Market Overview
The China food service market size was USD 454.80 billion in 2022. The market is projected to grow from USD 504.52 billion in 2023 to USD 1,061.16 billion by 2030, exhibiting a CAGR of 11.21% during the forecast period. Fortune Business Insights™ shares this information in its report titled “China Food Service Market, 2023-2030.”
China is a fast-paced growing country in the food service sector owing to its consumer base capturing the majority of the share in food and beverages consumption. The usage of new technology such as using e-menus, online reservations, mobile ordering, and payment apps is projected to assist in market development. With international market players have been focusing on expanding their businesses in China, the market offers prosperous growth opportunities.
List of Key Players Profiled in the Market Report
- McDonald's (U.S.)
- Starbucks (U.S.)
- Ajisen Holding Limited (China)
- Restaurant Brands International Inc.(Canada)
- China Quanjude (Group) Co. Ltd.(China)
- Dominos (U.S.)
- KFC Corporation (U.S.)
- Yum! Brands, Inc (U.S.)
- Tim Hortons (Canada)
- Yoshinoya Holdings Co., Ltd. (Japan)
Segmentation
On the basis of type, the market is divided into full service restaurants, quick service restaurants, institutes, and others.
Source: https://www.fortunebusinessinsights.com/china-food-service-market-107657
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Increasing Demand For Prepared Food To Drive Market Enhancement
Increasing demand for prepared food is anticipated to drive China food service market growth. The demand for prepared foods has rapidly increased in China as they save time and effort for working professionals. Advantages such as Ease of use, functionality, quick delivery, and high nutritional value are propelling the growth of the market. Furthermore, the rise in demand for more premium and nutritious ready-to-eat foods made for foodies. Hence, increased consumption of prepared food drives the growth of the food service market
However, increasing preference for ethnic cuisines over international cuisines is hampering the market growth.
Competitive Landscape
Targeted Marketing Campaigns By Key Players To Drive Market Edge
In terms of the competitive landscape, the market has the presence of established and emerging food service companies. Some of the major players who hold the largest part in the China food service market share have been using targeted marketing campaigns such as the Fruit and Vegetables 100+ program launched by Yum! China with the aim to promote balanced diets and healthy lifestyles. Furthermore, the brand introduces new food items which are integrated with the traditional cuisines of a particular region. The food products offered are targeted mainly towards the local food enthusiast looking forward to enjoying new and flavorful food offerings.
Key Industry Development
- January 2022- Starbucks partnered with China's Meituan to serve its Chinese customers to order coffee delivery using the super-app platform. The motive of the company is to expand delivery services in China.