The business revenue of fast food catering services in China has grown substantially from 2013 to 2023, increasing from 801.51 hundred million yuan to 1380.0 hundred million yuan. The industry experienced fluctuations, with notable growth rates like the 12.56% in 2019, offset by a decrease of -8.06% in 2020, attributable to the global COVID-19 pandemic. The recent two years saw steady growth with 3.98% in 2022 and 4.48% in 2023. Over the last five years (2018-2023), the compound annual growth rate (CAGR) was approximately 5.32%.
Looking ahead, from 2024 to 2028, the industry is expected to continue its upward trend albeit at a slower pace, with a forecasted CAGR of 2.99%, leading to a projected revenue of 1670.0 hundred million yuan by 2028. This forecast suggests a cumulative growth rate of about 15.89% over these five years.
Future trends to watch for include the potential impact of technological advancements in food delivery, consumer preferences towards healthier and premium fast food options, and the influence of regulatory changes on business operations. Additionally, demographic shifts and increased urbanization will likely continue to drive demand within the fast food sector in China.
