UK grocery market to grow by 10% in three years
Grocery retail analyst IGD has said that the UK’s food and grocery market is set to grow by 10 percent over the next three years.
IGD says that growth in the region of £19.1 billion (€21.5 billion) will make the country’s grocery market worth £211 billion (€237 billion) by 2022. The COVID-19 pandemic has accelerated the shift to online food shopping, a channel IGD expects to mostly retain the loyalty of new shoppers gained during the crisis. Discount food stores will become the fastest-growing channel in 2021 and 2022, as shoppers look to economise due to rising unemployment.
Research from IGD indicates that the online food shopping segment will increase its market share from 6.2 percent to 8.9 percent by 2022. This will see its value overtake that of hypermarkets by the end of this year. IGD predicts that online will take £1 (€1.1) in every £11 (€12.3) spent on grocery in 2022.
The discount market will have its share increase from 12.8 percent i