What Is The Size Of China Catering Service Industry?
China Catering Service Market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027F.
The China Catering Service Market is largely driven by the growing demand for business entertainment, many people are going to restaurants, pubs, tea houses and other eateries for everyday meals and gatherings with friends. This has urged the development of catering services.
The China Catering Service Market is also largely driven by urbanization and changing lifestyles. There has been a change in the demand for catering services in recent years, supported by the quickly developing business-to-business (B2B) events sector and food and beverage services being offered at a growing number of corporate events.
Furthermore, the market for catering services is growing because of factors including hectic lifestyles and difficulties associated with cooking.
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The growing preference among customers for fresher, healthier foods is boosting the China catering services market. The catering service operators have shifted their emphasis to providing healthier meals made in-house using fresh ingredients. The market is expanding because of the increased focus on implementing technology to enhance the customer experience and minimize time spent waiting for food.
China Catering Service Market By Type
The China Catering Service market is segmented by Type into Independent outlets and Chained Outlets. Chained outlets type was the most dominant type in China Catering Service market in 2022.
Chained Outlets are the most dominant segment in the China Catering Market in 2022.
China Catering Service Market By Type Of Catering
The China Catering Service market is segmented by type of catering into Event Catering, Government Catering, Industry Catering, Leisure Catering, Hospital catering and Airline Catering.
In 2022, the revenue of full-service restaurants in China amounted to around 2.69 trillion-yuan, accounting for around more than half of the total revenues of catering services in China. Fast food and leisure catering were the fastest-growing market sectors.
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Competition Scenario In China Catering Service Market
The China catering market is fragmented with major global and national players occupying almost half of the market. The key players operating in the market are not only competing based on product quality and promotion but are also focusing on strategic moves to hold larger market shares. The major companies dominating the China Catering market for its products, services, and continuous product developments are ZKungfu, Yershari, Zhejiang grandma’s Home Catering operation company, Quanjude, Qianxihe, KFC, Haoxianglai, Haidilao, Donglaishun, Pizza Hut among others.
What Is The Expected Future Outlook For The Overall China Catering Service Market?
The China Catering Service market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The growing demand for business entertainment, many people are going to restaurants, pubs, tea houses and other eateries for everyday meals and gatherings with friends. This has urged the development of catering services. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
The China Catering Services Market is projected to show significant growth in the coming years. As per the research, it is expected that China’s catering industry would be larger than that of United States in 2023, and become the biggest catering market in the world. Moreover, digitization & brand establishment with the use of flexible assets, operation & management methods are some elements that can be included in the upcoming years. It is expected to be driven by quickly developing business-to-business (B2B) events sector and food and beverage services being offered at a growing number of corporate events.
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Growing health consciousness such as being vegan and eating green food in China n cuisines is affecting an individual’s order pattern which is one of the major driving forces. The growing demand for locally produced fresh farm produce, such as fruits, vegetables, and meat items, is also fueling the catering services market.
In addition, hotels and restaurants are developing novel catering services, which are expected to fuel the catering service industry.
Moreover, the market for catering services will be growing because of factors including hectic lifestyles and difficulties associated with cooking at home. Also, hotels and restaurants are coming up with innovative catering services, which are expected to fuel the catering service industry. The market will also expand because of the increased focus on implementing technology to enhance the customer experience and minimize time spent waiting for food. Specialized catering services are increasing in demand as global multinational corporations are quickly expanding in emerging regions of China.
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