The grocery market in Asia is preparing to boom, said retail analyst IGD.
Its growth in five years will outstrip North America and Europe combined. By 2021, the Asia grocery market will have increased by $1.1 trillion, at an annual compound growth rate of 6.3%.
Comparatively, its competitors Europe and North America will have a yearly compound growth rate of 3.5% and 3.6% respectively.
IGD CEO Joanne Denney-Finch commented: "Asia’s grocery market will continue to prosper with China remaining comfortably in first place and three other Asian countries within the top 10. Millions more people across Asia will become middle class and many more consumer goods companies will view this region as the key to their growth strategy."
Global acceleration will be fostered by inflation, population and rising incomes. Denney-Finch said that although there are several risks and new barriers, she is optimistic that the world grocery market can overcome them and continue growing.
China will lead the pack, with the US and India coming in second and third place.
However, the fastest growth rate will be in Africa and the Middle East, despite a relatively small base.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. To subscribe to ESM: The European Supermarket Magazine, click here.