Asia poised to lead in the global grocery market

The global grocery retail market will generate an additional US$2.2 trillion in sales by 2024, growing by 24%, with Asia expected to account for nearly 50% of all new sales produced between 2019 and 2024, according to the latest forecast from international research organisation IGD. The organisation also gave its estimate to regions such as North America —set to produce 12% of the new sales to 2024.
On the other hand, Europe will account for nearly 16% of new sales to 2024, with Western Europe generating almost two-thirds of these, and Latin America has seen a slowdown in growth in 2019, which is expected to bounce back in the short term.
Speaking on Asia’s projected growth, Nick Miles, IGD’s head of Asia, said: "Asia's importance to the global grocery market will continue to grow, with eight of the top 20 largest markets set to be in the region in five years.”
Miles added that China, India, Japan and Indonesia would account for the majority of new grocery sales generated in Asia between 2019 and 2024. He said: “China will overtake the US in 2022 to become the largest grocery market in the world and will account for 43% of new grocery sales in Asia over the next five years. India will also grow in significance, accounting for nearly a fifth (23%) of new sales.
“Traditional trade will continue to grow, while modern trade will benefit from more stores and improvements to existing operations. Growth will vary considerably by market, with convenience and online set to contribute the fastest growth. Online in particular will grow in importance across all markets,” Miles concluded. (Image from Pixabay)