China's 10 industries' outlooks for 2024

Food and beverage industry

The mass consumption is more rational than before, and the pursuit of extreme cost performance has become a common feature in 2023. Looking forward to 2024, the rational consumption and extreme cost-effective consumption will still be the mainstream, said industry insiders.

The cost reduction and efficiency improvement are becoming the industry consensus, and companies with strong supply chain control capabilities will have better performance in 2024.

China's catering consumption recovered rapidly in 2023, with the total scale expected to exceed 5 trillion yuan ($700.3 billion), surpassing the figure in 2019, according to an industry report jointly released by China Cuisine Association and Shuhai, a catering supply chain service enterprise.

Several securities brokerage research reports said the recovery trend of catering consumption is expected to be maintained in 2024, and the upstream, such as compound condiments, frozen foods, and pre-cooked dishes, are expected to continue to benefit.