In April, Asian food sales grew at the fastest rate in five years, but at a much slower pace than in 2016.
The data, released Tuesday by the Asia Food Market Association (AFMA), showed the annualized growth of Asian food markets was up 25.5% over the first six months of the year, with an average annual growth of 5.1%.
That’s up from 4.8% growth in the same period last year.
“This year’s growth was even faster than in 2015 and 2016,” said Akilai Kaur, an analyst at IHS Markit, the market research and consulting group.
“This growth has not been as fast as the past three years, as Asian food prices have risen significantly.”AFMA data shows the average growth of the Asian food trade is also up at a slightly slower rate than the past year.
In April 2017, the average annualized annual growth in Asian food was 5.5%, but in April 2018, it was 6.5%.
The market is not just for Asia, said Kaur.
In 2018, food imports from China accounted for half of the food market.
The food industry is also looking to diversify its revenue, which is growing at the highest rate since the start of the global economic crisis.
For the year ending March 2019, the trade in goods and services with the U.S. jumped 11.4% while imports from the U