Retail and foodservice will grow in 2021, report finds Print
The UK food and drink market is forecasted to grow by 12% in 2021, new research reveals.
The latest Eating In vs Dining Out report, produced by IGD in collaboration with foodservice consultant Peter Backman, finds the forecasted increase is driven by strong retail growth from January to March and foodservice sales that will begin to strengthen from July onwards as ‘”pent-up demand for socialising” boosts the sector.
Foodservice will grow by 54% (£18.6bn) on last year’s figures, the report predicts. Some of this growth will impact retail, but elevated levels of homeworking, at-home social gatherings, and financially stretched consumers will see the retail sector continue to grow.
How might UK food-to-go operators adjust post-pandemic?
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5th February 2021
New data suggests that total UK food and drink sales declined by 12% during 2020, while grocery retail’s share of the market grew to 81% from 64% the year before.
The figures from IGD’s ‘Eating In vs Dining Out 2021’ report also show the eating out sector shrank by more than 50% after restaurants and pubs were closed for much of the year.
Nicola Knight, Senior Retail Analyst at IGD, commented: “Food and drink retail sales grew by 9.9% in 2020 and e-commerce was the clear winner in the sector as shoppers switched to online due to lockdown restrictions and stay-at-home guidance. But the overall food and drink market declined by 12%, predominantly driven by consumers eating more meals at home due to government closures within the eating out sector.”
Print
3rd February 2021
Grocery retail’s share of the food and drink market grew from 64% in 2019 to 81% in 2020, new research reveals.
The IGD’s Eating In vs Dining Out 2021 report shows the eating out sector shrank by more than 50% and total UK food and drink market sales declined by 12% during 2020.
Nicola Knight, senior retail analyst at IGD, said: “Food and drink retail sales grew by 9.9% in 2020 and e-commerce was the clear winner in the sector as shoppers switched to online due to lockdown restrictions and stay-at-home guidance.
“But the overall food and drink market declined by 12%, predominantly driven by consumers eating more meals at home due to government closures within the eating out sector.”