Between the 20 leading grocery markets worldwide, they are set to generate an additional £1.5 trillion ($1.9tr) in sales during the same five-year period (2018-2023).
While Asia is expected to see the ‘strongest’ real growth (44% of total extra sales), the company said Europe “will be the second most important region in terms of additional sales between 2018 and 2023. It is forecast to generate £255 billion ($322bn) in new sales.”
Jon Wright, IGD head of retail Insight EMEA, said: “Five key countries will stand out in the next five years – France, Germany, Russia, Turkey and the UK – and these are set to account for nearly two-thirds of all additional sales generated between 2018 and 2023.
“The continued strength of these markets will, therefore, dictate the growth outlook for Europe as a whole.”
That said, Nick Miles, IGD head of Asia Pacific, believes that “China’s grocery market is expected to continue growing over the next five years, establishing itself as the largest grocery market globally.