Hyderabad, Andhra Pradesh -- (SBWIRE) -- 10/18/2012 -- The Chinese foodservice industry increased in value from CNY2,332,711.2 million (US$292,918.5 million) in 2006 to CNY3,583,010.9 million (US$555,223.4million) in 2011, representing a CAGR of 8.96% in local currency (see graph below). In 2011, the profit sector accounted for 87.3% of total sales, which represented a value of CNY3,127,327.2 million (US$484,610.6million) and a CAGR of 10.35% in local currency.
The Chinese population is aging fast due to the one child policy adopted by the government which has slowed down the birth rate. The aged population now demands more nutritious food and encourages the consumption of vegan and organic food products. China faces a serious concern, as millions of its citizens are obese. The obese population demands various low calorie food, and other vegetarian and vegan food. In 2011, around 2% of the population was obese.
In 2009, the inflation rate was -0.7% which increased to 5.4% in 2011. The high variation in inflation affects food prices to a very great extent and also the foodservice sales. The export oriented economy of China has slowed down in growth as the demand for Chinese goods have decreased due to the global slowdown. The GDP growth has is expected to decrease to 8% by the end of 2012.
Although the Chinese government has taken steps to reduce poverty and increase the rapid urbanization of the country, there is a large section of society which live under poverty. The benefit of growing economy has not yet reached to the rural parts of western China. As a result the foodservice consumption in these parts are very low compared to the urban eastern coastal parts.
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