China’s Imported Food Sector: Growth Data, and Market Segmentation
Jun 05, 2019
China's imported food market is mainly concentrated in tier 1 and 2 cities. The stereotypical consumers of imported foods are middle class and married.
Dairy products and infant foods are the most popular categories of imported foods in China.
The fresh food sector offers high potential investment opportunities for international stakeholders.
The compound growth rate of aquatic products and meat are growing at a faster rate than other categories of imported food.
Overview of China's Imported Food Market from 2018 to 2019
During 2009-2018, imports of food in China grew at a CAGR of 17.7%. In 2018 the value of china’s food imports exceeded US$70 billion. At present, 57.5% of consumers spend more than 10% of their total food expenditure on imported food, increasing nearly 5% from the previous years. In addition, first- and second-tier cities such as Beijing, Shanghai, Guangzhou, Tianjin, and Suzhou are major cities for imported food consumption.
New opening up policies (such as ‘the Belt and Road’) and the introduction of trade facilitation measures has seen China's imported food trade partners grow from 108 to 170, covering 73.9% of the countries and regions in the world.
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