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BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012 macro trends 2. societal and technological change 72% of shoppers who own a smartphone or tablet computer would like personalised e-promotions. 7 STRONG GROWTH PREDICTED FOR CONVENIENCE STORES VALUE OF UK CONVENIENCE MARKET (£bn), 2012–2017F 33.9 35.6 37.4 39.4 41.5 43.6 28.5% growth 2012-2017 2012 2013f 2014f 2015f 2016f 2017f Source: IGD macro trends SMALLER HOUSEHOLDS STILL GROWING The breakdown of traditional family structures, changing lifestyles, and growth in the over 65s and 20-30 year olds continue to influence the rise in smaller household sizes. PERSONALISED SERVICE 24/7 Increased wi-fi accessibility and ownership of mobile devices allow people to use online services and access information 24/7. The popularity of social media has sparked an expectation for people to receive information specific to their needs. consumer trends TIME PRESSURE Time-saving shortcuts, such as shopping for products online and ‘on the move’, are becoming the norm. People (particularly in smaller households) continue to look to save time preparing and cooking food. EXPANDING REPERTOIRES Diverse communities, affordable overseas travel and increased tourism expose people to new cultures and tastes and gradually increase people’s willingness to try new things. 43% of global consumers agree with the statement, “my taste in food has changed as a result of exposure to foods from other cultures”. 8 retail trends CONVENIENT SHOPPING Grocery retailers are focusing investment in smaller, town-centre convenience stores and online shopping (with options such as home delivery or click and collect). Through store loyalty cards and the increase in online and mobile shopping, retailers are improving their shopper knowledge and attracting current and potential customers with tailored offers. ETHNIC FOCUS Grocery retailers have responded to the rise in ethnic diversity and demand for new tastes by dedicating more shelf space to a wider range of different cuisines. online grocery shopping £11.1bn The UK’s internet grocery market will be worth £11.1bn by 2017, almost double its current value of £5.6bn.This represents a CAGR of 14.6% between 2012 and 2017. 9 what does this mean for bakkavor Sales of Bakkavor products should benefit directly from the increase in convenience stores and the rise in single-person households. An expectation of 24/7 service and increased retailer investment in online and delivery services means that fresh prepared foods are bought with increasing confidence around the clock. bakkavor action: 2012 SOCIAL COMMUNICATION We promote the health benefits of watercress on Facebook and Twitter. 13 million packs of our watercress were sold in 2012. www.facebook.com/watercress JUST FOR ONE We launched a range of small 8” premium pizzas and microwaveable pizza slices. NEW TASTE SENSATIONS We launched modern Spanish ready meals and breads, a restaurant-inspired Indian range and Mexican meals and side dishes. We also ‘spiced up’ dips and salads with fresh ingredients such as jalapeno peppers and wasabi. 7 IGD: Winning Shoppers’ Trust 8 Datamonitor: Experimentation: Consumer & Innovation Trends 9 IGD October 2012 PAGE 31 VIEW THE FULL REPORT AT ANNUALREPORT12.BAKKAVOR.COM
BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012 macro trends 3. financial insecurity 6 in10 our best-selling uk family ready meal 2012: chicken tikka massala shoppers claim to be buying more on promotion since the start of 2012 and half are looking out for promotions before going shopping. 10 macro trend GLOBAL ISSUES – LOCAL WORRIES Macroeconomic issues are impacting the spending habits and behaviour of consumers. High national debt, continued uncertainty in the euro zone, GDP slow-downs, rising unemployment and higher living costs are having a tangible impact on everyday lives. 15 million British consumers worry about their finances every single day 11 . consumer trends SMART SHOPPING People have adopted a ‘recessionary mindset’ and are becoming ‘smart shoppers’, comparing prices, responding more readily to promotional offers and buying more selectively. ENJOYMENT & INDULGENCE Despite the recession, people still feel the need for a reward and look for affordable ways to treat themselves, family and friends, as evidenced by the rise in in-home dining. Stress and financial uncertainty often cause people to look back to the past for reassurance and comfort. As a result old ‘classics’ are being revived. Complementing this trend is a heightened demand for local and national products, symbolising values, beliefs and identities. retail trends VALUE & PROMOTIONS In today’s highly competitive and recessionary environment, private label developments remain of strategic importance to retailers. Offering private label ranges at different price points (from budget to premium) enables retailers to strengthen their share and provide customer choice. Retailers are also employing selective private label promotions such as ‘Meal deal’ and ‘Dine In’ offers (a pick and mix selection for a fixed price) to help consumers save money and benefit from the trend for in-home dining. CLASSIC RE-INVENTION valuing private label “I’m going to budget more with food prices going up. I’ll switch to more supermarket brands to save money.” 12 To meet demand for old favourites, retailers are promoting classic dishes using local or regional ingredients. In the UK, this trend was particularly prominent in 2012 owing to events such as the Royal Jubilee. Grocery retailers are re-introducing traditional fresh food counters in store, providing consumers with a personal service, the ability to choose specific products and quantities and to ask advice from experts. what does this mean for bakkavor By working with retailers to focus on private label products (from premium to value and prepackaged to over-the-counter ranges) Bakkavor is able to develop products quickly and at different price points to meet consumer needs. bakkavor action: 2012 MEAL DEALS We make starters, main courses, side dishes and desserts. Our products featured regularly in meal deal promotions. CLASSIC FAVOURITES We worked with our customers to introduce a diverse range of high quality products for their in-store counters including Mediterranean deli products, patisserie cakes, pizzas and speciality breads. 10 IGD Shoppervista, June 2012 11 Russell Investments 12 IGD: Winning Shoppers’ Trust Oct 2012 PAGE 32 VIEW THE FULL REPORT AT ANNUALREPORT12.BAKKAVOR.COM
Page 1 and 2: Annual report AND accounts 2012
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Page 5 and 6: welcome to our Bakkavor 'Fast Read'
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