Investment Rating - The fast food industry is expected to see significant growth, with the market size projected to exceed 1.5 trillion yuan by 2025 [2]. Core Insights - The fast food sector is characterized by high-fat, high-salt, and high-sugar products, divided into Western and Chinese fast food categories [2]. - Chinese fast food has surpassed 800 billion yuan in scale, but lacks a national brand, with regional players dominating the market [7]. - The Western fast food market reached 368.78 billion yuan in 2023, with leading brands like Yum China (KFC, Pizza Hut) and McDonald's significantly outperforming others [9]. - The market for snack fast food is growing rapidly, with a market size of approximately 823.7 billion yuan in 2023, reflecting a year-on-year growth of 12.6% [29]. Summary by Sections Fast Food Market Overview - The fast food market is expected to exceed 1.5 trillion yuan by 2025, driven by urbanization and consumer demand for convenience and food safety [2]. - The Chinese fast food market is currently over 800 billion yuan, with no national brand established yet [7]. Western Fast Food - The Western fast food market reached 368.78 billion yuan in 2023, with Yum China and McDonald's leading the market [9]. - Local brands like Wallace and Tastin are expanding in lower-tier cities, focusing on price positioning and market differentiation [12]. Chinese Fast Food - The Chinese fast food market is still in the early stages of national expansion, with regional brands dominating [7]. - The average price for a meal in Chinese fast food chains is around 20 yuan, with many consumers budgeting below this amount [34]. Snack Fast Food - The snack fast food segment is experiencing robust growth, with a market size of approximately 823.7 billion yuan in 2023, driven by brands like He Fu Noodle and Yuan Ji Cloud Dumplings [29]. Consumer Preferences - Key factors influencing consumer choices in fast food include taste, price, and hygiene [17]. - Digitalization is enhancing operational efficiency and customer engagement in the fast food sector [21]. Supply Chain and Innovation - A robust supply chain is crucial for stable operations, with companies like Yum China leveraging data and AI for logistics management [24]. - Western fast food brands are increasingly localizing their offerings to cater to Chinese tastes, with innovative products being introduced [26].

Investment Rating - The report indicates a positive outlook for the prepared dish industry, suggesting a critical turning point in 2024 as the focus shifts from rapid growth to structural optimization [2]. Core Insights - The prepared dish industry in China is expected to experience significant growth, with the market size projected to exceed 1 trillion yuan by 2026, driven by increasing demand from both the catering and retail sectors [7]. - The industry is transitioning from a B-end focus to a C-end emphasis, with improvements in cold chain logistics and consumer habits expected to drive demand for convenient prepared products [10]. - Changes in family structure and lifestyle are increasing the demand for prepared dishes, as households become smaller and time constraints on cooking increase [14]. - The report identifies five main types of participants in the prepared dish industry, highlighting the competitive landscape and the potential for market consolidation [18]. Summary by Sections Industry Development Phases - The prepared dish industry has gone through three phases: the embryonic phase (1987-2009), the B-end growth phase (2010-2019), and the current C-end acceleration phase (2020-present) [2][3]. Policy Environment - The regulatory framework for the prepared dish industry is evolving, with significant policies introduced in 2022 and 2023 aimed at promoting standardization and healthy development [4]. Market Size and Growth - The market size for prepared dishes in China reached 516.5 billion yuan in 2023, marking a 23.1% year-on-year growth, with expectations to surpass 1 trillion yuan by 2026 [7]. Consumer Trends - The primary consumer demographic for prepared dishes consists of young adults aged 22-40, with a notable female consumer base [31]. Challenges and Opportunities - The industry faces challenges such as supply chain instability, logistics infrastructure inadequacies, and regional market differences, but there are also opportunities for growth through innovation and international expansion [37][42][50]. Key Trends - The report highlights four key trends: the integration of "second dimension" marketing, the rise of signature products, increased cross-regional collaboration, and the exploration of overseas markets [46][47][48][49].