Core Insights - The fried chicken industry in China has seen significant growth, with over 100,000 fried chicken stores, including 15,000 newly opened ones, particularly in lower-tier cities and small towns [1] - The popularity of fried chicken in China is influenced by its American origins, with variations like Korean fried chicken gaining traction due to cultural exchanges and media influences [3][5] - The Korean fried chicken market has faced challenges, including rising prices and economic downturns, leading to a decline in the number of stores [18][20] Industry Overview - The fried chicken segment is part of a larger fast-food market in China, which includes approximately 3.8 million fast-food outlets, with fried chicken stores accounting for less than 20,000 [24] - The market size for the fried chicken industry in China is projected to reach 479.6 billion yuan by 2024, representing less than 7% of the total restaurant revenue of 5.5 trillion yuan [24][28] - The supply chain for chicken in China is well-established, with a historical context that supports a stable supply, unlike the more fragile supply chain in Korea [28][30] Market Dynamics - The fried chicken market in Korea has experienced a significant decline, with over 8,400 stores closing in 2018, attributed to economic factors and rising costs [13][20] - In contrast, the Chinese market has shown resilience, with rapid expansion of fried chicken chains, such as Zhengxin Chicken, which opened over 10,000 stores in a year [13][24] - The competitive landscape in China is characterized by a mix of traditional Chinese cuisine and fast-food options, with fried chicken positioned as a popular choice among consumers [24][28]