Australian grocery sales to hit $155 billion by 2023

RUTH HOGAN | December 14, 2018

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The Australian grocery market is expected to reach US$111.8 billion ($155.24 billion) in sales by 2023, making a modest impact on the US$1.9 trillion ($2.64 trillion) in sales forecasted for the leading grocery markets worldwide. According to IGD’s latest research, Australia is expected to have CAGR growth of 2.9 per cent by 2023. The 20 leading markets are forecasted to grow by 28 per cent between 2018 and 2023, with Asia making up nearly half (44 per cent) of the extra sales, more than Africa, Europe and Latin America combined. Seven of the world’s largest grocery markets by 2023 will be from Asia, with a combined market size of US$3.8 trillion ($5.28 trillion). Nick Miles, head of Asia Pacific at IGD, said the predicted growth in Asia can be attributed to the rapidly growing middle class, adoption of new technology, improved infrastructure and logistics networks, as well as improvements to retail standards.

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