2014-02-19 22:33:03 - Condiments & Seasoning Manufacturing in the UK - Industry Market Research Report - a new market research report on companiesandmarkets.com
The United Kingdom condiments manufacturing market and seasoning manufacturing industry has emerged strongly from the drizzle of economic malaise over the past five years. The global economic collapse and subsequent slow recovery have taken a toll, although these events also provided a boost by increasing the number of meals prepared and eaten at home. The borderline essential nature of many of the industry products has secured industry profitability over the past five years, but revenue growth has been inspired by product alterations and intense competition.
Some brands operating in the industry have been in production since the 1800´s, accruing enormous brand power through traditional consumption. However, recent years have brought about the dominance of supermarket retailers, and with them have come
cheaper own brand condiments and seasoning. During depressed income conditions, many customers turned to these better value products at the expense of well-known brands. Marketing and advertising have become more important than ever for the traditional incumbents. Product innovation and alteration has helped the major companies to maintain interest and fend off cheaper produce. Over the five years through 2013-14, industry revenue is expected to grow at a compound annual rate of 11.8% to reach Â£1.8 billion. Revenue is expected to grow by 1.8% over 2013-14.
The industry is expected to enter a period of greater stability over the next five years. The number of products offered by the industry is expected to continue growing, with Britons eating increasingly spicy foods. The industry will track along with this trend and many others as manufacturers attempt to keep product offerings fresh. Research and development will prove important for providing variety, with many manufacturers expected to reap the benefits of European research centres established in recent years.
Supermarket own brands and traditional brands are expected to continue to butt heads, with supermarkets moving quickly to imitate changes and new introductions spearheaded by popular brand names. The industry structure will alter as some businesses are forced to leave the mature market, whereas new entrants may establish strong commercial operations through niche segments. IBISWorld estimates that industry revenue will increase at a compound annual rate of 3.4% over the five years through 2018-19 to total Â£2.1 billion.
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