A new report has found that supermarkets are now “raising the bar” in the US foodservice market. More and more retailers have added value to their business by selling restaurant-quality prepared meal options. In doing so, these retailers are helping to usher in the age of the "Grocerants".
The rise of grocerants has been driven by higher quality food, chef-driven menus and enhanced in-store experiences. It’s a market that’s grown almost 30% since 2008 – now worth $10bn of US consumer spending. And it’s a trend being mirrored on this side of the Atlantic, too.
Grocerants: Raising The Food Retail Bar
One demographic behind the rise of grocerants are millennials. The NPD Group found that, while millennials are less likely to visit supermarkets, the freshness, variety and quality of the prepared food is a huge appeal. Grocerants now often outperform quick service eateries in this area.
NPD Group’s David Portalatin said: “This forecast bodes well for food manufacturers and retailers who have their fingers on the pulse of what drives this generational group. Give the Millennials what they want — fresh, healthier fare and a decent price — and they will come.”
Supermarkets can steal a march on some restaurants by offering comparable quality food at a lower cost. Not only that, but food retailers also have the scope to serve a wide range of cuisines. This versatility provides a huge advantage and one that can deliver healthy incremental sales.
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