Asia to dominate global grocery market by 2022
In this article (5)
The region is expected to enjoy a CAGR of 6.6%.
Asia is expected to dominate the global grocery retail market as it is projected to add $1.2t in sales which is more than Africa, Europe and Latin America combined, according to Institute of Grocery Distribution (IGD).
IGD forecasts that Asia will enjoy a compound annual growth rate (CAGR) of 6.6%.
Levels of consumer spending from Asia account for nearly half of additional sales generated until 2022 as the region’s grocery retail market is significantly boosted by its continuously rising population.
Six countries from Asia secured a spot in the top 20 largest grocery markets by 2022, led by China at second place with a projected value of $1.67b.
India follows at third place with an expected $812b value by 2022.
Japan is at fifth place with a projected value of $455b; Indonesia notched seventh with $313b; Philippines at $153b and South Korea at $141b.
“With China, India and Japan all in the top five, Asia’s grocery market continues to be in rude health thanks to growing populations and shoppers with more disposable income. Innovations in this market also continue apace, especially in China, where retailers are experimenting to drive the online and convenience channels,” said John Wright of IGD.
Questions & Answers
Q.Which Asian countries are predicted to be among the top 20 largest grocery markets by 2022?
Which Asian countries are predicted to be among the top 20 largest grocery markets by 2022?
Six Asian countries are expected to be in the top 20. These are China, India, Japan, Indonesia, the Philippines, and South Korea, with China leading among them at second place globally.
Q.What is driving the growth of Asia's grocery retail market?
What is driving the growth of Asia's grocery retail market?
The market is significantly boosted by a continuously rising population. Growing populations and shoppers with more disposable income contribute to the strong health of Asia's grocery market, alongside ongoing innovations.
Q.How much additional sales revenue is Asia expected to generate in the global grocery market by 2022?
How much additional sales revenue is Asia expected to generate in the global grocery market by 2022?
Asia is projected to add $1.2 trillion in sales by 2022. This amount is more than the combined additional sales from Africa, Europe, and Latin America, highlighting the region's dominance.
Q.What is China's projected value in the grocery market by 2022, and what are retailers doing there?
What is China's projected value in the grocery market by 2022, and what are retailers doing there?
China is forecast to have a projected value of $1.67 billion by 2022, placing it second globally. Retailers in China are experimenting to drive both online and convenience channels.