Photo: Flickr / Indiana Stan
Industry experts IGD announced this week said that China has overtaken the US to become the world’s largest food grocery market, valued at £607 billion ($964 billion) at the end of 2011, while the US market came in at £572 billion ($907 billion).IGD expects that gap to grow — by 2015 it is expected to be at £918 billion ($1,457 billion) compared to a US value of £675 billion ($1,071 billion).
By that time all four BRIC nations are expected to be in the top five grocery markets in the world, the reports says.
While on the one hand, this growth may appear a threat to Western economies, it also represents an opportunity. The Guardian reports that Tesco, the UK’s largest supermarket chain, has begun expanding into emerging markets.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.