Western Influences Fuel Growth of Pizza in the Chinese Prepared Meals Market
08 July 2013
Ready meals will continue to lead the sector, but Pizza is expected to show the fastest growth up to 2017, according to Canadean. The hectic pace of modern life has led consumers to value convenience in their daily food choices.
Pizza growth outstrips other categories in the Prepared Meals sector
Despite a weak global economy, the Prepared Meals sector in China is expected to grow rapidly up to 2017. According to Canadean, Prepared Meals is ranked amongst the top ten food sectors in the country, with a Compound Annual Growth Rate (CAGR) of 10.3% by value for the forecast period 2012-2017. Volume is projected to grow at a CAGR of 7.4% for the same period.
The category is led by Ready Meals which took the highest share of value (93.4%) and volume (93.8%) in 2012. This trend is expected to continue up to 2017. However, the category will show the slowest rate of growth over the next five years, with a projected CAGR of 7.3% by value and 10.3% by volume up to 2017.
Increasing westernization of food and drink products in China has helped Pizza become the fastest growing category of the Prepared Meals sector, with a value and volume CAGR of 11.2% and 8.1% respectively up to 2017.
Hypermarkets & Supermarkets and Convenience Stores show high growth potential as channels for prepared meals
Hypermarkets & Supermarkets have held the majority share of distribution channel for Prepared Meals up to 2012. This trend is expected to continue till 2017. Convenience Stores have increased their share of the sector and are growing in popularity at the same rate as Hypermarkets & Supermarkets. Food & Drink Specialists have also gained a smaller share of the sector in the same period.
The Canadean report; ‘The Future of the Prepared Meals Market in China to 2017’ was published in July 2013.
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