The Food & Grocery segment is among the highest-selling product categories in the retail industry. It is then divided into Food, Drinks, Tobacco, and Household products, out of which food accounts for 73%. The Food segment is categorized into different products which include Bakery and Cereals, Confectionary, Cooking ingredients, Dairy & Soy food, Desserts, Dried Food, Fish & Seafood, Fruit & Vegetables, Ice Cream, Meat, and Meat substitutes among others.
The Food segment reached a value of $7,489 billion globally in 2021, witnessing a significant increase of 8% from the previous year. This was mainly on account of growth in the retail product categories as the world saw a recovery in the overall demand post-pandemic COVID-19 as both brick & mortar and online businesses resumed their operations after being under restrictions for almost two years.
A compound annual growth rate of 7% was seen in the Food segment for the period 2017-2021. The demand for retail food is constantly growing with people getting busy with their work and not finding time to cook food for themselves and their families. The countries like China, South Africa, and India where the working population is growing at a quick rate have a high demand for retail food.
Furthermore, consumer spending on Food products has increased and is expected to witness more growth in the near future on the back of the recovery from the pandemic.
Asia-Pacific alone accounts for 54% of the global market size in the Food segment. The top five countries in the food segment in 2021 are China, the US, India, Japan, and France. China is the market leader with a share of $2,487 billion in 2021 accounting for 33% of the global market size in the Food segment.
The major retail Food players which have a strong dominance in the global markets include Mondelez International, Nestle, Kellogg Company, and Unilever.
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