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.
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.
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.
Read More: https://www.futuremarketinsights.com/reports/chinese-takeout-market