BEIJING, April 7, 2021 /PRNewswire/ -- Food service is one of the most important industries in China. The catering industry in China is quite valuable considering its large market, fast growth in recent years, wide influence, and strong ability to absorb employment. However, due to COVID pandemic in 2020, many restaurants have been forced to close their doors or adapt to new customer demands.
Thankfully, with the pandemic controlled across China and strong government support, the catering industry has gradually recovered nationwide. According to experts, the total volume of China's catering market will return to 2019 levels this year and should continue to develop at a compound annual growth rate of 7.2%. By 2023, it is expected to exceed 6 trillion yuan.
New companies are emerging every day in the race to seize market share in China's restaurant space, many seeking investment and operating partners to scale to a nationwide presence.
Chinese business accelerator TOJOY is providing several of such companies with the financing, local operating partners, and business resources needed for such scaling, and all at a rate much more rapid than traditional means. For foreign food and beverage companies especially, TOJOY-facilitated agreements with investors and operating partners across the country, is proving invaluable.
You don't have to choose between delicious and nutritious.
Healthy, fresh eating is an emerging trend across China. One company seizing on the trend is Norwegian salmon chain Pink Fish. Pink Fish co-founder Geir Skeie won the world chef Bocuse d´Or award in 2009, and has committed to bringing award-winning Norwegian seafood that is fast, healthy, and verified by blockchain to a hungry customer base worldwide.
"The health benefits of seafood are unquestionable. It contains higher protein and lower fat than other proteins," said Skeie in a recent interview.
"Omega-3, in particular, is an important ingredient, which promotes brain development and is also important for cardiovascular health. The salmon in the Pink Fish meal has a much higher Omega 3 content than other brands, and we can monitor the whole salmon raising and preparation process."
Pink Fish employs an IBM blockchain service to monitor every step of its salmon's journey from egg to plate. Customers scan a QR code at their table to see where their salmon was born, what it ate, who raised it, and who transported it to Pink Fish.
This high-tech supply chain of healthy, award-winning food drew TOJOY's attention when the company agreed to partner early this year.
Complimenting a Good Meal with Good Wine
TOJOY is also answering China's ever-growing appetite for world-class wine and spirits. "World's Best Wine and Spirits" presents a collection of alcoholic beverages from Eastern Europe, the United States, Canada, and Mexico to Chinese consumers. Through TOJOY's sales platform, both end user consumers and local distributors can access these specialty beverages more quickly and easily than ever.
Local distributors have lauded World's Best Wine and Spirts for its direct marketing, and its method for keeping prices lower than the competition by reducing markups by middlemen. The transparency provided through a centralized digital pricing method ensures consistently high beverage quality, ensures product authenticity, and reduces the pricing confusion that has plagued other methods of nationwide beverage distribution across China.
In 2021, diners across China are spending more than ever on food and beverage. This may be the best time ever for brands to enter the industry in China. TOJOY is deploying its nationwide network to enable more and more global brands to expand rapidly in China through cooperative development with trusted local investors and partners. For those companies ready to grow and seize this huge market, it may be time to feast.