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Chinese restaurant market to grow 40%

4 julio, 2022
General

The China Association of Chain Stores and Franchises projects that the Chinese restaurant market will increase 40.4% from 2021 to 2024.

Thus, the size of the restaurant market would reach RMB 6.6 trillion by 2024.

In particular, Chinese food accounts for 79.4% of the restaurant market in China, more than the market for Western food and other cuisines.

Fulum Group Holdings Limited believes that consumption is an important driver of economic growth in mainland China, and catering will be the industry that most quickly reflects consumer demand, and will be an integral part of promoting the internal circulation of the economy.

For the People’s Republic of China (PRC) market, according to the «China Chain Restaurant Industry Report 2021» released by the China Chain Store and Franchise Association, the PRC restaurant market increased from RMB2.9 trillion in 2014 to RMB4.7 trillion in 2019, with a compound annual growth rate of 10.1 percent.

In light of the pandemic, the market size of the catering sector decreased to RMB4.0 trillion in 2020 and is expected to recover to RMB4.7 trillion with the healthy growth of China’s catering market and the expected easing of the pandemic.

Fulum Group is an investment holding company and its subsidiaries are mainly engaged in the restaurant business in Hong Kong and mainland China.

Chinese restaurant market

Statistics from the Hong Kong Census and Statistics Department show that Hong Kong’s GDP grew by about 6.4% in real terms in 2021 compared to 2020.

However, quarterly growth slowed over the year. The year-on-year growth rate dropped from around 8% in the first quarter to 4.8% in the fourth quarter.

In the first quarter of 2022, GDP declined by approximately 4% in real terms compared to the same period in 2021. This marked the end of a four-quarter growth trend. After seasonal adjustment, GDP also fell by about 2.9% quarter-on-quarter.

The economic downturn was mainly due to anti-pandemic measures during the fifth wave of COVID-19. These restrictions dampened economic activities and weakened overall sentiment, signaling renewed economic challenges.

During the same period, the restaurant industry was hit hard. Total revenue dropped to an estimated HK$15.2 billion, representing a year-on-year decline of about 23.1%. After seasonal adjustment, revenue fell by 40.2% quarter-on-quarter. Chinese restaurants faced the steepest decline, with revenue decreasing by around 33.5%.

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