The Asian food market in 2020 is set for a $3 billion increase, according to a market forecast published by a group of international companies, a market research firm and a global food trade association.
The report by the China-based Association of Global Food and Agricultural Trade, released Wednesday, said the market for Asian food products will reach $5.9 trillion by 2020, from $4.6 trillion in 2021.
The report was commissioned by the United Nations Food and Agriculture Organization, and was based on data from China, Japan, South Korea and the Philippines.
The market will also grow faster than in 2021 due to more countries adopting organic farming, which is reducing the use of chemical fertilizers and pesticides.
The Asian market is expected to reach $3.3 trillion by 2021, a 34 percent jump from 2021, according the report.
China will surpass Japan and South Korea as the world’s largest market, with $1.5 trillion in annual sales, according TOEFL.
The United States is expected the largest Asian market in 2021, with a $1 trillion annual sales.
China will also be the largest food exporter to the world, with an estimated $1,500 billion in trade in 2020, the report said.
The Asia-Pacific region accounts for 70 percent of global food exports.