Industry News

Asian grocery boom

Asia is expected to be the biggest engine of growth in the grocery market, exceeding the sales of Europe and North America combined in five years, according to the UK-based research organization Institute of Grocery Distribution (IGD).  The organization also said that the drivers of global growth include inflation, population, and rising incomes.

According to the forecast, Asia’s grocery market will increase by US$1.1 trillion with annual compound growth rate (CAGR) of 6.3 percent.   It will continue to prosper with China remaining comfortably in first place and three other Asian countries within the top 10.  China will extend its lead over the US as the world’s biggest grocery market, with India in third place closing the gap.

IGD’s projected figures for 2021 show that China’s grocery market will be worth US$1,612 billion with a CAGR of 5.5 percent. This compares with a market worth of US$1.3 trillion for the US (CAGR of 3.6 percent), India comes with a US$735 billion market (CAGR of 9.1 percent), Japan with a US$399 billion market (CAGR of 0.7 percent), and Indonesia with a market value of US$305 billion (CAGR of nine percent).

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