Chinese grocery retail to witness massive 32.6% growth by 2022

The Chinese grocery retail market is the largest in Asia and it is expected to grow significantly by 2022. A report released by the international grocery research organisation, IGD projected growth of no less than 32.6% in the Chinese grocery market by 2022. This will result in a value rise to US$1.637 trillion, which is more than India, Japan and Indonesia combined.
This market is expected to see a compounded annual growth rate of 5.8% over the next 5 years, on par with Thailand but slower than India, Vietnam and Bangladesh.
Globally, China will be the 2nd largest grocery market by 2022 behind the US.
IGD expects the market share for Chinese hypermarkets and supermarkets to remain steady at close to 40% until 2022. The supermarket channel will overtake hypermarkets as the largest sales channel with a market share of 20.7%. As the market continues to mature, traditional trade which currently has 57% share of total grocery sales, will lose its share to modern trade. Modern trade channels are projected to grow to 66% by 2022.