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: Bakery and Cereals, Confectionary, Cooking ingredients, Dairy & Soy food, Desserts, Dried Food, Fish & Seafood, Fruit & Vegetables, Ice Cream, Meat, and Meat substitutes among others.
Asia-Pacific is among the regions which have a strong influence on the food industry globally and contributes to 54% of the global market size in the Food segment as three of the top 5 countries in this segment are from Asia-Pacific, namely, China, India, and Japan.
There is a growing popularity for the food from this region such as Sushi, Biriyani, and most Chinese Cuisines which is not just limited to their respective region but have a huge demand across the globe.
The Food segment in Asia-Pacific reached a value of $4,065 billion in 2021, witnessing a significant increase of 8% from the previous year. This was 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.
The Asia-Pacific region has seen a compound annual growth rate of 9% 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. Countries like China and India where the working population is at an all-time high and is expected to grow at a quick rate have 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.
The major retail Food players which have a strong dominance in the Asia-Pacific market include Kraft Foods Group, Nestle, Kellogg Company, Yili Group, and Beijing Sanyuan Food Group Ltd.
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