Packaged food sales to soften in 2016
Print Edition
SALES of packaged food in China are likely to soften from previous years but the industry is expected to post strong annual growth this year as urban consumers have more access to a wider range of packaged food options.
The packaged food segment is expected to see sales grow 9.9 percent this year, slower than the double-digit expansion seen between 2010 and 2013, according to a latest study by research firm Euromonitor International.
The firm estimated the overall market size at 1.65 trillion yuan (US$250 billion) by the end of 2016, and total sales to reach 2.48 trillion yuan by 2020.
It attributed the growth to consumption driven by urbanization, busier lifestyle and development of hypermarkets and supermarkets that open up a variety of food choices as well as growing attention on quality and food safety.
Leading companies such as Inner Mongolia Yili Industrial Group Co and China Mengniu Dairy Co each occupied over 5 percent market share by the end of 2015, followed by Nestle SA, Wilmlar International and Ting Hsin International.
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