BRIC demand for food soars

 

The lion's share of global demand for groceries will come from the emerging economies of Brazil, India, Russia and China by 2015, according to fresh data.

Brics

BRIC: Demand

In a forecast that underscores the extent that Western economies have been weakened by recession, analysts at IGD said China would overhaul the US as the world's biggest grocery market as soon as 2012.

The market in the People's Republic will be worth £878bn by 2015, IGD predicted, with the US in second place, followed by India, Russia and Brazil.

Britain will remain in eighth place, with the market for groceries forecast to increase from £136m in 2010 to £163m.

Joanne Denney-Finch, chief executive of IGD, said retailers should 'incorporate the BRIC markets into their strategic planning in order to sustain business growth'.