption patterns in favor of organic and gluten-free products on par with generic products. For instance, the demand for frozen snacks has witnessed significant growth, especially among teenagers. To cater to the growing audience, vendors are constantly focusing on innovating various flavors and ingredients and offering products that are healthy and nutritious for children. They also offer fruit snacks to children who are reluctant to consume natural fruits. To know additional highlights and key points on various segments and their impact in coming years, View a PDF Sample Report.

The industry fragmented, and the companies are deploying organic and inorganic growth strategies to compete. The report analyzes the competitive landscape and offers information on several companies, including: Amazon.com Inc., Carrefour SA, Costco Wholesale Corp., EG Group, EH Booth and Co. Ltd., Farmfoods Ltd., Heron Foods Ltd., HOFER KG, Iceland Foods Ltd., Lidl US LLC, Marks and Spencer Plc, National Coop Grocers, Ocado Retail Ltd., PROUDFOOT SUPERMARKETS, SPAR (UK) Ltd., Tesco Plc, Waitrose Ltd., Wm Morrison Supermarkets Ltd., McCormick and Co. Inc., B and M Retail Ltd. View a PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

The UK food & grocery retailing market continues to witness dynamic changes, driven by shifting consumer attitudes and advancements in customer-facing technology. Amidst the challenges of high inflation, consumers seek value for money and prioritize sustainability in their purchasing decisions. This has propelled the online growth of the sector, with online sales experiencing significant expansion. Retailers are investing in loyalty schemes and innovative shopping experiences to retain customers and foster growth prospects. Players rely on comprehensive insight to navigate the competitive landscape and capitalize on emerging opportunities. Forecasts indicate continued evolution, with a focus on enhancing groceries accessibility and convenience in the digital age.

Retailers fiercely compete to attract consumers with enticing offers and loyalty schemes. Supermarkets employ various strategies like gamification and supermarket loyalty schemes to engage customers. The Big Four grocers, including ASDA, vie for dominance by promoting double digits discounts on cheaper products. ASDA's scheme encourages shoppers to complete specific missions to earn rewards, often focusing on promoting 'star' products. These schemes provide discounts and incentives such as accumulating money towards future shops, fostering customer loyalty. Amidst this competitive landscape, maintenance scheduling and vehicle tracking systems become crucial for efficient operations, ensuring timely delivery and replenishment. As compliance with regulations remains paramount, the industry continues to evolve to meet consumer demands and regulatory standards.

Related Reports:

The India - grocery market size is estimated to grow at a CAGR of 8.06% between 2022 and 2027. The size is forecast to increase by USD 289.29 billion.

The online grocery delivery services market is poised to grow by USD 652.45 billion accelerating at a CAGR of 19.43% between 2023 and 2027.

ToC:

Executive Summary

Landscape

Sizing

Historic Sizes

Five Forces Analysis

Segmentation by Product

Segmentation by Distribution Channel

Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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