Remember***
According to the latest data from the National Bureau of Statistics, catering revenue will exceed 5 trillion yuan in 2023, a year-on-year increase of 204%, which is not only a new historical record, but also shows the strong recovery momentum of the catering industry. After experiencing challenges such as the pandemic, the catering industry has recovered rapidly and shown strong growth momentum, becoming an important growth point in the consumer sector.
This growth trend in the catering industry is due to the recovery of consumer demand and the industry's own innovation efforts.
Shen Meng believes that the rigid characteristics of catering demand promote the growth of the industry, and even in the context of intensified market competition and operating costs, the profitability of the catering industry still shows strong resilience. Taking the hot pot industry as an example, iiMedia Consulting data shows that the market size of the hot pot industry is expected to grow to 668.9 billion yuan by 2025, although the growth rate will drop from 10% in 2019 to 4% in 20253%, but the overall growth trend is still obvious.
In order to cope with the pressure of market competition and cost**, catering companies have begun to adopt a variety of strategies.
On the one hand, enterprises are fighting a big battle to attract consumers by providing more cost-effective products; On the other hand, we continue to innovate and increase categories and service content to meet the increasingly diverse needs of consumers. For example, it has launched digital services such as remote meal selection and ** ordering, provided healthy dining options such as low-fat and light food, and combined elements such as exhibitions and performances to create a unique dining experience. These innovative measures not only enhance the competitiveness of F&B companies, but also enrich the dining experience of consumers.
At the same time, the China Cuisine Association pointed out that the era of quality and cost performance in the catering industry has come. Consumers' demand for quality continues to rise, and the threshold for industry competition continues to increase.
This means that only those catering companies that can consistently provide high-quality products and services can stand out in the fierce market competition. The person in charge of a large chain catering company also said that for customers, the stability of the catering company's products is more important than the deliciousness. In the context of an increasingly rational and pragmatic consumption environment, catering companies need to maintain the pursuit of high quality to meet the challenges of the market.
In addition, Zhu Danpeng said that at present, China's catering industry is entering the stage of "reverse development". With the slowdown in the growth space of first- and second-tier cities, many F&B brands have begun to look to third- and fourth-tier cities for new market opportunities. For the lower-tier market, some older brands are more attractive because of their small, beautiful and novel characteristics. This trend of market sinking provides new growth points and development space for catering enterprises.
Yang Liu believes that the catering industry will usher in new opportunities in 2024. In terms of digital transformation, prepared food, cross-border integration, personalized service, international development, community catering and sinking market, it will bring new development space for catering enterprises. In order to seize these opportunities, F&B companies need to continuously innovate and improve service quality, while keeping a close eye on changes in consumer demand and adjusting their business strategies in a timely manner. For example, the use of digital technology to improve service efficiency, the introduction of dishes in line with healthy eating trends, and cross-border cooperation with other industries to create unique dining experiences.
In general, while the catering industry is facing challenges, it also shows great potential and opportunities for development. With the continuous change of the market and the upgrading of consumer demand, catering companies need to continue to innovate and improve their own strength, seize development opportunities and respond to market challenges. By providing high-quality products and services to meet the diverse needs of consumers, the F&B industry is expected to continue its strong growth momentum in the future and bring consumers a better dining experience.