Monday, February 24, 2020
Innovation in food retail.
More than 4 trillion dollars of food is sold worldwide each year, according to the US Department of Agriculture. With population growth and rising incomes globally, this figure is expected to rise substantially. In Western countries and East Asia, consumers are buying more from discount and online channels, and less from traditional supermarkets and convenience stores. This is transforming the industry. Consulting firm McKinsey estimated in December 2018 that by 2026, more than one-third of global grocery revenues could come from discount, online and non-grocery channels, up from 12% in 2016.