China becomes world's biggest grocery market
Last year, China passed the US as the largest food and grocery market in the world (with both nations outpacing the No. 2 market, Japan, by a long shot). Both food price inflation and economic growth account for the jump, with Chinese consumers adding more dairy products, wheat, grains and meats to their diet, according to CNBC. Various Western brands, which Chinese consumers often trust more than local products, are benefiting.
Still, the average Chinese consumer spends far less than the average American on groceries annually ($722 vs. $2 931), as this Economist chart shows, while the French spend the most (an average of $4 740 per person), as might be predicted.
At the opposite end of the spectrum, Indians spend an average of $324 a year on groceries, or just 88 cents a day, with many in the country still battling starvation, ashas been reporting.
Source: JWT Intelligence