The Market for Chinese takeout is projected to develop at a compound annual growth rate (CAGR) of 7.2% from 2022 to 2032, from US$ 62.7 billion in 2022 to US$ 107.8 billion in 2032.
Consumer interest in items manufactured with premium, fresh, organic ingredients and even plant-based substitutes is growing, which is great news for the Chinese takeaway business. Given that digital natives will manage the bulk of future transaction volume, there will inevitably be an
Over the projected time, the Chinese takeaway market statistics are expected to grow at the fastest rate. The tendency towards extravagant consumption among consumers has shifted dramatically as living standards have risen.
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Chinese Takeout Market Projections and Key Insights:
The Chinese takeout market is poised for significant growth, projecting a Compound Annual Growth Rate (CAGR) of 7.2% from 2022 to 2032. The market is expected to reach US$ 107.8 billion by 2032, up from US$ 62.7 billion in 2022[1]. Several factors contribute to this surge:
- Changing Consumer Preferences: Growing consumer interest in premium, fresh, and organic ingredients, including plant-based options, is fueling the Chinese takeaway business.
- Digital Natives Driving Transactions: With digital natives expected to handle future transaction volumes, the Chinese takeout market anticipates a boost in online orders and deliveries.
- Emerging Market Trends: Increased awareness of food safety issues and the popularity of organic eateries are shaping emerging trends in the Chinese takeout market.
- Demographic Impact: The demand for Chinese takeout is driven by younger consumers seeking convenience and expressing adventurous tastes.
Competitive Landscape and Recent Developments: Major players in the Chinese takeout market, including Lo Mein, Manchu Wok, and P.F. Chang’s, are expected to intensify efforts to gain additional market share through strategic investments. Recent developments, such as Yum! Brands’ acquisition of Dragontail Systems and McDonald’s testing the McPlant in China, indicate the industry’s dynamic nature.
Key Takeaways:
- Projected CAGR of 7.2%, reaching US$ 107.8 billion by 2032.
- North America and East Asia show significant growth potential.
- Diverse market segments cater to varied consumer preferences.
- Independent food service segment to grow at a rapid annual rate.
- Competitive landscape witnessing strategic investments and collaborations.
Greater disposable income and a burgeoning eating-out culture have pushed demand for Chinese takeout in emerging countries. Emerging Chinese takeout market trends, such as consumers becoming increasingly aware of food safety problems, organic eateries are getting more popular.
The demand for Chinese takeout food services is growing as the country’s residents seek a more convenient lifestyle, implying that the food service business would expand in the future. Younger consumers are driving the Chinese takeout market, as they define and influence purchase patterns and are more adventurous in their tastes.
During the projection period, North America is expected to grow at a CAGR of 22.4%. With the United States’ dominance in the world reportedly being overtaken by China’s, the Asian giant’s cuisine is beginning to take center stage. In 2022, the urban population is predicted to grow, creating an opportunity in the Chinese takeout market.
Competitive Landscape:
Lo Mein, Manchu Wok, Asian Chao, City Wok, Din Tai Fung, Pei Wei Asian Kitchen, Chinese Gourmet Express, Bd’s Mongolian Grill, P.F. Chang’s, Mr. Chow, South Beauty, Goubuli, Haidilao, Morals Village, Lianxiang Lou, and Other Players are some major key players in the Chinese takeout market. It is expected from the legacy players to accelerate efforts to gain additional Chinese takeout market share through the right injection of funds.
Some of the primary measures players are employing to take advantage of the Chinese takeout market opportunities include frequent product launches, geographic expansions, and distribution agreements to expand their consumer base.
Recent Developments:
- In accordance with Australian corporate law, Yum! Brands announced the completion of its acquisition of Dragontail Systems Limited (Dragontail), an AI-based innovative provider of technological solutions for the food sector, in 2021.
- McDonald’s said in 2021 that it would test its first-ever plant-based burger, the McPlant, in China, as part of a strategic three-year relationship with Beyond Meat Inc.
- Restaurant Brands International, Inc. and Ant Group established a regional cooperation in 2021 to accelerate the digital transformation of its restaurant operations across Asia-Pacific.
Regional Growth Projections:
- North America: Expected to grow at a CAGR of 22.4%, reflecting the rising popularity of Chinese cuisine in the region.
- Europe: Anticipates a prodigious CAGR of 21.4% through 2032.
- East Asia: Projects a remarkable CAGR of 29.4%, aligning with China’s dominance in the global culinary scene.
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Key segments:
By Product:
- Appetizers
- Soups
- Rice
- Dishes
- Noodle Dishes
By Restaurant Type:
- Quick Service Restaurants
- Full Service Restaurants
- Cafe and Bars
- Street Food
By Nature:
- Vegetarian
- Non-Vegetarian
- Vegan
By Purchase Model:
- Direct to Consumer
- Platform to Consumer
By Payment Type:
- Cash
- Debit Cards
- Credit Cards
- Digital Wallets
- Electronic Bank Transfers
By Ownership:
- Chained Foodservice
- Independent Foodservice
Frequently Asked Questions:
- What is the Growth Rate of the Chinese Takeout Market?
- What is the projected value of the Chinese Takeout Market by 2032?
- What was the Present Size of the Chinese Takeout Market?
- Which is the Growing Region in the Chinese Takeout Market?
- Which Segment is Leading in the Chinese Takeout Market based on Ownership?
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