The Chinese takeout market is experiencing rapid growth, fueled by changing consumer lifestyles, increased internet usage, and rising demand for home delivery services. With a projected 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. Factors such as urbanization, rising disposable incomes, and a growing appetite for diverse culinary experiences are driving market expansion.
As consumers become more health-conscious, there is a growing demand for healthier alternatives in the food and beverage industry, including Chinese takeout. The popularity of plant-based meat alternatives is also contributing to market growth. Moreover, the convenience offered by online ordering and delivery platforms is attracting a wider consumer base, driving up demand for Chinese takeout services.
Key Market Trends:
- Urbanization: The urban population, characterized by hectic lifestyles, is a significant driver of demand for Chinese takeout services.
- Focus on Food Safety: Consumers are becoming increasingly aware of food safety issues, driving demand for organic and natural ingredients in Chinese takeout offerings.
- Rising Popularity of Plant-Based Options: The Chinese plant-based meat industry is expanding, catering to the growing demand for healthier and sustainable food options.
Tap into Market Opportunities and Stay Ahead of Competitors – Get Your Sample Report Now: https://www.futuremarketinsights.com/reports/sample/rep-gb-15018
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.
Growing Factors:
- Changing Consumer Habits: Increasing disposable incomes and a growing eating-out culture are driving demand for Chinese takeout, particularly in emerging markets.
- Technological Advancements: The use of technology in ordering and delivery services is inevitable, with digital natives driving a higher percentage of transactions. This trend is expected to accelerate market growth over the forecast period.
- Innovative Offerings: Companies are launching new and creative healthy foods made with organic and natural ingredients to address consumer preferences for healthier options. Full-service restaurants, in particular, are capitalizing on this trend to capture a larger market share.
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.
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.
Gain Immediate Access to Detailed Market Insights Purchase Now: https://www.futuremarketinsights.com/checkout/15018
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube