China Overtakes US as World's Biggest Grocery Market04-05 17:56 Caijing
China has taken the United States as the world's No.1 food and grocery retail market in 2011, and forecast to hit 1.46 trillion U.S. dollars by 2015, according to a report.
The research, compiled by UK-based researchers IGD, pegged China's food and grocery market at 607 billion pounds (964 billion U.S. dollars) in 2011, versus908 billion U.S. dollars for the U.S.
"China's grocery growth story is phenomenal. Between 2006 and 2015, the Chinese grocery market is forecast to triple in value and to be worth nearly a trillion pounds," said Joanne Denny-Finch, chief executive of IGD, "This rapid expansion has been fueled by three main factors" rapid economic growth, population and rising food inflation."
The forecast has been made even with a slowing Chinese economy, IDG said in the report, citing Chinese government's 7.5 percent target for 2012 growth.
Editors’ Picks »
- 1Central Bank Allows Direct Investment Overseas in FTZ
- 2China Clarifies Details for the Coming Fiscal and Tax Reforms
- 3IPOs to Resume After a Yearlong Freeze
- 4Plan to Push "Humanity-Centered" Urbanization in the Pipeline
- 5Huawei is Giving up on the U.S., Finally
- 6China Housing Prices Post 18th Monthly Rise in Nov.
- 7Cities and Sustainable Development
- 8Alipay in Push to Lure Mobile Users
- 9China Everbright Secures $1.4Bn Subscription from Cornerstone Investors
- 10Cameron in China to Forge Ties