The UK food and grocery market is set to reach £174.5 billion by 2024, growing at an impressive 15 percent in the five years from 2019, predicts GlobalData.
The company’s latest report, ‘UK: Food & Grocery 2019-2024’, however, sees a further 1.1 percent reduction, worth £1.9 billion, in the market share for the Big Four: Tesco, Sainsbury’s, Morrisons and ASDA.
The report reveals that the discounters and online pureplays will gain share as they outperform - growing 25% and 55.1% respectively over the period - the Big Four which are forecast to grow 12.6 percent.
“While there is evidence of a slowdown in like for like sales growth at Aldi and Lidl, both retailers still have substantial expansion plans for the UK – particularly within the M25 – over the next few years," commented Thomas Brereton, retail analyst at GlobalData.
“The rise of these value operators has significantly impacted the market share of the Big Four, declining from 57.9 percent in 2010 to 51 percent in 2020 and expected to reduce a further percentage point by 2024.”
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