// UK grocery market set to grow 15% between 2019 and 2024
// It will be worth £174.5bn by the end of 2024
// The Big 4 grocers will lose 1.1% of the market share as discounters increase
The grocery market in the UK is set to grow by 15 per cent, according to new research.
It will be worth a colossal £174.5 billion by the end of 2024, though the Big 4 grocers will lose 1.1 per cent of the market share – worth £1.9 billion, Global Data reported.
However, the Big 4 supermarkets are forecast to see a 12.6 per cent growth by 2024, while the discounters and online pureplays will gain share, growing 25.0 per cent and 55.1 per cent respectively over the period.
“The recent set of supermarket Christmas trading results shows that UK shoppers still have an unsatisfied appetite for the proposition of the discounters; Lidl performed especially admirably, growing year-on-year sales 11 per cent in December,” GlobalData retail analyst Thomas Brereton said.
“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.”
In September, German discounter Aldi vowed to invest £1 billion in expanding its store estate within the M25 over the next two years, after recording an 11 per cent increase in sales to £11.3 billion in the year to December 31, while fellow discounter Lidl revealed it was looking to rapidly expand its UK store estate.
Chief executive UK Christian Hartnagel said in November that he plans to open another 230 stores in the next three years, taking its total UK estate to 1000 by 2023