The turnover of retail farm produce markets in China experienced a significant upward trend from 2013 to 2018, peaking in 2018. However, a notable decline followed, with turnover dropping sharply in 2020 and 2021, seeing a slight recovery thereafter. In 2023, the turnover stood at 830.98 hundred million yuan Renminbi. The year-on-year variation for 2022 and 2023 showed minor improvements of 0.51% and 0.42%, respectively. The compound annual growth rate (CAGR) over the last five years until 2023 was -3.99%, indicating a declining trend. Forecasts from 2024 onwards predict a stable but slow growth, with a CAGR of 0.24% and an overall growth rate of 1.22% by 2028.
Future trends to watch for include the impact of digital transformation in retail markets, changes in consumer behavior toward fresh produce, and potential governmental policies supporting agricultural markets.’
