China’s food security concerns boost soon-to-expire trend, industry set to be worth US$6 billion by 2025
- China’s soon-to-expire food industry is expected to grow from a market size of 31.8 billion yuan (US$5 billion) in 2021 to 40.1 billion in 2025
- Soon-to-expire foods are still within their use by date, but are sold at grossly discounted prices, and have attracted the attention of younger consumers
A rising interest among young consumers to purchase soon-to-expire food has emerged in China, and the now booming industry could help combat the country’s food wastage problem.
The soon-to-expire food industry is expected to grow from a market size of 31.8 billion yuan (US$5 billion) in 2021 to 40.1 billion in 2025, according to a report released last week by iiMedia Research Consulting.
Soon-to-expire foods are still within their use by date, but are sold at grossly discounted prices, and having attracted the attention of younger consumers keen to save, the industry is expected to maintain a growth rate of 6 per cent until 2025.
Innovations have also seen the market grow, from selling products in supermarkets and convenience stores to being readily available on online platforms, while it has also prompted the launch of businesses that exclusively sell soon-to-expire items.
The items are still good for your health, they haven’t yet reached expiry, they’re cheaper and they help the environment
“It’s because imported snacks are so expensive, so people buy them closer to the expiry date because they are cheaper,” said one user on China’s Twitter-like Weibo.
