Rise in the global population, changing customer preferences, and emerging economies are making the way for the food retail industry. It is a dynamically progressing industry and contributes to the development of several industries such as food packaging.
Rising middle-class population is creating growth opportunities for food retail market and is expected to drive the market further. According to a U.S.-based research firm, about 1.5 billion households globally would be in the middle-class category by 2020, up from 1.2 billion households in 2012.
The global Food Retail market was valued at USD 5,643.6 billion in 2013 and is expected to grow at a CAGR of 6.1 % from 2014 to 2020, to reach an estimated value of USD 8,541.9 billion in 2020.
China and India are among the countries witnessing a fast growth in their middle-class population. In 2012, there were 227 million and 149 million middle-class households in China and India, respectively.
In addition, due to busy life schedules many working individuals have less time to shop for food items. Therefore, increasing online retail shopping through online retail formats such as in-store pickup and pure-play online grocers is expected to drive the food retail market in the years to come.
