This report examines the UK market for chilled prepared foods. This market comprises a number of sectors: cheese, yogurts and chilled desserts, ready meals, delicatessen meats, yellow fats, pizza, dressed salads, savoury pastry products, cream and other chilled prepared foods. Total sales of these products grew by 18.4% between 1999 and 2003, to a value of £7.68bn.
The rate of growth varied from sector to sector, but certain trends can be observed across the market as a whole. Since the mid-1990s, spending on food has risen against a background of rising disposable income. Consumers have been willing and able to spend more on food, and chilled foods have been a major beneficiary of this trend. Newer segments, such as chilled ready meals, pizza and soup, have gained from the perception that they are fresher and of better quality than ambient or frozen alternatives.
More established segments, such as cheese and delicatessen meats, have profited from an increased willingness on the part of consumers to try new products and to trade up to better-quality and more 'authentic' products. This has led to the introduction of more regional cheeses, traditional cures of meat and a widely sourced product portfolio. Yellow fats and yogurts have been at the forefront of the healthy-eating market, offering not only reduced-fat ranges but also the promise of positive health benefits through the use of cholesterol-reducing and 'probiotic' ingredients.
Brand developments have been important across the food market. Since the late 1990s, the grocery multiples have had great success in developing their own-brand portfolios. They now offer a range of labels, from premium to value, plus healthy eating. Global branding is also a feature. These developments have encouraged consumers to differentiate between products and have brought the opportunity to price accordingly.
The chilled-foods market is served by a large number of companies, which vary in size from multinational to regional. This industry structure is supported by the diverse nature of the market, although there has been some consolidation among competitors in an attempt to gain market share.
The outlook for the chilled-foods market is positive. The market offers many opportunities for specialist and premium products, which are only just beginning to be exploited, and there is considerable scope for further growth. Key Note forecasts that the market's value will grow by 4% to 5% each year between 2004 and 2008.
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