The trend of hunting food is about to expire in China

The report of market analysis company iiMedia Research Consulting published last week showed that the industry Expired food will reach a value of $6.3 billion by 2025, up from $5 billion last year.

This means that the expiring food industry is expected to maintain a growth rate of about 6% per year through 2025.

Food that is about to expire is still usable, but sold at a discounted price. This change also helped the market grow, spawning new businesses that only sold items that were about to expire. With affordable prices, this market is attracting customers of all ages.

“The stores that sell near-expiry items give us a variety of items to choose from and also help avoid food waste,” said one customer.

The trend of buying goods that are about to expire is increasingly popular among young Chinese.

According to a report by market analysis company iiMedia Research Consulting, during the COVID-19 pandemic, the number of consumers choosing to shop online increased rapidly, accounting for more than 30% of sales in China, creating opportunities for customers to shop online. expired foods entered the market.

On Taobao – page ecommerce China’s largest, merchants are selling a variety of items from crisps, instant noodles, candies to near-expired chocolates for less than half the standard retail price.

Consumers can also buy directly from stores such as HotMaxx, HitGoo and Hema Fresh, which exclusively sell expired food.

“Every year, about 2 million people search for near-expiring products on Taobao, with more than 10,000 retailers specializing in this type of food,” said Peng Peng, Taobao’s online trading platform.

Middle-income people are also the most common consumer group of products that are about to expire.

Shops selling expiring groceries have begun popping up in Beijing and other major Chinese cities. In 2020, the number of businesses with expired food business registrations in China is 12 and will increase to 68 in 2021.

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