The size of the convenience market increased 5.0% last year to reach £47.4bn, with the robust growth partly attributed to the rising demand for food-to-go options despite the squeeze on consumer’s spending power.
This is according to the recently launched Convenience Market Report 2024 by Lumina Intelligence. It predicts that the convenience market will continue its upward trajectory with a forecast growth rate of 4.2% in 2024. This growth is expected to be driven by increased consumer confidence and improved household spending power. Key factors contributing to growth include enhanced store offerings and expanded meal deals, hot counters, and strategic brand partnerships.
Lumina Intelligence forecasts that the convenience market will achieve a compound annual growth rate (CAGR) of 3.4% from 2024 to 2027. Enhanced economic indicators, including rising average earnings, are expected to underpin a more stable market growth rate from 2025 onwards.
The research firm concluded: “This robust performance underscores the critical role of convenience food-to-go in driving market expansion. Retailers are increasingly focusing on store and product range enhancements to cater to evolving consumer preferences.”
NAM Implications:
- Taking this Convenience Market Report 2024 as read…
- …and the more your product portfolio fits the growth areas indicated…
- …so actively participating as appropriate…
- …suggests there may be opportunities for suppliers that climb aboard.
- Worth a try?
