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Chilled Foods Market Report Plus 2011
Key Note Publications Ltd, June 2011, Pages: 133
For the 5-year period between 2006 and 2010, Key Note estimates the chilled food market to have grown in value by 24% to just over £9bn. Despite the impact of the recession, the overall market has continued to grow year-on-year, driven by increasing commodity prices and popular promotions offered by brands and retailers. Significant growth of 9.7% was witnessed in 2009, although in 2010 growth slowed to 4.7%.
Technological advancements and cultural shifts have allowed the chilled foods market to diversify — and expand — in the last decade. Cooked meats form the largest sector of the market, accounting for 21% of its value; this is followed by value-added seafood and poultry, yoghurts, ready meals, and cakes and desserts. Ready meals and value-added seafood and poultry were two sectors to particularly suffer during the recession; ready meals decreased in value by 3.6% and value-added seafood and poultry by 2%.
Reduced free time and an increase in single-person households has led to a rise in the demand for convenience foods such as ready meals and pizzas. The recession has also allowed retailers to market such products as alternatives to meals out, as consumers seek to spend less. However, there has also been pressure to improve the healthiness of these products, with manufacturers endeavouring to reduce salt and fat levels. Own-branded products dominant in the ready meals and pizza sectors, while sectors such as yoghurt products — where brands have more of a presence — have seen an increase in promotions and discounting.
Large global companies operate in this sector in conjunction with smaller UK-based companies and even smaller enterprises specialising in premium products. Nèstle and Müller are well known brands operating in the yoghurt and dessert sectors, although other large companies — such as Bakkavör and its subsidiaries — produce many own brand products for the UK market. Other companies, including Northern Foods and Greencore, produce own-brand and branded products. Despite the number of large companies, smaller organisations such as Yeo Valley are able to take a reasonable share of certain premium markets.
Key Note predicts that the value of the chilled foods sector will continue to grow steadily in the coming years. Initial growth will be fuelled by increasing commodity prices, as unemployment and inflation levels are forecast to remain high. When these levels fall around 2013, volume sales should increase and help to maintain more steady growth. However a hindrance to growth may be the level of unemployment, which is forecast to remain higher than pre-recession levels up to 2015.
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