Chinese Restaurants in the US - Industry Market Research Report

Second Helping: New Entrants Will Likely Join the Industry Due to Low Barriers to Entry

Over the five years to 2023, the Chinese Restaurants industry has grown, largely due to a favorable macroeconomic climate. As industry services are considered discretionary, broader economic changes directly impact the industry's performance. The COVID-19 pandemic in 2020, rising interest rates and inflation since 2021 have created significant challenges for the industry. As a result, many Chinese restaurants have increased menu prices to maintain financial stability and growth. Despite these challenges, the industry continues to adapt and thus is projected to increase at a CAGR of 5.7% to $26.5 billion over the five years to 2023, including a 0.0% plateau in 2023 alone, when profit is projected to remain stable at 5.3%. The industry comprises independent, chain and franchised restaurants that serve Chinese food to patrons for on-premise consumption and for take-out. These companies may also offer alcoholic and other beverages with the food. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.