In 2023, household expenditure on food and soft drinks in the UK was £127.25 billion. The forecast for 2024 is £131.08 billion, indicating a 3% increase compared to 2023. From 2024 to 2028, the expected growth shows consistent year-on-year increases: 2.89% in 2025, 2.79% in 2026, 2.68% in 2027, and 2.58% in 2028. The compound annual growth rate (CAGR) over these five years is estimated at 2.79%.
Future trends to watch for include:
- The potential impact of economic factors such as inflation, disposable income, and Brexit-related trade agreements.
- Changes in consumer preferences towards organic and sustainable products.
- The influence of technological advancements on purchasing channels and food delivery systems.
- The role of government policies on food pricing and taxation.
