Yahoo Finance China Food Service Market Report 2022: Market will Reach $914.09 Billion by 2027 - Full-Service Restaurants holds Lion's Share
Chinese Food Service Market
Dublin, April 29, 2022 (GLOBE NEWSWIRE) -- The "China Food Service Market, Share, Size, Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
China Food Service Market will reach US$ 914.09 Billion by 2027
China has the fastest-growing foodservice market in Asia. China per capita income in more than 10K and its growing year on year, so eating out is becoming a common norm.
Besides, China is readily adapting to the development more quickly through a more diversified and comprehensive business scope and traditional food delivery methods reform. Remarkably, the market demand for food services is increasing since its citizens are looking for a more convenient life, which implies that the future will also have a broader food service market.
Chinese Foodservice Industry is expected to expand at a CAGR of 7.9% during 2021-2027
Over the years, with the rapid economic growth and the continuous improvement of residents' income levels, the catering foodservice industry has developed rapidly and achieved a thriving scene in China. Notwithstanding, good consumption patterns in China have changed significantly with improved living standards.
Further, Chinese consumers are increasingly discerning and seek the following qualities when making purchases: confidence in food safety and ingredients' integrity, high quality, excellent nutritional value, better lifestyle through a variety of food and beverages, modern packaging, freshness convenience.
Independent Food Service is dominantly widespread
By Food Sector, there are numerous commercial and non-Commercial restaurants that are targeted initially at expatriates, rich and upper middle class which predominantly include Independent Food Service and Chinese Chained Food Service. As per the analysis, Independent Food services are dominantly widespread.
Remarkably, many social occasions and family celebrations now take place in Chinese Chained Food Service restaurants, boosting traffic in the venues further expected to gain market share in the coming years. Moreover, the widespread trend of socializing in cafes among urban Millennial and, in general, the youngest part of the population is further fuelling the growth of the chained foodservice market.
Full-Service Restaurants holds Lion's Share
By Restaurant Type, Full-Service Restaurants encompasses all sit-down establishments characterized by table service and a relatively higher quality of food than quick-service units, which seek attention from a large consumer base capturing lion's share. Menus in these outlets offer multiple selections and may include breakfast, lunch, and dinner, adding to consumer preferences.
Moreover, restaurants types catalogued in this segment refer to table-service only (wait staff attending customers and taking orders at the tables). It includes fine dining and casual dining restaurants. Food and drink sales are delivered to the consumer by an outlet employee or a third party.
The Light Meal, Fast Food, Snack, and Japanese Cuisine Gaining Momentum in the Industry
By Food Type, the publisher has studied Chinese Cuisine, Light Meal, Fast food, Snack, Western Cuisine, Japanese Cuisine, and other existing in the China foodservice industry. Remarkably, convenience food types such as light meals, fast food, snack, and Japanese cuisine are no longer considered a convenience, but they are most sought-after variants.
Notwithstanding, time dedicated to meals is reduced, with a consequent increase in the consumption of snacks and pre-packaged products that can be consumed on any occasion are adding up to the market for the variants mentioned above. As per the Analysis, China Food Service Market Size was US$ 579.07 Billion in 2021.
COVID-19 Impact on China Foodservice Restaurant Market
The foodservice segment has undergone a constant decrease in 2020 due to the pandemic. However, with the steady recovery from the pandemic, the Chinese millennial became more confident and felt safe to attend restaurants with proper precautionary measures. During a health and economic crisis, the purchase of local products is a highly significant element for Chinese consumers.
Despite financial difficulties in numerous families, the quality of food products remained undisputed and preferred. Remarkably, during the lockdown, 100% home delivery had seen tremendous growth; however, as dine-out reopened, the situation returned to balance.
Competitive Landscape
Remarkably, global players are expected to hold a prominent share, as there is an increased inclination toward pizza and other fast food. The Chinese foodservice industry is highly fragmented, with numerous players.
Few players who hold a prominent 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.
Key Topics Covered:
1. Introduction
2. Research& Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. China Food Service Market
6. Market Share - China Food Service
6.1 By Type
6.2 By Food Sector
6.3 By Food System
6.4 By Food Type
6.5 By Restaurants Type
6.6 By Channel
7. Type - China Food Service Market
7.1 Independent Food Service
7.2 Chained Food Service
8. Food Sector- China Food Service Market
8.1 Commercial
8.2 Non-Commercial
9. Food System - China Food Service Market
9.1 Centralized
9.2 Assembly Service
9.3 Ready-Prepared
9.4 Conventional
10. Food Type - China Food Service Market
10.1 Chinese's Cuisine
10.2 Light Meal
10.3 Fast food
10.4 Snack
10.5 Western Cuisine
10.6 Japanese Cuisine
10.7 Other
11. Restaurants Type - China Food Service Market
11.1 Full-Service Restaurants
11.2 Self-service Restaurants
11.3 Fast Food Restaurant
11.4 Street Stall and Kiosk
11.5 Cafe and Bar
11.6 100 % Home Deliveries
12. Porters Five Forces
12.1 Overview
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. Key Players
13.1 Overview
13.2 Recent Development
13.3 Revenue
For more information about this report visit https://www.researchandmarkets.com/r/9903rv
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