The growing appeal of China to international retailers was reinforced last month by figures showing the country has now eclipsed the US as the world’s biggest grocery market.
Food retail in China was GBP607 billion (USD977.6b) at the end of last year, versus the US’s GBP572b, a study by grocery industry body IGD found. The Chinese market will be worth GBP918b by 2015, compared with a US value of GBP675b.
Between 2011 and 2015, the US grocery retail market should experience growth accelerating to reach a compound annual growth rate of 4.2 percent, but China’s rate will be double that at 10.9 percent over the same period.
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(Source: Retail Week)