China's Grocery Market Surpasses $1 Trillion In Value

China's food and grocery market is currently valued at more than $1 trillion and is expected to grow as big as $1.5 trillion by 2016, according to market research firm IGD. Not surprisingly, the market has attracted the world's leading food and consumer goods companies, offering them long-term growth opportunities and possible returns that could compensate for weaknesses at home and other markets. Local hypermarket company Sun Art Retail Group is one of the retailers that have benefited from the market expansion. Other retailers, however, have found China a tough market. UK-based retailer Tesco, for example, reported its first-quarter sales had been adversely affected by bad news, including the bird flu crisis and food safety scandals.