The Chinese takeout market is predicted to account for US$ 107.8 billion in 2032, up from US$ 62.7 billion in 2022, advancing at a CAGR of 7.2% during the forecast period (2022-2032).
Consumers are looking for items that are manufactured with fresh, organic, and high-quality ingredients, and some are even converting to plant-based options, encouraging the Chinese takeout market size. Growth in the use of technology in ordering and deliveries is unavoidable, as digital natives contribute a higher percentage of transactions in the future.
Over the predicted period, Chinese takeout market statistics are predicted to improve at the fastest rate. Consumers’ good consumption patterns have altered dramatically as their living standards have grown.
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.
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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.
Key Takeaways
- The Chinese takeout market is predicted to develop at a CAGR of 7.2%, with a market share of US$ 107.8 billion through 2032.
- The Chinese takeout market share in North America is estimated to have a CAGR of 22.4% through 2032.
- The Chinese takeout market in Europe is expected to have a prodigious CAGR of 21.4% through 2032.
- The Chinese takeout market in East Asia is expected to have a prodigious CAGR of 29.4% through 2032.
- The Chinese takeout market is having a market share of US$ 62.7 billion in 2022.
- Countries like the US, China and Germany hold a total share of 36.8% of the Chinese takeout market.
- The independent food service segment of the Chinese takeout market, based on ownership, is expected to grow at an annual rate of 65.3% through 2032.
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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.
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
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