The global food retail industry is poised to grow at a compounded annual growth rate (CAGR) of 6.1% between 2014 and 2020, from $5,643.6 billion in 2013, according to a new report from persistence market research.
A rise in the global population, changing consumer preferences and emerging economies are paving the way for the food retail industry.
The rise is set to boost the development of several industries, including 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 US-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.
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.
Article Source: SC Retail