What retail and e-commerce sector will boom in Asia from 2023 to 2028?
E-commerce is growing rapidly in Asia and is expected to account for 4.2% of total food sales by 2023. This is due to a number of factors, including the increasing penetration of smartphones and the growing popularity of online shopping.
China is the largest food market in Asia, with revenues of US$1,493 billion in 2023. The Chinese food market is expected to grow annually by 6.7% (CAGR 2023-2028).
The food market in Asia is expected to grow annually by 6.97% (CAGR 2023-2028). This growth will be driven by a number of factors, including the rising middle class, increasing urbanisation, and changing consumer preferences.
Here are some of the key trends that are expected to shape the retail industry in Asia in the coming years:
* The continued growth of e-commerce
* The rise of mobile shopping
* The increasing popularity of social commerce
* The growing demand for personalised and omnichannel experiences
* The increasing focus on sustainability
* The rise of the middle class in Asia is a major driver of growth in the retail industry.
The middle class in Asia is expected to reach 3.2 billion by 2030. This growing middle class has more disposable income and is more willing to spend on retail goods.
Urbanisation is another major driver of growth in the retail industry in Asia. Asia is the most urbanised continent in the world, with over 60% of the population living in cities. Urban consumers have more access to retail goods and services and are more likely to shop online.
Changing consumer preferences are also driving growth in the retail industry in Asia. Asian consumers are becoming more sophisticated and are demanding higher-quality goods and services. They are also more interested in personalised and omnichannel experiences.
The increasing focus on sustainability is also shaping the retail industry in Asia. Asian consumers are becoming more aware of the environmental impact of their purchases and are more likely to choose sustainable products.
The rise of the digital economy is also having a major impact on the retail industry in Asia. Digital technologies enable retailers to reach new customers, improve efficiency, and provide personalised experiences.
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