【英文】麦格里报告：大中华区食品服务业报告：展望2021（104页）

英文研究报告 2020年03月24日 07:09 管理员

According to Frost & Sullivan, China’s catering service industry grew 8% YoY in 2018 and is expected to maintain high-single-digit per annum growth in the coming five years. The industry remains highly fragmented where non-chain operations account for 80% of the market. This echoes the mid-single-digit revenue contribution from the top 100 restaurants. That said, concentration is quite high among the top 100 brands where the top 30 accounted for 75% of sales in 2018. Fast food and full service have the biggest share, while hot pot is the smallest among the top 30 brands. Against a highly fragmented market backdrop, we expect to see more market consolidation from chain operators on the back of their scale advantage and mature management system.

Similar to the top 30 restaurant breakdown, full service is also the biggest category with 42% share for the overall market. In terms of revenue per seat per year, hot pot comes out on top at Rmb72,800 followed by Japanese’s Rmb62,300 then full service’s Rmb59,000. Hot pot and fast food enjoyed the fastest YoY revenue per seat growth in 2018, while full service saw a single-digit YoY decline. We believe categories that can satisfy the fickle consumer preference and category restaurant leaders will outperform in the competitive catering restaurant industry.

Cuisine types that require table side service have the highest average spending per head; at the same time, they also have the lowest table turns. On the contrary, group meal and fast food rely on fast table turn to drive sales and tend to have a lower average spending per head. These fast table turn cuisine types also rely on takeaway/delivery along with the dine-in business. Evidently, Japanese cuisine has the highest average spending per head at Rmb291, while fast food is the lowest at Rmb25 in 2018, per China Hospitality Association.