According to the report analysis, ‘Food & Grocery Retailing In Hong Kong, Market Shares, Summary And Forecasts To 2022’ states that some of the major companies which are presently functioning in this category of retail in an auspicious manner for become leading player and defeating the demand of potential consumers includes Wellcome, ParknShop, 7-Eleven, Circle K, Vanguard, Aeon, DCH Food Mart, Market Place, 759 store, Fusion and several others. Whereas, the Circle K registered the fastest growth in 2017 followed by Wellcome whereas, the Wellcome is the major market leader which is driving the sales supported by rising store count. Not only has this, the report offers deep analysis and various trends of the consumer behavior which includes key factors which operating the supply and demand, market dynamics, details of major key retailers, technological innovations, macroeconomic factors. In addition, the report offers retail sales with the qualitative and quantitative insights of changing retail dynamics in this segment.
The significant increase in disposable income and growing population which is very much health conscious make the market more competitive and enable the key players for active working. Moreover, the key manufactures are introducing the latest technologies for making attractive product. Whereas, the growing urbanization has made people more aware related to the health and status who widely want assured and good quality food. With the significant rise in demand the key retailers are starting up their business on an e-commerce platform which is providing vast variety of product which can be compared with the other products who are having similar nature. However, due to effective development in the technology of e-commerce platform the supply of this category product is rising more effectively across the globe and the market of Hong Kong is become more competitive which attract numerous investors which support the market financially which lead the market growth in the near future.
The category of food and grocery is the biggest segment in the Hong Kong retail industry and is anticipated to grow by 31.9% of total retail sale in 2017 whereas; the Hong Kong retail market is forecasted to rise at a CAGR of 3.5% during 2017-2022. Moreover, by the increment in the wages and developing economy set to boom the growth during 2017-2022. The food and grocery products is having numerous distribution channels whereas, the hypermarkets is the largest retail channel meanwhile, the market share of specialists declines. With the growing demand the online sales are resulting the fastest growth however, the sales remains low. Moreover, the major market players of this category is playing efficient role in making this market more competitive and attractive moreover, which can attract international brands and several other retailers.
The players have started analysis for identifying the best opportunities and align their product offering and making effective strategies to meet the demand. Therefore, in the coming years it is expected that the retail market of this category in Hong Kong will grow more significantly over the decades with the effective working of the key players.
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Ankur Gupta, Head Marketing & Communications