China’s supermarkets and hypermarkets business grew from US$147.98 billion in 2017 to US$175.39 billion in 2022 at a CAGR of 3.46%. In 2023, it is expected to reach US$180.98 billion, according to latest data from TBRC Global Market Model.
The report also highlighted that Argentina is expected to be the fastest growing country within the supermarkets and hypermarkets sector at a CAGR of 37.92% followed by Turkey (25.19%) and Iran (20.91%) over the period 2022 to 2027.
In terms of market size, China is the 3rd largest market accounting for US$175.39 billion in 2022 or 5.6% share of the global market, followed by Germany (5.4%) and UK (5.3%). China’s supermarkets and hypermarkets accounted for 24.6 % of the Asia Pacific’s supermarkets and hypermarkets business in 2022.
When comparing against other distribution models, China supermarkets/hypermarkets are slagging. It is expected to grow at only 4.23% (CAGR) from 2022 to 2027, while ecommerce & other non-store retailers is expected to grow at a CAGR of 16.55%, followed by clothing and clothing accessories stores at 10.7% respectively during same period.
Major supermarkets and hypermarket operators in China, mentioned in the report, include China Resources Vanguard, Wumart Stores, Inc, RT-MART International Ltd, ParknShop, and Lianhua Supermarket Holdings Co., Ltd.
