China's Prefabricated vegetable market is growing rapidly. China's Prefabricated dishes have entered the fast lane of development in recent years, and the market scale has maintained double-digit growth. According to AI media consulting data, from 2019 to 2021, the market scale of China's Prefabricated dishes increased from 244.5 billion yuan to 345.9 billion yuan, with an average annual compound growth rate of 18.94%. It is estimated that by 2026, the market scale of China's Prefabricated vegetables will exceed trillion yuan to 107 million yuan.
The competition pattern of China's Prefabricated vegetable industry is relatively scattered, and the concentration has great room to improve. Due to the relatively low entry threshold of prefabricated vegetables, most of the prefabricated vegetable manufacturers nationwide are small and medium-sized enterprises and individual industrial and commercial households of the same type, and the competition pattern is scattered. Compared with Japan, the market concentration of China's Prefabricated vegetable industry is low. According to the data of prospective industry research institute, the CR10 of China's Prefabricated vegetable industry was 14.23% in 2020, while the Cr5 of Japan's Prefabricated vegetable industry reached 64.04% in 2020. Under the background of the continuous improvement of brand influence, cold chain technology and food quality, the concentration of China's Prefabricated vegetable market has great room for improvement.
The BC end makes concerted efforts to drive the improvement of industry demand. At present, the consumption channels of prefabricated dishes in China are mainly catering, supplemented by retail. In terms of catering, cost reduction and efficiency increase + catering chain + increased takeout penetration + the prevalence of group meals, driving the demand for prefabricated dishes; On the retail side, factors such as the housing economy, the improvement of residents' consumption level, the development of urbanization and the change of population structure will promote the increase of demand for prefabricated vegetables.
Investment strategy: cover for the first time and give a cautious recommendation rating to the prefabricated vegetable industry. China's Prefabricated vegetable market is still in the initial stage of development, and the industry is developing rapidly. But at the same time, due to the low entry threshold of the industry, the large number of small and medium-sized enterprises in the market and the small number of large-scale enterprises, there has not been a large-scale leading enterprise leading the market, and the industry is still a blue ocean. From the perspective of demand structure, the prefabricated vegetable industry is dominated by catering and supplemented by retail. For catering customers, prefabricated dishes can improve the delivery speed, reduce the back kitchen area and enrich the categories; For retail customers, prefabricated dishes can make a dish conveniently and quickly, which can save time and ensure the health of diet. The joint efforts of BC end will increase the demand for prefabricated dishes in China, and the market is expected to have broad development space in the future. In terms of subject matter, we can focus on weizhixiang ( Suzhou Weizhixiang Food Co.Ltd(605089) ), Fu Jian Anjoy Foods Co.Ltd(603345) ( Fu Jian Anjoy Foods Co.Ltd(603345) ), Zhengzhou Qianweiyangchu Food Co.Ltd(001215) ( Zhengzhou Qianweiyangchu Food Co.Ltd(001215) ), Longda food ( Shandong Longda Meat Foodstuff Co.Ltd(002726) ), Fujian Sunner Development Co.Ltd(002299) ( Fujian Sunner Development Co.Ltd(002299) ), etc.
Risk tips: increased market competition risk, food quality and safety risk, macroeconomic downside risk and raw material price fluctuation risk.
