China Becomes World's Largest Food Market

China is now the world's largest food and grocery market, having overtaken the US in terms of sales in 2011, a market research firm said.

British food industry analysts IGD also noted that BRIC countries — Brazil, Russia, India and China — will make up four of the top five grocery markets by 2015.

China's supermarket sector was worth $970 billion at the end of 2011, surpassing the US market, valued at $913.5 billion. The rapid expansion is driven by China's growing economy, rising wealth, and inflationary food prices, the firm said.

China's grocery market is forecast to expand to nearly $1.46 trillion by the end of 2014, three times its worth in 2006.

The firm noted the Chinese are moving from a diet based on rice and pork to a diet of dairy products, wheat, grains and red and white meat, which helped boost global prices.