China to become world’s largest grocery market by 2023

Insight .
China to become world’s largest grocery market by 2023

InsideRetail: China is set to overtake the US to become the world’s largest grocery market by 2023 in value terms, according to new forecasts.

Studies from international researcher IGD Asia have shown the country’s total market size will reach RMB11.0 trillion (US$1.8 trillion), more than Asia’s next four largest grocery markets (India, Japan, Indonesia and South Korea) combined.

“China will not only retain its position as Asia’s largest grocery market by 2023, it will also overtake the US to become the world’s largest,” said IGD head of Asia Pacific Nick Miles. “The market is expected to have a CAGR of 5.5 per cent, on par with Sri Lanka and Thailand, but slower than markets such as India, Vietnam, Indonesia and the Philippines, where the economy is growing faster. Full report: https://insideretail.asia/2019/06/14/china-to-become-worlds-largest-grocery-market-by-2023/#daily

 

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