China Food Service Market Size 2023- Future Challenges, Growth Opportunities, Demand, Share, Upcoming Trends and Forecast Report 2022-2032: SPER Market Research
According to SPER Market Research, the China Food Service Market is estimated to reach USD 1369.5 billion by 2032 with a CAGR of 8.14%. The market for food services in China includes businesses like restaurants, cafes, food courts, and other eating places that serve food and drinks to customers away from their homes. The market is defined by a wide range of cuisines, dining environments, and price ranges that are a reflection of the country’s celebrated culinary legacy and the swiftly shifting consumer tastes. The market has lately undergone a significant transformation as a result of the development of digital technology and delivery platforms like Meituan and Ele.me, which have upended long-standing company models and allowed customers to order food and drinks online for delivery or takeout.
China Food Service Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 8.14%
- Forecast Market Size (2032): 1369.5 billion
The epidemic hastened the tendency of consumers ordering and having food delivered online in order to avoid crowded restaurants. Despite the digital technology epidemic and disruption, traditional food service enterprises like restaurants and cafes still play a large role in China’s food service economy. High-end and premium dining experiences in particular have increased in popularity to satisfy the growing demand for luxury eating experiences among Chinese consumers. Overall, China’s food service industry is vibrant and evolving quickly, providing both domestic and foreign businesses with significant opportunity. As consumer habits and tastes change and new technologies are created, the market is expected to continue to be a significant engine of growth and innovation in China’s economy.
Impact of COVID-19 on the China Food Service Market
The Chinese food service industry has suffered greatly as a result of the COVID-19 outbreak. Sales have plummeted as a result of the stringent lockdowns and travel restrictions that have been imposed. Because of financial troubles, a lot of restaurants had to close temporarily, and some had to close permanently. A change in consumer behaviour as a result of the epidemic has seen more consumers choose ordering food delivery services over going out to restaurants. Due to the enormous increase in demand, this trend has accelerated the development of online meal delivery services like Meituan and Ele.me. The Chinese government put policies in place to aid the food service sector in the wake of the outbreak. Tax breaks, rent concessions, and financial assistance for food delivery services are some of these policies. The virus’s persistent spread and consumers’ caution have, however, made the industry’s recovery sluggish. Overall, the COVID-19 epidemic has had a big influence on the Chinese food service business, resulting in decreased demand and altered customer behaviour. The sector has found some solace in the expansion of online food delivery services, though.
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China Food Service Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Type:
- Full-service Restaurant (FSR)
- Quick service Restaurant
- Fast Food
- Cafe and Bar
- 100% Home Delivery Restaurant
By Structure:
- Independent Retail Stores
- Chained Retail Stores
By Region:
- East China
- Middle China
- North China
- Northeast China
- Northwest China
- South China
- Southwest China
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
China Food Service Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; China Quanjude (Group) Co. Ltd, Domino’s Pizza Inc., South Beauty, Starbucks Corp, Ting Hsin International Group, Xiao Wei Yang Chained Food Service Co. Ltd, Yum! Brands.
For More Information, refer to below link:-
China Food Service Market Future Outlook
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