(Photo/Xinhua)

China has become the world’s second largest catering market as its annual catering revenue hit 4.3 trillion yuan in 2018, according to a newly published report.

Second only to the U.S., the Chinese catering market is nearly 780 times the size of 40 years ago when China adopted its reform and opening-up policy. The country is expected to overtake the U.S. as the largest catering market in 2023.

The report on China’s catering industry development in 2019 was released by the World Federation of Chinese Catering Industry - a key organization in China’s catering industry.

The report revealed that the country’s catering industry has witnessed innovation in management and business models thanks to the development of automatic production technology, digital transformation, a growing online food ordering and delivery market, and an increase in smart and unmanned restaurants.

The volume of China’s online food ordering and delivery market exceeded 250 billion yuan in 2018, with more than 400 million users, said the report.