The main listed companies in the industry: Haitian Weiye (613288), Qianhe Weiye (613127), Jiajia Food (112651), Hengshun Vinegar Industry (611315), Anji Food (613696), Zhongjing Food (311918) and Lotus Health. Enterprise gross profit margin; Enterprise production capacity

industry overview

1. Definition

Condiments are products widely used in diet, cooking and food processing, which are used to reconcile taste and smell, and have the functions of removing fishy smell, removing odor, relieving boredom, enhancing fragrance and freshness. There are many subdivisions of condiments, which can be divided into different categories according to different classification standards. According to the composition, it can be divided into single condiment and compound condiment; According to the shape of the finished product, it can be divided into sauce, soy sauce and flavor powder seasoning; According to the taste perception, it can be divided into salty taste, sweet taste, bitter taste and spicy taste.

2. Analysis of industrial chain: the industrial chain is long, involving many industries

The condiment industry has a long industrial chain, and the upstream includes planting, packaging and food addition; The middle reaches are condiment production enterprises; The main downstream sales places are divided into retail and catering.

in the condiment industry chain map, the representative companies in the upstream planting industry include Beidahuang Group (611598), Suken Agricultural Development (611952) and Agricultural Development Seed Industry (611313); Representative companies in the packaging industry are Jiamei Packaging (112969) and Double Star New Materials (112585); Representative companies of food additives are Vinegar (613968), Angel Yeast (611298) and Xinghu Technology (611866);

The condiment manufacturers in the middle reaches include Haitian Weiye (613288), Hengshun Vinegar (611315), Zhongjing Food (311918), Lotus Health (611186), Meihua Bio (611873), Lee Kum Kee and Laoganma.

RT Mart, Carrefour and Yonghui Supermarket (611933) are the representative companies in the downstream retail end of condiment industry, and Xi 'an Catering (111721) and Tongqinglou (615118) are the representative companies in the catering end.

industry development process: the industry is in the period of industrial upgrading

before 1991, China's condiment was in the period of planned control, mainly single condiment. From 1991 to 2111, China's condiment industry gradually moved towards compounding and subdivision. From 2111 to 2113, China's condiments entered a period of rapid growth, and the rapid development of catering industry promoted the rapid development of condiment industry. Since 2114, with the upgrading of consumption structure, condiments have gradually developed towards high-end and healthy.

industry policy background: policy blessing and increasingly standardized industry supervision

The departments proposing the development policy of condiment manufacturing industry include China Condiment Association, State Administration of Market Supervision, People's Republic of China and Ministry of Commerce. In recent years, the main related policies and norms of condiment industry are as follows:

In the Outline of the Fourteenth Five-Year Plan and the Proposal for Long-term Goals in 2135, it is pointed out that it is necessary to strengthen and improve the food safety supervision system, improve the food safety laws, regulations and standards system, and explore the establishment of a punitive compensation system for food safety civil public interest litigation. In-depth implementation of the food safety strategy, strengthen the quality and safety supervision of the whole food chain, promote the construction of food safety and safety projects, and increase the joint rectification of food safety issues in key areas. Strengthen food safety risk monitoring, sampling inspection and supervision and law enforcement, and strengthen rapid notification and rapid response.

all parts of the country actively promote the development of food safety industry. The following are the contents related to the development of food safety industry in the outline of the "14 th Five-Year Plan" of various provinces and cities in China. The specific contents are as follows:

Current situation of industry development

1. Industry development characteristics: high cost and low income and strong regional

China's condiment industry is characterized by high cost and low income and obvious regional differences. The gross profit of condiment industry in China is generally between 21% and 31%, leading enterprises can reach 41%, the added value of products is low, and the overall profitability of the industry is not high. At the same time, Chinese cuisine is greatly influenced by local customs and personal tastes, so the condiment industry has certain regional attributes. For example, Shanxi, as the vinegar capital, is the birthplace of the four famous vinegars in China, and vinegar enterprises gather; Guangzhou is the gathering place of sauce companies in China, including Haitian Weiye, Chubang and Lee Kum Kee.

