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Food Industry Market Review 2007
Key Note Publications Ltd, Dec 2007, Pages: 306
This Market Review focuses on the five main sectors of the UK food market: meat and meat products; fish and fish products; fruit and vegetables; dairy products, eggs, oils and fats; and bread, cakes, biscuits and cereals. A sixth sector, other foods, comprises a variety of food items that are not covered elsewhere in the Review. Both fresh and processed products are included, but sugar and sweet products, alcoholic drinks, and hot and cold beverages (including fruit juices, tea and coffee) are excluded. The emphasis is on the retail market, rather than on the wholesale or catering markets.
Between 2002 and 2006, UK consumer expenditure on the food items covered by this Review grew by 15.8% at current prices, to £54.6bn. Spending on fish and fish products and on fruit and vegetables showed the strongest growth, but all the core sectors of the market increased in value over the period.
Food and diet continue to preoccupy Britons to an extent that previous generations would not have imagined. Food and cookery programmes are staples of the television schedules and chefs such as Gordon Ramsay have become celebrities. However, many Britons now eat far less healthily than they did a generation or two ago, and obesity is a growing problem. Although lack of exercise clearly plays a role in the rise in obesity, the food industry is likely to come under increasing pressure to reduce the fat and sugar content of processed foods, and to improve its labelling. The Government has already introduced a ban on the advertising of `junk' foods such as crisps and chocolate during children's television programmes.
Many people are now trying to improve their diets, but demand for convenience products is also rising. At the same time, own brands, which have long dominated the `value' end of supermarket product ranges, are increasingly going upmarket. The major retailers are focusing on developing premium products that directly address consumer concern about the provenance of food, as well as responding to interest in healthy eating.
The outbreak of bird flu in early 2007, and the impact of foot-and-mouth and bluetongue later in the year, depressed sales of meat. The wet summer also undermined sales of added-value barbecue products. However, we forecast that the UK food market as a whole will grow significantly above the rate of inflation between 2008 and 2011. This reflects increased expenditure on premium-priced goods, as consumers trade up to products that they believe to be healthier, more flavoursome or more convenient. A sharp increase in food prices, reflecting global imbalances in supply and demand, will also drive the value of the market over the period.
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