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10th November, China: The grocery retail market in China is forecast to grow by 32.6% to 2022, remaining the largest grocery market in Asia in 2022, according to new data released today by IGD, the international grocery research organisation.
Ahead of Singles Day, IGD unveils:
Shirley Zhu, Programme Director for IGD’s Asia-Pacific research, says: “China continues to be an exciting market to watch with its significant size and rapid growth. Retailers with nationwide networks such as Sun Art, Yonghui, Walmart, CRV and Carrefour will reap rewards from ongoing expansion, partnerships with ecommerce players, improved efficiency and investment in small formats.
“Similarly, eCommerce giants such as Alibaba and JD.com will see significant growth from both online and offline channels and become the second and third largest grocery retailers in China, respectively. Regional players such as NGS, Wumart and Bailian will continue on their journey of transformation and consolidation and focus on profitability.”
Market share for hypermarkets and supermarkets will remain steady, close to 40% of the market up until 2022. However, the supermarket channel will overtake hypermarkets as the largest sales channel with a market share of 20.7%.
“Convenience will be the fastest growing physical store channel”, Shirley Zhu continues. “This will be driven by Alibaba and JD.com transforming traditional mom-and-pop stores, retailers opening smaller format stores and both local and overseas players expanding their networks through partnerships. Online and offline integration will drive online growth. As the fastest growing channel, we forecast online to contribute up to 11.1% of sales in 2022.”
Less than half of the grocery sales in China currently go through traditional trade. As the market continues to mature, traditional trade will keep losing share to modern trade, which currently accounts for about 57% of total grocery retail sales and is predicted to grow to 66% by 2022.
As the total market size is expanding, traditional trade will still grow but at a much slower pace over the next five years, with a forecast CAGR of 1%, compared with the growth of modern trade which is forecast a CAGR of 10%. The development of modern trade over the next five years will be largely driven by the strong performance of online and convenience channels.
To find out more about China’s significant growth and access more insights, download a free report on China’s grocery market in 2022.
Notes to editors:
For more information contact:
Alexandra Crisp on [email protected] or +44 7590 183295