Industry Analysis & Industry Trends
The industry is expected to grow over the five years through 2016-17. Although economic conditions improved during the past five years, households endured spending pressures during many years on account of weak income growth. This discouraged consumers from eating meals at restaurants, which boosted demand for prepared meals. The industry also has benefited from trends towards smaller households and rising weekly hours of work, which prompted consumers to opt for time-saving and convenient food products over fresh ingredients. Developments in food science have also been advantageous, as operators have been able to produce tastier and more nutritious meals at lower costs... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Prepared Meal Manufacturing industry is experiencing growth. Industry value added, a measure the industry's contribution to the economy, is expected to grow at a compound annual rate of 2% over the 10 years through 2021-22. Meanwhile, the UK economy is expected to grow at a compound annual rate of 2.3% over the same period. Although this indicates that the industry will grow at a marginally slower pace when compared with the overall economy, the industry has not yet entered the mature stage of its life cycle. Instead, this is primarily due to strong pricing pressure depressing growth in industry value added.
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