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.
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