The turnover of the Food, Beverages, Tobacco, and Liquor markets in China has seen significant volatility from 2013 to 2023. The market peaked in 2013 at 1.67 hundred billion Yuans Renminbi and thereafter witnessed a general downtrend, reaching 1.14 hundred billion Yuans Renminbi in 2023. Over the last two years, there have been marginal fluctuations with a slight uptrend in 2022 and 2023, both showing year-on-year increases of 0.16% and 0.19%, respectively.
Key trends and variations over the past five years (2018-2023) reflect an average annual decline of 1.08%. Despite brief periods of growth, this decade has primarily been characterized by contraction, with notable downturns and modest recoveries.
Future trends to watch for:
- The market is expected to stabilize with a marginal annual growth rate of 0.15% through 2028.
- Innovations in product offerings and shifts in consumer preferences towards healthier options and premium products could drive modest growth.
- Regulatory changes and economic factors will continue to play a crucial role in shaping the market dynamics.
