Development course of condiment industry in China
The condiment industry in China experienced the planned control period (before 1990s), the industry adjustment period (1990s), the industry rising period (late 1990s -2003) and the high-speed development period (2004-20 14 years), and began to enter the product upgrading period after 20 14 years. Functional and healthy product segmentation has created new demands and products. Soy sauce is subdivided into soy sauce, soy sauce, extremely delicious, fresh noodles, steamed fish and soy sauce. And develop towards the healthy direction of light salt, zero addition and organic. Vinegar started late. In recent years, jiaozi vinegar, cold vinegar and crab vinegar have been subdivided. At the same time, it was upgraded to health vinegar and vinegar beverage, and product segmentation created new demands. At present, the functional subdivision of vinegar in China is still in the primary stage, and the subdivision potential is great.
The output and market scale of condiments in China increased steadily.
According to the statistics of top 100 enterprises of China Condiment Association, the condiment production in China increased year by year from 20 13 to 20 19. In 20 19, the total output of seasoning food in China reached142.89 million tons, an increase of10.64 million tons compared with 20 18, with a year-on-year increase of 8.05%.
According to Euromonitor's statistics, the market size of condiment industry in China increased from 85.2 billion yuan in 20 14 to 20 19/28.2 billion yuan, with an average compound annual growth rate of 8.2%, including consumption of sauce vinegar, sauce and oil. Seasoning is just needed, and the cyclical fluctuation of the industry is small; And in recent years, the condiment industry has maintained steady growth under the influence of multiple factors such as population increase, consumption upgrading, and rising proportion of eating out.
The competition pattern of condiment industry in China is relatively scattered.
From 2065438+00 to 2065438+09, the overall trend of CR4 and CR8 in China condiment industry was on the rise, but the growth rate was slow. In the past decade, CR4 and CR8 increased by only 2.6 percentage points and 4.3 percentage points respectively. And the overall concentration of the industry is low, indicating that the condiment industry is in a completely competitive market environment. In 20 19, the CR4 and CR8 of condiment industry in China were 18.6% and 25.3% respectively. Among them, leading enterprise Haitian Yewei accounts for about 7.5%, followed by Lee Kum Kee, accounting for about 3.8%. Due to the great differences in tastes in different regions of China, different sub-categories have formed their own competitive pattern. National brand enterprises, foreign brands and local small and medium-sized enterprises all have their own markets.
Income of main enterprises in condiment industry in China
In the first half of 2020, among 14 listed condiment companies, there were 14 companies whose operating income increased, among which 8 companies achieved double-digit growth, accounting for 57. 14%. The top five companies in revenue are Haitian Ye Wei, Meihua Bio, Zhongju Hi-Tech, Yihai International and Fuling Zhacai, among which Haitian Yewei is far ahead of other companies with revenue of1159.5 billion yuan.
Affected by the epidemic, the operating income of four condiment listed companies declined. In the second quarter of 2020, social life gradually returned to normal, and the performance of condiment companies rebounded. Meanwhile, condiment companies continue to strive for diversification, health and high-end, and online consumption may become the new normal. Many companies focus on online and offline omni-channel marketing.
Trend Analysis of Condiment Industry in China
With the intensification of consumption upgrading, condiments show a high-grade trend, the market capacity of medium and high-grade condiments will be further expanded, and the market share of brand products will be further improved. At the same time, under the superposition of comprehensive factors such as stricter environmental protection supervision, rising raw material prices and application of new production processes, the industry threshold will be gradually raised, industry integration will be accelerated, small and medium-sized enterprises will struggle to survive, and leading enterprises with strong comprehensive strength will stand out.
—— For the above data and analysis sources, refer to the Analysis Report on Market Demand Forecast and Investment Strategic Planning of Condiment Industry in China issued by Prospective Industry Research Institute.