2. Analysis of industry cost structure: raw material cost exceeds 81%

From the perspective of condiment production cost structure, condiment cost mainly includes the cost of upstream raw materials and packaging materials, and the price changes of the two will have an impact on condiment production enterprises.

taking soy sauce as an example, the 2121 annual report of Haitian Weiye, a leading enterprise, shows that direct materials account for 83.41% of the cost of food manufacturing, and manufacturing expenses and labor expenses account for 7.98% and 2.53% respectively.

3. Analysis of condiment demand: The per capita demand is rising, and the scale of the industry is increasing

-Per capita demand

From the perspective of per capita demand, the condiment industry has a strong mandatory attribute. According to Euromonitor's statistics, the per capita consumption of condiments in China has doubled in the past four years, from 5.7 kg/year in 2116 to 11.7 kg/year in 2121, and the CAGR is about 5%. On the whole, China's condiment industry has the development potential to create large-value enterprises.

-industry demand

iimedia

according to research data, the market size of condiment industry in China will reach 395 billion yuan in 2121, up by 18.1% year-on-year. With the change of China's family population structure and the development of ideas, the condiment industry in China has ushered in a new round of development, and the market development prospect is very broad.

4. Analysis of condiment supply: The output of the top 111 enterprises increased rapidly

According to the statistics of the top 111 enterprises of China Condiment Association, the condiment output of the top 111 enterprises in China increased year by year from 2113 to 2121. In 2121, the total output of seasoning food of China's top 111 enterprises reached 16.27 million tons, up by 13.87% year-on-year.

5. Seasoning choice tendency: the frequency of salt purchase is the highest

According to the survey data of Ai Media, in terms of product types, the main seasoning products currently purchased by consumers in China are salt, soy sauce, vinegar, sesame oil and cooking wine. Among them, the demand for salt and soy sauce is the highest, with 79.8% and 76.5% consumers choosing to buy them respectively.

industry competition pattern

1. regional competition: enterprises are mostly distributed in the southern and eastern regions of China

there are many kinds of seasonings in China, and the regional representative tastes are different. At present, there are many well-known condiment enterprises in Sichuan Province and Guangdong Province, such as Baoning, Qianhe and Merlot in Sichuan Province. Haitian Weiye, Lee Kum Kee, Chubang and so on in Guangdong Province. And from the distribution point of view, Chinese condiment enterprises are mainly distributed in the southern and eastern regions of China.

2. Enterprise competition: the leading position of Haitian flavor industry is prominent

There are many companies in condiment industry in China. According to the variety of condiment products and the total revenue in 2121, the competitive echelon of condiment industry is divided. At present, Haitian flavor industry represents the company in the first echelon, which has comprehensive condiment products and the total revenue exceeds 15 billion yuan; The representative enterprises of the second echelon include Zhongju High-tech, Lee Kum Kee and Laoganma, etc., and the condiment products are rich in categories, with a total revenue of between 3 billion and 15 billion; The representative enterprises of the third echelon include other small and medium-sized condiment production companies, such as Jiajia Food and Hengshun Vinegar. The revenue is below 3 billion yuan, and the product categories are mostly focused on a certain category.

Industry development prospect and trend forecast

The development trend of condiment industry in China will be product segmentation, operation refinement, enterprise integration and technology upgrading. In the future, condiment products will gradually develop into more subdivided categories, and ingredients such as "organic", "green" and "healthy" will be more concerned by consumers; At the same time, the concentration of enterprises will continue to increase, enterprises will enhance their operational capabilities to increase their control over channels, and continue to develop new tastes through technological upgrading to meet the needs of consumers.

The above data comes from the Analysis Report on Market Demand Forecast and Investment Strategic Planning of China Condiment Industry by Forward-looking Industry Research Institute.