Asia will generate $4264 billion of grocery sales by 2023, almost the same as Europe and North America combined, according to IGD.
China will extend its position as the region’s leading grocery market. Despite growth slowing, it is still expected to have a CAGR of 6% until 2023. India, the region’s second largest market, will see the fastest growth during this period, with a CAGR of 11%. Japan will take the number three spot, with a declining population and low spending growth resulting in a slower CAGR of 1% to 2023.
Nick Miles, Head of Asia-Pacific at IGD, says: “Asia will continue to extend its position as the world’s largest grocery market over the next five years, contributing more additional sales to the global grocery market than the next three fastest growing regions in value change terms – Europe, Africa and Latin America.”