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Still bright outlook for packaged food in China
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Sales growth in packaged food in China is likely to soften from previous years but remain strong annual growth this year with urban consumers having more access to a wider range of packaged food options.
Growth rate is expected at 9.9 percent this year for packaged food, slower than double-digit pace seen between 2010 and 2013, and the overall market size will stand at 1.65 trillion yuan(US$250 billion) by the end of 2016, according to research firm Euromonitor International.
It expects total sales to reach 2.48 trillion yuan by 2020, as consumption will continue to be driven by urbanization, busier lifestyles and retailing development, as well as a growing attention on quality and food safety.
Top players such as Inner Mongolia Yili Industrial Group Co and China Mengniu Dairy Co each had more than 5 percent market share by the end of 2015, followed by Nestle SA, Wilmlar International and Ting Hsin International.
"Urban consumers who typically have fast-paced lifestyles due to lengthy commutes and long working hours and the continuous expansion of modern retail channels such as supermarkets and hypermarkets brought more access to consumers especially in smaller cities and towns," Euromonitor International said.
Growth will continue to be driven by urbanization, busier lifestyles and retailing development, while a growing consumer focus on quality and an ongoing focus on food safety will also boost sales.
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