The turnover of the wholesale farm produce market in China stood at 21.97 hundred billion yuan in 2023. Over the past decade, the market experienced notable fluctuations with high annual growth rates in some years, such as 2017 (11.04%) and 2021 (14.66%), and significant declines in others, including 2018 (-5.76%) and 2020 (-6.1%). The average annual growth rate over the last five years was 4.89%, indicating moderate expansion. Forecasted figures suggest sustained growth with a 5-year CAGR of 3.16% projecting the market to reach 26.83 hundred billion yuan by 2028, marking a total increase of 16.83%.
Future trends to watch for include:
- Technological advancements in farm produce logistics and supply chain management.
- Government policies and initiatives aimed at supporting the agricultural sector.
- Shifts in consumer preferences towards organic and locally sourced produce.
- Global economic conditions and their impact on China's agricultural trade dynamics.
