China Now World's Biggest Food Market
April 20, 2012
China has overtaken the United States as the world's biggest food market, according to research from think-tank, IGD. A report by the United Kingdom-based company says that China's grocery sector was worth £607 billion pounds at the end of 2011 while the United States clocked in at £572 billion.
Forecasts are predicting the Chinese market will continue to grow and be worth £918 billion by 2015, outstripping the United States, which is predicted to grow to £675 billion.
The report predicts that all the BRIC (Brazil, Russia, India, China) nations will be in the top five grocery markets by 2015, with India displacing Japan as the world's third-largest grocery market by value.
Reprinted in part from Beef Central