Authentic Chinese food is sought after abroad

With the recovery of the global economy and the gradual liberalization of policies, "going overseas" has once again become a new goal pursued by Chinese catering brands. According to industry insiders, 2023 will be the first year for Chinese chain catering brands to go overseas. The current overseas market is unprecedented, and many Chinese catering brands are gearing up to compete overseas. When Chinese food goes overseas, hot pot comes first. In January this year, Haidilao's overseas business "Special Sea International" rested store reopened, and the overall turnover rate increased by more than 25% year-on-year in January last year. At the same time, Xiabuxiabu made a high-profile announcement to go overseas to Singapore. According to media reports, Xiabuxiabu Singapore’s first store received about 1,000 people three days before its trial opening. It plans to open 6 stores in 2023 and extend to Malaysia. In April, Zhu Guangyu Hot Pot announced its overseas expansion. The first batch of destinations are tentatively scheduled to be the United States, Canada, the United Kingdom, Germany, Australia, Japan, South Korea, Thailand, Singapore and other countries. The tea and coffee brands that are "pretty and beautiful" in China have also expanded their footprints in overseas markets from Southeast Asia and Japan to Europe, America, Australia and other countries. the

Sullivan predicts that in 2026, the overseas Chinese catering market is expected to reach US$409.8 billion, with a 21-26 ECAGR (compound annual growth rate) of 9.4%. Under the resonance of supply and demand, the overseas Chinese food market presents a "new blue ocean". According to data from the food delivery service platform GrabFood: in Southeast Asia, each person buys 4 cups of pearl milk tea per month on average, Filipino consumers drink 5 cups of milk tea per person per month on average, and Thai consumers drink 6 cups per person per month on average. Annual spending on new tea drinks is as high as nearly 4 billion US dollars. The similar "tea" cultural background and the fact that Southeast Asia is located in the tropics make it the peak season for beverages throughout the year, making it the first choice for many tea brands to go overseas. From this point of view, at the moment when the growth rate of the domestic market is slowing down and the domestic market is frantically involving, it is a wise choice for catering brands to go overseas. Catering companies are also eager to expand overseas and continue to write new brand stories.

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