Apr 04, 2012, 06.42 AM | Source: Reuters
IGD-GROCERY:China's grocery market overtakes U.S. - industry body
The Chinese grocery sector was worth 607 billion pounds in 2011 and is forecast to reach nearly one trillion pounds by 2015, said the research by British grocery industry group IGD.
"This rapid expansion has been fuelled by three main factors: rapid economic growth, population and rising food inflation," said IGD chief executive Joanne Denney-Finch.
Although industrial output and inflation have cooled, China's economy is still expected to grow between 8 and 9 percent this year.
The U.S. grocery market - which includes Wal-Mart
That puts it still some way ahead of India, which with forecast sales of 385 billion pounds is due to overtake Japan to become the third biggest grocery market by 2015.
Technological innovations such as the rising use of the internet and smartphones to shop would be a key feature of grocery sales in the U.S. and UK in the coming years, IGD said.
(Reporting by Rosalba O'Brien; Editing by Helen Massy-Beresford)