Asia will generate US$4,264bn of grocery sales by 2023 – almost the same as Europe and North America combined – according to new market forecasts from IGD Asia, the food and consumer goods research organisation.
Findings include:
- Asia, the largest regional grocery market in the world, is expected to grow by a CAGR of six per cent between 2018 and 2023
- The grocery market will be worth US$4264bn by 2023, up from $3126bn in 2018. Its share of global grocery spend will be 37 per cent in 2023, adding around US$1139bn to the global grocery market to 2023
- China, India and Indonesia will be the biggest contributors to the region’s top-line growth, accounting for 74 per cent of new sales added by 2023
IGD predicts the top five markets in Asia will account for 83 per cent of the region’s grocery sales in 2023, and 78.8 per cent of total growth over the next five years.