The region is expected to enjoy a CAGR of 6.6%.
Asia is expected to dominate the global grocery retail market as it is projected to add $1.2t in sales which is more than Africa, Europe and Latin America combined, according to Institute of Grocery Distribution (IGD).
IGD forecasts that Asia will enjoy a compound annual growth rate (CAGR) of 6.6%.
Levels of consumer spending from Asia account for nearly half of additional sales generated until 2022 as the region’s grocery retail market is significantly boosted by its continuously rising population.
Six countries from Asia secured a spot in the top 20 largest grocery markets by 2022, led by China at second place with a projected value of $1.67b.
India follows at third place with an expected $812b value by 2022.
Japan is at fifth place with a projected value of $455b; Indonesia notched seventh with $313b; Philippines at $153b and South Korea at $141b.
“With China, India and Japan all in the top five, Asia’s grocery market continues to be in rude health thanks to growing populations and shoppers with more disposable income. Innovations in this market also continue apace, especially in China, where retailers are experimenting to drive the online and convenience channels,” said John Wright of IGD.
