Description
The condiment industry develops rapidly with the stable growth of economy, livelihood and the catering industry in China. Condiments are daily necessities while the proportion is small in resident consumption. With the improvement of consumption level, consumers prefer healthy, green and no-added condiments to low-end and cheap ones with inferior quality and taste.
Condiments are supplementary to improve the quality, color, aroma and taste of dishes together with sensory needs, appetite and health of consumers.
Major condiments include soy-bean sauce, vinegar, gourmet powder and chicken essence. Meanwhile, the demand for condiments differentiates due to huge land area and various dietary modes in China.
Condiment Industry Overview
According to CRI, there are thousands of condiment manufacturers while the industry concentration rate is low, and the differentiation of product quality as well as the sanitation level is large. Larger market shares are occupied by brands such as Haitian and Lee Kum Kee. According to CRI, the aggregate market share of top 5 condiment manufacturers was about 12.4% being fully competitive in China in 2015. However, the market concentration rate will be higher of segments such as soy-bean sauce and gourmet powder. More and more enterprises are attracted by this industry due to the large condiment market and high profits in China, which leads to huge threats for domestic brands from foreign-owned ones.
According to CRI, the market size of condiments increased from CNY 192 billion in 2011 to CNY 286 billion in 2015 with the CAGR of about 8%. Generally, the sales revenue of condiments is increasing while the rate is declining, which may be influenced by the economic growth rate.
Major raw materials of the condiment industry are grains such as soybeans, corns and wheat while part of them is meat. Therefore, costs of condiment raw materials are closely related to prices of grains like soybeans. Overall costs of the condiment industry are increasing yearly including that of manpower and marketing.
The demand of consumers for condiments will be diversified with the improvement of consumption level and livelihood. Condiment enterprises can develop products specialized for various cuisine demands to increase the added-value. Meanwhile, the condiment market is regionally differentiated so enterprises can manufacture condiments accordingly.
According to CRI, the annual growth rate of the condiment market size will remain over 6% from 2016 to 2020.
Through this report, the readers can acquire the following information:
-Definition and Classification of Condiments
-Research Methods of the Report
-Analysis on Supply and Demand of Condiments in China
-Competition Status in Condiment Industry in China
-Analysis on Top 5 Enterprises in Condiment Industry in China
-Development Opportunities and Driving Forces Faced by Condiment Industry in China
-Risks and Challenges in Development of Condiment Industry in China
-Costs and Prices of Condiment Industry in China
-Forecast on Development of Condiment Industry in China
Related Reports:
Research Report on Condiment Industry in China, 2011-2020
