Technavio estimates the grocery retail market in UK to grow by USD 43.22 billion during 2020-2024. However, the growth momentum is expected to decelerate at a CAGR of almost 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Grocery Retail Market in UK 2020-2024 (Graphic: Business Wire)
The market is driven by rapid urbanization and rising consumer spending. However, the growing demand for convenient food products might challenge growth.
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Grocery Retail Market in UK: Product Landscape
Based on the product, the market saw maximum growth in the foods and beverage segment in 2019. The growing demand for snacks, coupled with product innovation by vendors in terms of flavors is driving the growth of the segment. The market growth in the segment will be significant over the forecast period.
Grocery Retail Market in UK: Retail Format Landscape
Based on the retail format. the hypermarkets and supermarkets segment led the market growth in 2019. Consumers prefer buying consumer goods from hypermarkets and supermarkets, as they carry a considerable assortment of products which allows close evaluation of products and provide the required support and information. This is the major factor driving the growth of the segment.
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Major Three Grocery Retail Market Vendors in UK:
Aldi Stores Ltd.
Aldi Stores Ltd. operates its business through the Unified segment. Some of the products offered by the company include fresh meat and fresh fish.
Co-operative Group Ltd.
Co-operative Group Ltd. operates its business through segment such as Food, Wholesale, Funeral and Life planning, Other businesses, and Federal. The company offers a wide range of grocery products to customers.
Costco Wholesale Corp.
Costco Wholesale Corp. operates its business through segments such as United States Operations, Canadian Operations, and Other International Operations. Some of the products offered by the company include pantry dry goods and bakery deserts.
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Related Reports on Consumer Staples Include:
Global Fresh Food Market Global fresh food market is segmented by product (fruits and vegetables, meat and poultry, eggs, and others) and geography (APAC, Europe, MEA, North America, and South America). Get a free sample report to know more
Global Bread Market Global bread market is segmented by product (artisan bread, packaged bread, and others), distribution channel (offline and online), and geography (APAC, Europe, MEA, North America, and South America).Get a free sample report to know more
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
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