Brazil, Russia, India and China are set to be ranked in the top five grocery markets for the first time by 2015, research has claimed.
Food and grocery analysts IGD rank China first, the US second, India third, Russia fourth and Brazil fifth by 2015.
This will be the first time that all four BRIC countries have been in the top five, and IGD said it is “vital” retailers incorporate these markets into their growth strategies.
IGD predicted that China will overtake the US as early as next year to become the largest grocery market in the world, on the back of China’s quick recovery from the recession. The Chinese grocery market is expected to be worth €1,042bn by 2015.
IGD chief executive Joanna Denney-Finch said: “It is vital that retailers incorporate BRIC markets into their strategic planning to sustain business growth.”
Russia’s market is set to double over the next four years, growing from €194bn to €394bn. The Indian market is set to be worth €428bn by 2015 while Brazil’s is expected to total €330bn.
Japan is predicted to drop out of the top five altogether, falling to sixth place. IGD predicted the UK will retain its eighth place ranking.