Brazil, Russia, India and China are all set to be in the top five grocery markets for the first time by 2015, according to latest figures released by international food and grocery analysts IGD.
- China’s strong growth is set to continue with its grocery market forecast to overtake the US in 2012, largely due to the impact of the prolonged recession in the US and quick recovery in China. This will make it the largest grocery market in the world and in 2015 it will be worth €1,042bn, ahead of the US (€843bn)
- Growth in Russia is predicted to accelerate over the next four years with its grocery market doubling in value from €194bn to €394bn in 2015 – taking it from seventh to fourth position
- The Indian grocery market, which has been steadily climbing up the ranks in recent years, is predicted to reach third place in 2015 and be worth €428bn
- Brazil’s grocery market, currently ranking fifth, has overtaken France for the first time this year and is set to retain this position in 2015 with an estimated value of €330bn
Joanne Denney-Finch, chief executive, IGD, said: “It is not surprising that the BRIC countries are forecast to be in the top five global grocery markets in the next four years. The effect of the global recession on developed markets has accelerated their relative growth, and the pace at which their economies are developing is phenomenal.
“In 2015, the combined grocery markets of Brazil, Russia, India and China will be worth €2,194bn and they will have a collective population of more than 3 billion people. Many retailers and manufacturers have already built a strong presence in these countries, but for those that haven’t, it is vital that they incorporate the BRIC markets into their strategic planning in order to sustain business growth.”