As introduced by China Federation of Logistics&Purchasing(CFLP), in the year of 2023, the volume of China’s food ingredient consumption market reached 9,370 billion yuan RMB, having a year-on-year increase of 10.31%. Specifically, the consumption volume of retail ingredients reached 7,250 billion yuan RMB, increasing by 7.66% year on year, while the consumption volume of catering ingredients reached 2,120 billion yuan RMB, increasing by 20.45% year on year. Due to the recovery of China’s catering market, there is a rapidly-increasing consumption demand for catering ingredients.

Food ingredient circulation market also saw a steady increase in the market volume. According to related statistics, the volume of ingredient circulation market reached 6,100 billion yuan RMB, having a year-on-year increase of 11.78%, while the market volume for service-type ingredient supply-chain enterprises reached 1,720 billion yuan RMB, having a year-on-year increase of 13.62%.

Text Reference: passage from People’s Daily

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