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China overtakes US as world’s largest grocery market Wednesday, 4th April 2012
China’s grocery sector has tripled in value between 2006 and 2015 to become the largest in the world.
According to a report released by British industry body IGD on Wednesday, the country overtook the US with a grocery sector worth £607 billion in 2011, and is now forecasted to reach nearly £1 trillion by 2015.
"This rapid expansion has been fuelled by three main factors: rapid economic growth, population and rising food inflation," said IGD chief executive Joanne Denney-Finch, as reported by Reuters.
Despite a slow-down in industrial output and inflation, China’s economy is still expected to grow between 8 and 9 per cent this year.