The Chinese food industry has been “the greatest innovation of the 21st century”, according to a recent survey, which revealed it is now the fastest growing sector in the world.
Key points:The fast food sector has become the fastest-growing sector in ChinaFast food sales account for almost 70% of the world’s populationThe fast-food industry employs around 14.5 million people in the countryThe fast chain is also the fastest selling in the United StatesFast food chains like McDonalds and KFC are the world leaders in salesFast food has been growing in popularity in China as the country seeks to cut its dependency on foreign food imports.
Fast food and its fast-casual counterparts have been steadily growing in China, particularly in urban areas, since the country gained independence from Britain in 1949.
But a recent surge in consumption by China’s middle class has created an industry that has seen a boom in sales.
China’s fast food market is expected to grow by 10% to 13% this year, up from 6.4% last year, according to the survey conducted by Bloomberg.
Fast Food Industry in China”I have no doubt that fast food in China will grow,” said Michael Ciminelli, chairman of the research firm BMO Capital Markets.
The fast casual sector in Shanghai was the biggest contributor to the market’s growth.
According to the research, the fast casual restaurant market accounted for 13.9% of China’s total sales in 2020, and is expected for an even bigger jump in 2021, as a group of the country’s fast-fashion brands dominate.
China is the world leader in the fast food and casual food sectors.
It is now home to around 14 million fast food workers, up 10% from 2020.
Fast-food restaurants are still a relatively small part of the Chinese market, but the fast-fast-food sector accounts for almost seven million jobs, and accounts for around a quarter of the total Chinese population of 1.2 billion.
The Chinese fast-tech sector is a $100bn-a-year industry in the global fast food business.
Bao Yuan, an analyst at consultancy IDC, said China’s fast tech industry is expected grow by another 20% to 30% this decade, reaching $400bn by 2020.
The rapid growth of the fast tech sector has been aided by China allowing the private market to take control of many aspects of the food supply chain.
“The growth in Chinese fast tech has been very rapid, and we believe this trend will continue,” Mr Cimillo said.
China has also become a leading global exporter of robotics, automation and robotics technology.
China has been leading the world in the development of robots for the past 20 years.
However, many of the nation’s fast and casual chains are still controlled by local authorities.
There are also concerns that Chinese fast fast food chains are being over-regulated by local governments.
The report found that more than a third of the global total of fast food sales was concentrated in China.
Chinese fast food consumption has been rising rapidly in recent years, driven by an increased appetite for quality food and low-cost items.
In the past decade, fast food has become more popular, and the number of fast restaurants in China has quadrupled to about 4,000.
In 2020, Chinese fast casual restaurants grew at a faster rate than fast food outlets.
The number of Chinese fast and fast casual eateries grew by 17.9%.