The global grocery retail market is on track to generate an additional €370 billion ($440 billion) in sales between 2020 and 2022, according to the latest forecast from global insight provider IGD. This follows an exceptional growth for grocery in 2020, which saw the top 20 markets grow by €235 billion ($280 billion) — an 8.8 percent year-over-year growth. Accelerated growth in most of the global retail market in 2020 was driven by a shift in consumer spending from out-of-home to at-home as a result of pandemic lockdown restrictions.
Key findings from the periodical global forecasts, which have been recalibrated to account for the onset of COVID-19:
India will be the fastest-growing country over the period 2020-2022 with a CAGR of 7.2 percent
The United States will remain the leading market until 2022
In the medium-term, Central and Eastern Europe is expected to grow faster than Western Europe
Growth in China wil