UK food and grocery market set to grow by 14.8% by 2023

New research by the Institute of Grocery Distribution has good news in store for the UK’s food and grocery sector. Continuing last year’s trend of encouraging growth, the market is forecast to grow by 14.8% between now and 2023, giving it a value of £218.5bn. This week on the blog here at CoolKit, we take a quick overview of the details of the news, and what it means for our customers in refrigerated transport industry.

Key takeaways from the new research

  • The growth forecast by IGD applies across all major grocery channels – hypermarkets, supermarkets, convenience, discounters, online, and other retailers
  • Discounters are set to attain the biggest cash gain in sales until 2023 (around a third of the total) as they benefit from further store openings and development
  • Online remains the fastest growing channel so far
  • The online and discount channels between them will account for over half the increase in market value from now until 2023
  • Convenience channel is forecast to return to a stronger growth trend in 2019
  • However, it’s by no means bad news for larger stores and supermarkets! Their outlook has improved with investments in price, range and customer experience

What does this mean for our customers at CoolKit?

The results of the IGD’s research is certainly good news for many major food retailers, both large and small! We serve both these types of businesses in our markets here at CoolKit, encompassing Catering and Food Services, and Meat, Fish and Poultry. We’ve already recently noted the sharp uptick in online deliveries, with customers having their goods brought straight to their door using chiller vehicles such as our Renault Trafic refrigerated van. In time, we expect we’ll be seeing more and more supermarkets and retailers purchasing greater numbers of these refrigerated vehicles, in order to keep up with the rising customer preference for this form of convenience shopping.

The statistics have also likely resulted in some relief for bigger supermarket chains, who appear to be slowly but successfully adapting to the influx of smaller discount shops. They’re doing this primarily by diverting their resources into product quality and innovation. You probably don’t need us to tell you that maintaining the cold chain is a vital part of ensuring that quality, which makes our fridge and freezer vans integral to the continuing success of this strategy. After all, quality goods at the supermarket aren’t all that relevant if that quality isn’t maintained until they reach the customer!

Here at CoolKit, we take pride in maintaining an extensive stock of refrigerated vehicles. Dimensions, payload and efficiency are all key priorities of ours, making our chiller vans ideal for the food and grocery industry. CoolKit’s engineers design and manufacture our very own bespoke refrigeration systems, and we’re equally careful to ensure that these vital characteristics aren’t impacted as we fit these refrigeration units to each van. Feel free to browse vans from leading manufacturers such as Ford, Mercedes and Peugeot, or alternatively give our sales hotline a call on 0808 274 8370, and we’ll be happy to help wherever we can!

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