A recent market report, “Food Processing Market in China
“, states that China is now the world’s fastest-growing economy, and is anticipated to maintain an annual GDP growth rate of 7% for next 5 years.
A booming Chinese economy, with a consumer base of 10 million for processed food, has created opportunities for global players. The research report says that the availability of raw materials, changing lifestyles and flexible trade regulations have given momentum to the processing and packaging industry.
With a population of 1.3 billion, increasing at 10 million a year and with a growing economy, China is the largest food consumer in the world.
Though only 30% of food consumed in China is “packaged” (in comparison to 80% in the western market), the processed food market is expanding, mainly in busy urban areas because of convenience, healthier choices, variation and quality.
In spite of its recent growth, China’s food processing market is still underdeveloped. As demand continues to increase, it is expected to witness exponential growth in the future.