IGD research also found:
Joanne Denney-Finch, chief executive, IGD, said: “For food and consumer goods companies, the Asia-Pacific and Latin American grocery markets offer long-term growth opportunities, with many businesses already profiting from entering them.
“The Chinese grocery market in particular has been growing at a rapid pace for several years. Representing one fifth (20%) of the world’s population, China has had a surge in the number of higher-income earners, benefiting from a significant rise in wages. This has resulted in a soaring demand for new products, brands and concepts, all of which have helped fuel its growth.
“International and domestic grocery retailers are expanding quickly in China, with diverse formats and entering new regions. This not only creates new supply chain opportunities for manufacturers, but also presents a wealth of choice for Chinese shoppers.
“In Latin America, Brazil is also an attractive growth market for global grocery players. Over the next few years, Brazil will be hosting big sporting events such as the World Cup and Summer Olympic Games, presenting a further boost for its economy and for the performance of retailers and manufacturers operating in the region.
“By 2016, the top 15 global grocery markets will have a total value of $6.5tn. The top five – US and BRIC – will increase their share to 65%, compared to 60% in 2012, with a combined value of $4.2tn.
“This offers plenty of scope for food and consumer goods companies seeking international growth and paints a positive picture for the industry globally.”
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