UK food firms are failing to tap into the morning snacking market, according to a new report.
Retail analysts Conlumino noted that British companies need to seize the business opportunities offered by this as yet underdeveloped market. It warns that there is a risk that the UK will continue to be dominated by chains such as McDonald's, KFC, Costa and Starbucks. All of these organisations offer consumers breakfast items and have seen popularity grow over the years.
Sandwich shops such as Subway also offer bacon and sausage sandwiches for the morning snacking market, while Greggs has a range of breakfast items for busy workers on the go. It is an area which Conlumino believes will grow over the coming years. The analysts forecast that spending in this category will grow by 15.4 per cent between 2014 and 2018, taking the overall value of the market to 11.5 per cent.
Quoted by FoodManufacture.co.uk, the 'Meal occasions: snacking' report states: "Morning snacking is the least developed of snacking occasions in terms of provision and consumer spend, and so has the most potential for long-term growth.
"This scope is coming from a pipeline of product innovation supplied by a burgeoning choice of retailers, leading consumers to try new products or trade up to more exciting or convenient items, which are often dearer."
When it comes to morning snacking, many people simply do not have time to grab a meal and, if pushed, would more likely prefer a healthier snack. This has seen the rise of products such as Kellogg's Nutri-Grain bars, Belvita biscuits and Quaker Oats Oat So Simple porridge pots.
However, the report stated that more British firms need to be looking at this market as an area for potential growth. The move would also help to reduce the domination of overseas corporations.