The UK grocery retail market will be worth £118.1bn by the end of 2004, according to IGD predictions.

IGD believes the market will increase by 2.7% year-on-year by he end of this current year. It also predicts the UK market will rise to £133.5bn by 2009.

Predicted growth has been attributed to low price food inflation, and the fact that food and grocery is now the third biggest element of household expenditure.