Growing consumer appetite in the developing world will lead to the BRIC countries (Brazil, Russia, India and China) being four of the top five global grocery markets by 2015, new research predicts.
International food and grocery analyst IGD estimates that China will overtake the US as the largest market in the sector by 2012, and by 2015 its domestic grocery market will be worth €1.042 trillion (£878 billion).
Russia will be the fastest growing international grocery market over the next four years, more than doubling from €194 billion this year to €394 billion in 2015 and moving up the global table from seventh to fourth position.
Joanne Denney-Finch, CEO of IGD, said: “It is not surprising that the BRIC countries are forecast to be in the top five global grocery markets in the next four years.
“The effect of the global recession on developed markets has accelerated their relative growth, and the pace at which their economies are developing is phenomenal.”
The UK will remain its position as the eighth biggest market, increasing in worth from €162 billion to €194 billion during the next four years.
According to a separate IGD study released last week, Tesco is set to be the fastest growing global grocer over the same time period, making them well placed to capitalise on the huge potential in the emerging countries.
“In 2015, the combined grocery markets of Brazil, Russia, India and China will be worth €2.19 trillion and they will have a collective population of more than three billion people,” Denney-Finch added.
“Many retailers and manufacturers have already built a strong presence in these countries, but for those that haven’t, it is vital that they incorporate the BRIC markets into their strategic planning in order to sustain business growth.”
By 2015 the Indian grocery market will be worth €428 billion and Brazil’s, which overtook France’s as the fifth largest this year, will be worth €330 billion.