Strategic Report
Corporate Governance
Financial Statements
Finsbury Food Group Annual Report and Accounts 2020
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Healthier Choices We have also relaunched our WW cake brand to cater for the needs of consumers looking for a range of cakes with lower sugar and calories in every serving. The new WW products come in a range of three flavours and have been developed to offer the shopper a more permissible cake treat. The products are under 100 calories per slice and declared as a source of fibre which is based on what consumers are looking for as part of a balanced diet. WW, formerly known as Weight Watchers, was rebranded two years ago and is now positioned as a wellbeing brand that is inclusive to everyone’s lifestyle.
Free From The overall Free From market (all types of food ranges and products) continues to grow, doubling in size in the past five years. Mintel (February 2020) forecasts for the total UK Free From Market to grow to £1.30 billion by 2024 from £934.0 million in 2019. It is boosted by consumers who don’t cite a specific allergy or intolerance, but choose to avoid certain ingredients as part of a general healthy lifestyle. Dairy-free and gluten-free are the biggest sub-sectors. The Free From bakery market is valued at £191.0 million and has grown +10% year on year (source: Kantar Worldpanel 52 w/e 24th May 2020).
Artisan Bread The artisan bread market has grown due to the perceived health benefits, the wider trend of provenance and the ‘craft’ movement. Consumers respond well to products they perceive to be less mass-manufactured.
Fragmentation Social and demographic trends have a major bearing on the food sector. These include smaller households, single-person mealtimes, an ageing UK population, urbanisation, and an increasingly mobile population with less time to eat. These are fuelling the growth of convenience, online and out-of-home channels. But the growing fragmentation of consumers, channels, eating moments and needs will also translate into increasing demand for personalised products to meet individual needs. Thus single-serve and individually wrapped products are becoming more prevalent and important.
Pastime One of the growing trends in licensing has been the rise of gaming brands. This may well have been accentuated by the Covid-19 pandemic where more time has likely been spent on gaming activities in and out of the home vs. other leisure pursuits such as going to the cinema. To capitalise on this evolving trend and as part of our strategic commitment to growing licensed brands in Celebration Cake we have signed partnerships with X-Box, Mario and Nerf. This area of gaming is popular respectively both in and out of the home and where we have identified consumer demand within our category for game based licensed themed products.
Technology Technology is fundamentally changing the relationship between businesses and customers, who are increasingly using mobile devices to make purchases. Demand for anytime, anywhere purchasing and access to information will accelerate. Online ordering is not just for the weekly shop, it is also for top-up and ‘dinner tonight’ shopping.
Our challenge is to maintain a dynamic product portfolio that matches and satisfies macro consumer trends and niches. One of the key macro consumer trends that continues to grow in relevance and importance has been health and wellbeing.
£6.2 billion value of the UK bakery markets
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