The United Kingdom cooking sector has seen a growth in value since 2007 due to the effects of the recession. With consumers looking to cut back on spending in the more austere times, more are choosing to stay at home and cook rather than pay for a meal at a restaurant. Both the cooking and baking industries have seen renewed interest in recent years in part due to the popularity of a number of television shows such as 'Masterchef' and 'The Great British Bake Off'.
A recent study valued the cooking and baking markets in the United Kingdom as having a combined value of over £1 billion in 2011, with expenditure rising 3.1% between 2007 and 2011.The baking sub-category is suggested to have seen the highest growth during the forecast period, with baking seen as thrifty, cost-saving pursuit. In the coming years the interest in baking is expected to continue, with demand for bakeware, baking utensils, and baking gadgets set to remain strong.
The increased interest in cooking and baking has seen greater ambition displayed in the kitchen by consumers in the United Kingdom. According to the latest research, 30.6% of consumers have had a dinner party in the past six months with 11.6% doing more so than the previous year, while 31.2% also said that they have baked more than the previous year.
The current austere mindset of consumers in the United Kingdom is set to continue for the foreseeable future. With this in mind, it is expected that products in the cooking and baking accessories market will see a growth as consumers increase in confidence in the kitchen and attempt to innovate and try new techniques. Utensils such as cookie cutters and cake decorating accessories will see a growth in demand.
A key driver of growth in the industry is the need to replace broken or aging utensils and accessories, with a recent report suggesting that 83% of all consumers see this as main factor in their purchases. The coming years will see retailers and manufacturers challenged to find new and innovative products to bring to market.
The baking and cooking market in the United Kingdom is currently dominated by grocers, holding over a fifth of all spending. Despite this the sector remains highly competitive, with a number of retailers deciding to develop their own ranges of cookware and bakeware. The players in the industry expected to outperform over the next five years to 2016 include Wilkinson, Asda, Ikea and John Lewis.
For more information on the UK cooking and baking market, see the latest market research: UK cooking and baking market
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