In 2023, China's F&B industry has experienced recovery and growth. According to data from the National Bureau of Statistics, catering revenue reached 1,213.6 billion yuan in the first quarter of 2023, a year-on-year increase of 139%。From January to October 2023, the revenue of China's catering industry reached 4,190.5 billion yuan, an increase of 185%, and is expected to exceed 5 trillion yuan in 2023.
From January to October 2023, the number of new catering registrations is as high as 35010,000 units, with a cumulative sales volume of 10560,000, the catering industry ushered in a crazy "revenge opening" this year, and a large number of stores also closed down.
The top 5 provinces of catering enterprises newly established in 2023 are: Guangdong, Henan, Shandong, Sichuan, and Zhejiang;Among them, the number of newly established catering enterprises in Guangdong exceeded 310,000, far exceeding that of other provinces.
In 2023, Sanya ranks first in the country in the top 10 cities in terms of the number of catering outlets per capita, with 127 stores per 10,000 people46;Among them, among the top ten cities, Guangdong Province accounts for 7, which is a proper foodie province.
Among the newly registered catering enterprises in 2023, individual industrial and commercial households account for 944%，98.3% of the registered capital is less than 1 million, and "small catering" is the main force of the industry.
1. Rapid release of consumer demand: The epidemic has become a thing of the past, the rate of eating out has increased significantly, consumer demand has been rapidly released, and the catering industry in both large and small cities has ushered in the growth of passenger flow.
2. Innovation and diversified development: The recovery of the industry is bound to cause fierce competition, and in this context, many catering companies are constantly innovating, making breakthroughs and optimizing in dishes and services, so as to attract more customer flow.
3. Online and offline parallel: The traditional catering marketing model can no longer meet the needs of consumers, and the transformation of Internet online marketing has become an important trend in the catering industry. Online**, online live broadcast, online publicity, etc., can not only provide consumers with a more convenient way to buy, but also further stimulate consumer demand and increase overall sales.
Stable market demand and low entry barriers have made many self-employed people actively participate in the catering industry, which also leads to more fierce competition in the catering industry than other consumer industries.
After the epidemic, the psychology and needs of consumers have changed a lot compared with before the epidemic, and now consumers have a stronger sense of health and have a higher pursuit of the environment, dishes, cost performance, comprehensive experience, etc., so they have also put forward higher requirements for major catering professionals. At the same time, catering practitioners must also continue to improve the operational efficiency of stores and chains, so as to improve their profitability and ensure the sustainable development of the brand. In the past few years, the revenue growth of chain restaurants has been faster than that of non-chain restaurants, and the proportion of revenue has continued to increase, especially in the fast food industry.
1. The market is extremely fragmented, and the trend of increasing concentration is not obvious;
2. There are more and more entrepreneurs in the catering industry, but the turnover rate is high;
3. There are many subdivisions of catering tracks, and there is a relationship of mutual substitution and competition between them;
4. Under the same subdivision track, the homogenization of products and services is serious, and it is difficult to form effective differentiation
5. Consumers have higher and higher requirements for product and service innovation.
Chinese food has always maintained a market share of about 80% in China's catering industry, and among the sub-categories of Chinese food, hot pot, Sichuan cuisine and Cantonese cuisine ranked the top three, accounting for the overall industry revenue in 2020. 7% vs. 99%。Compared to 2017, the proportion of hot pot and Sichuan cuisine has increased in 2020, and this trend is expected to continue in the coming years.
Compared with full-service catering, the concentration and chain rate of fast food are much higher. Among them, KFC also officially entered the era of 10,000 stores on December 15 this year, and McDonald's has maintained the first and second positions in China's chain fast food industry all year round. However, the market share of KFC and McDonald's in the fast food chain industry has declined significantly in the past decade, mainly because there are many fast food chains with business models that are highly similar to KFC and McDonald's, but with lower prices, have risen rapidly in the lower-tier markets (such as Wallace, Lao Xiang Chicken, etc.). Chinese burgers have also become more popular in the past two years, with Tustin having more than 6,100 stores and nearly 2,000 stores in Palo Burger after receiving new financing.
The threshold of the hot pot industry is relatively low, and the homogenization of products is serious, resulting in many small players in the industry. With the continuous expansion of leading players (such as Haidilao, Banu, etc.) in the past five years with strong brand power and abundant financial capabilities, the concentration and chain rate of the overall industry have increased. The local brand Xiaolongkan rapidly expanded a number of stores in China, and at the same time annexed Shu Daxia, becoming the new wholly-owned controlling shareholder of Shu Daxia. It has also entered the overseas market, with 40 overseas stores. However, on the whole, the concentration of the industry is still very low, and non-chain players still occupy the mainstream of the industry, making the industry extremely competitive.
Before the epidemic, the market paid attention to brand recognition and store expansion speed, and was favored by the market if it had a high frequency on social networking, but now the market's investment sentiment in the catering industry is rational, and it will be evaluated from all aspects and dimensions, and at the same time, it will also pay more attention to the long-term profitability of enterprises.
In addition to having certain characteristics in dishes, services, and tastes, it is also necessary to have the following abilities in order to stand out in the fierce industry competition and achieve sustainable development:
1. Brand power based on continuous innovation.
2. Space for the expansion of the store network.
3. Best-in-class chain integration and management capabilities.
4. Operational efficiency of terminal stores.
5. Extension of consumption channels and scenarios.
In the future, catering companies need to keep up with the pace of the times and actively embrace changes to better meet the needs of consumers and achieve sustainable development.