CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 43)

18 Sep 2023

Chinese catering industry is anticipated to grew by 18% YoY to Rmb5,178m in 2023, and with the social restrictions lifted earlier this year, the industry already rebounded by 21% YoY to Rmb2,433bn in 1H23. Hotpot industry is expected to grow at a 2022-25 CAGR of 7.6%. Drivers for hotpot sector include: i) better social experience making it a preferred choice for social gatherings; ii) higher personalization, with diners can customize based on their personal preferences; and iii) healthier choice compared to other types of cuisine with less oil and fresher ingredients.