The Chinese diet is changing dramatically. “New era, new venues, and new products” is the current motto of China’s food and beverage industry.
In 2018, the revenue in the food and beverage industry amounts to $18 billion U.S. dollars, which is expected to show an annual growth rate of 16.4 (CAGR 2018-2022). Recent forecasts indicate that by 2018, China will import around 480 million RMB ($79 billion U.S. dollars) per year, commanding the biggest food importer in the world. At present, China is one of the world’s largest imported food markets; with between 50-60 thousand various imported brands available in the country.
Competition for imported goods is on the rise. High tax rates and increasing demand for higher quality goods are creating barriers to success for imported food providers entering the Chinese market. That said, a huge demand exists for imported food in the Chinese marketplace. Understanding the purchasing behavior of the Chinese consumer can help an international company to strategically and successfully enter and grow in this space
