Industry Review｜China’s Booming Imported Food Market
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According to prediction by the U.S. Food Industry Association, by 2018 China will become the world's largest food importer with market size reaching RMB 480 billion.
In the past 6 years, the average annual growth rate of China's imported food market is as high as 16%. At the macro level, there are huge consumer group for imported food in China, while at micro level, the scale and influence of imported food brands are still insignificant. For global food manufacturers, the potential of China Market is enormous.
With China’s Engel coefficient (31.2%) approaching “well-off” standard (20%- 30%), import food distribution channels have been furthered expanded.
Moreover, the continuous appreciation of RMB and decrease of import tariffs bring new opportunities for China’ import trade. Many business people who were previously engaged in export trade begin to set foot in food import business.
More and more high quality oversea food manufacturers and agents rush in the booming China imported food market. To increase market share, oversea food manufacturers rely on industrial platforms to attract professional buyers.
Guangdong is an important province for imported food in China. Since 2014, there has been a rapid growth in batches, quantity and value of food imported to Guangdong which features diversified varieties, rich ingredients and premium price.
Over 300 high quality global food manufacturers gathered at FHW CHINA to be matched with imported food distributors. The booming imported food market in Pearl River Delta region brings together foreign food manufacturers and domestic food traders.
With participation of over 300 companies from dozens of countries including Italy, Poland, Thailand, Korea, Holland, Argentina, Turkey, Germany, Australia, and Canada, overseas exhibitors accounted for 60% of the total exhibitors.
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