Dublin, April 29, 2022 (GLOBE NEWSWIRE) — The report “China Foodservice Market, Share, Size, Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Opportunity Analysis company” has been added to from ResearchAndMarkets.com offer.
China’s catering market will reach $914.09 billion by 2027
China has the fastest growing restaurant market in Asia. The per capita income in China is over 10,000 and growing year by year, so eating out is becoming a common norm.
In addition, China is adapting to development faster with a more diverse and comprehensive business scope and reform of traditional food delivery methods. Remarkably, the market demand for catering services is increasing as its citizens seek a more convenient life, which implies that the future will also have a wider catering services market.
China’s catering industry is expected to grow at a CAGR of 7.9% over the period 2021-2027
Over the years, with the rapid economic growth and the continuous improvement of residents’ income levels, the restaurant industry has developed rapidly and reached a flourishing stage in China. Nevertheless, good consumption patterns in China have changed significantly with the improvement in living standards.
In addition, Chinese consumers are increasingly demanding and look for the following qualities when shopping: confidence in food safety and integrity of ingredients, high quality, excellent nutritional value, better lifestyle through a variety of food and beverages, modern packaging, freshness and convenience.
Independent food service is widespread
By food sector, there are many commercial and non-commercial restaurants that initially cater to expats, the wealthy and the upper middle class, which mainly include independent foodservices and Chinese chain foodservices. According to the analysis, independent catering services are widespread.
Remarkably, many social occasions and family celebrations now take place at Chinese Chained Food Service restaurants, increasing traffic in venues that are expected to gain further market share in the coming years. Additionally, the widespread trend of socializing in cafes among urban millennials and generally the younger part of the population is further fueling the growth of the chain restaurant market.
Full-service restaurants hold the lion’s share
By type of restaurant, full-service restaurants encompass all seated establishments characterized by table service and relatively higher food quality than quick-service units, which seek the attention of a large base of consumers who take the lion’s share. Menus at these outlets offer multiple selections and can include breakfast, lunch, and dinner, adding to consumer preferences.
Additionally, the types of restaurants cataloged in this segment refer only to table service (waiters tending to customers and taking orders at tables). It includes fine dining and casual restaurants. Food and beverage sales are delivered to the consumer by a point-of-sale employee or third party.
Light meals, fast food, snacks and Japanese cuisine are gaining traction in the industry
By type of food, the editor studied Chinese cuisine, light meals, fast food, snacks, Western cuisine, Japanese cuisine and others existing in the restaurant industry in China. Remarkably, convenience food types such as light meals, fast food, snacks, and Japanese cuisine are no longer considered a convenience, but are the most sought after variations.
Nevertheless, the time spent on meals is reduced, with a consequent increase in the consumption of snacks and pre-packaged products suitable for consumption on any occasion which are added to the market of the variants mentioned above. According to the analysis, the size of the catering market in China was US$579.07 billion in 2021.
Impact of COVID-19 on the Chinese foodservice restaurant market
The restaurant segment has seen a steady decline in 2020 due to the pandemic. However, with the steady resumption of the pandemic, Chinese millennials have become more confident and felt safe to frequent restaurants with proper precautionary measures. In times of health and economic crisis, the purchase of local products is a very important element for Chinese consumers.
Despite the financial difficulties of many families, the quality of food products remains undisputed and privileged. Remarkably, during the lockdown, 100% home delivery had experienced tremendous growth; however, when the restaurants reopened, the situation returned to equilibrium.
Remarkably, global players are expected to hold a large share as there is an increased trend for pizza and other fast food. The Chinese restaurant industry is very fragmented, with many players.
Few players who hold a significant market share are
- Starbucks Corp.
- Papa John’s International Inc.
- Domino’s Pizza Inc.
- Restaurant Brands International Inc.
- Tim Hortons
- Jollibee Foods Corp.
- Ajisen (China) Holdings Limited
- YUM! brands inc.
- China Quanjude (Group) Co. Ltd.
- Yoshinoya Holdings Co., Ltd.
Main topics covered:
2. Research and methodology
3. Executive Summary
4. Market dynamics
4.1 Drivers of growth
5. China catering market
6. Market Share – China Food Service
6.1 By type
6.2 By food sector
6.3 By food system
6.4 By type of food
6.5 By type of restaurants
6.6 Per channel
7. Type – China catering market
7.1 Independent food service
7.2 Chained food service
8. Food Sector – China Foodservice Market
9. Food System – China Foodservice Market
9.2 Assembly service
10. Type of food – China catering market
10.1 Chinese cuisine
10.2 Light meal
10.3 Quick restore
10.5 Western cuisine
10.6 Japanese cuisine
11. Type of restaurants – China restaurant market
11.1 Full-Service Restaurants
11.2 Self-service restaurants
11.3 Quick restore
11.4 Street stall and kiosk
11.5 Cafe and Bar
11.6 100% home deliveries
12. Carriers five forces
12.2 Bargaining power of buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of competition
12.5 Threat of new entrants
12.6 Threat of Substitutes
13. Main players
13.2 Recent Development
For more information on this report visit https://www.researchandmarkets.com/r/9903rv
Chinese food market