China Set To Become World's Largest Grocery Market By 2023, Study Finds
China is poised to overtake the US to become the world’s largest grocery market by 2023, in value terms, a new study by IGD Asia has found.
According to the research firm, the online and convenience channels will help spearhead growth in China over the coming years, as modern retailing extends into even remote parts of the country.
IGD’s research indicates that the total market size of the Chinese grocery market will hit 11.0 trillion yuan (€1.42 trillion) by 2023, which will make it larger than the next four largest Asian grocery markets combined.
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