Overview - The steak has transitioned from a special occasion dish to a daily dining choice in China, driven by the increasing acceptance and recognition among consumers, especially the younger generation [1][10] - The demand for steak is further boosted by rising health consciousness, as beef is perceived as a high-protein, low-fat meat option that aligns with modern dietary preferences [1][10] - The market for steak is expected to grow, with the industry projected to reach a market size of 35.9 billion yuan in 2024, reflecting a year-on-year growth of 5.28%, and is anticipated to surpass 37 billion yuan in 2025 [1][10] Development History - Western cuisine, including steak, began to enter the Chinese market in the late Qing Dynasty, initially catering to the elite and gradually becoming more accessible to the general public post-economic reforms [4] - The 1990s saw the emergence of affordable steakhouse brands like Haoke Lai and Haoxiang Lai, which broadened the consumer base [4] - The early 21st century introduced brands focusing on business dining, enhancing consumer awareness and acceptance of steak as a distinct market segment [4] - Recent years have witnessed the rise of online steak sales and diverse offline dining models, transforming steak from a luxury item to an affordable consumer good [4] Industry Chain - The upstream of the steak industry includes beef, seasonings, processing equipment, and packaging materials, while the downstream encompasses dining, takeout, and retail channels [6] - Consumers can enjoy steak in various settings, including restaurants, steakhouses, hotels, and through retail channels like supermarkets and e-commerce [6] Current Development - The steak industry is experiencing a shift towards more affordable dining options, with an increasing number of steak brands adopting a more accessible and consumer-friendly approach [10] - The proportion of steak outlets with an average spending of under 50 yuan is on the rise, allowing steak to become part of everyday life for more consumers [10] Competitive Landscape - The steak market in China features a diverse competitive landscape characterized by both high-end and mass-market players [12] - High-end brands like Wangpin Steak and Morton Steakhouse lead the premium segment, while mass-market brands such as Haoke Lai and Haoxiang Lai dominate the affordable sector [12][14] Industry Trends - The trend of democratizing steak consumption is expected to continue, with more brands likely to follow suit, promoting steak as a common consumer product [20] - Street and stall steak offerings are gaining popularity due to their affordability and casual dining experience, further integrating steak into daily eating habits [20] - The demand for convenient dining options is driving the exploration of "fast food" models in steak restaurants, with a focus on quick service and takeout options [20]