Foodservice market hit £64b in 2013
More choice than ever coupled with competitive pricing is driving the foodservice market to close the gap on grocery giants, according to new research.
The UK foodservice market is now worth £64b a year, according to CGA Strategy, having grown 2.7% in the last year. In comparison the grocery multiple market grew 1.2% last year to £87b as it felt the pressure from out-of-home eating.
CGA said that 43% in the UK now eat out once a week, with the figure rising to 59% in London, according to its BrandTrack survey of over 5,000 consumers.
On average those quizzed visited more than seven different food concepts every six months.
The research found that flexible all-day concepts had taken off in the last ten years, with 80% more than there were in 2003.
Meanwhile, food on the go was predicted to grow too, with 53% of 172 industry leaders quizzed in the Business Leaders' Survey predicting progression in the area and 63% believing express or cut down formats will thrive.
CGA Strategy commercial director Tom Lynch said: "Foodservice is evolving fast. Multi-occasion bars, casual dining brands and on-the-go concepts are redefining the eating and drinking out landscape, and operators have made some seismic shifts in operational focus and proposition quality.
"Our research proves foodservice to be a dynamic market and one with scale, which has traded well through the recession and is primed to thrive over the next few years."
