(Food-Beverage-News.Com, October 24, 2017 ) The presented report " Food Preparation 2017 ", is part of Market Research HUB’s Retails home retail series, providing a detailed analysis of the market, forecast to 2022 to enable retailers to target outperforming categories to ensure future revenue growth. The report provides quantitative and qualitative analysis of the UK market, evaluating major trends such as healthy living and the influence of food bloggers on product sales. It also provides key insight into consumer attitudes to better understand your core demographic and an in-depth analysis of key market players to target growth opportunities in the market.
Squeezed real incomes coupled with weakened consumer confidence has led the food preparation market to decline for the first time as consumers opt to cut spend on discretionary food preparation products and trade down on essential goods. However, the market is set to improve from 2018 driven as more consumers engage in home cooking, encouraging spend over the next five years. Moreover, as consumer interest in health and fitness shows no signs of slowing, products that support this phenomenon in all categories will continue to experience growth up to 2022.
The report provides a comprehensive analysis of the following - - Key issues in the market and success strategies - Market sizing by category and growth forecasts - In-depth profiling of major retailers including market share and outlooks - Consumer analysis detailing how, where and why consumers are buying food preparation products
- Over the next five years general merchandisers will further dominate the market, with sales forecast to grow 14.2% over the next five years. This growth is predominantly driven by discount retailers such as B&M and The Range, supported by their ambitious store expansion plans over the next five years and consumers increasing desire to trade down. This growth comes at the expense of the grocers, whose market share is forecast to decline by 0.6ppts between 2017-2022. Discounters can offer similar food preparation goods at lower prices, making the grocers offer uncompetitive in a price sensitive market. - Online food preparation sales are set to outpace physical store stores over the next five years. However, the rate of incline for online food preparation sales will slow due to the proposed restrictions of purchasing knives online, which will be implemented later this year. - Younger consumers have the highest penetration of all age groups, with 51.1% of consumers aged 16-24 buying a food preparation product over the last 12 months. This is driven by young shoppers leaving home for the first time and therefore requiring a full range of food preparation goods. - The ongoing trend for home cooking remains pivotal to the growth of the food preparation market over the next five years driving consumer spend despite economic uncertainty. Within this the trend for healthy living will encourage more consumers to engage in home cooking, supported by health and weight loss bloggers such as Joe Wicks and Deliciously Ella.
Reasons to buy
- Utilise our five-year forecasts to 2022 for individual product categories and refocus your strategy on key areas of high growth such as gadgets and accessories. - Understand consumers changing cooking habits and recognise the impact this has on the food preparation market. - Identify how consumers are being influenced by social media and cooking blogs and how to capitalise on this trend. - Compare our analysis on leading food preparation retailers; enhance your understanding of their strengths and weaknesses and retailers market share growth prospects to gain a competitive advantage. - Recognise which consumers to target and how to drive spend from them by utilising our shopper penetration data and understanding what influences their retailer selection and spending motivations.
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