Fast food market scale
With the good development of China’s food manufacturing industry in recent years and the in-depth change of people’s consumption behavior in the post epidemic era, the group of “one person food, lazy economy, new home life and generation Z” has been rising, driving the rapid growth of convenient and fast food. Convenient fast food has accelerated its development because of its convenient operation and can meet people’s various needs in daily life and special periods and scenes, and the market scale continues to expand. According to the report on in-depth market analysis and investment strategic planning of China’s convenience food industry from 2022 to 2027 released by Huajing Industry Research Institute, the market scale of China’s convenience food industry in 2020 was 481.3 billion yuan, a year-on-year increase of 6.9%.
According to the data of the National Bureau of statistics, in 2016, the sales revenue of Enterprises above Designated Size in China’s convenience food manufacturing industry was 406369 billion yuan, the highest in recent years; In 2017, it decreased to 379117 billion yuan; In 2018, due to the rapid development of the takeout industry and the downward pressure of the macro economy, the sales revenue of Enterprises above Designated Size in the convenience food manufacturing industry further declined to 295.97 billion yuan.
The sales revenue of the above enterprises was 406369 billion yuan, the highest in recent years; In 2017, it decreased to 379117 billion yuan; In 2018, due to the rapid development of the takeout industry and the downward pressure of the macro economy, the sales revenue of Enterprises above Designated Size in the convenience food manufacturing industry further declined to 295.97 billion yuan.
However, as soon as the epidemic became serious, instant foods became the first products to be purchased and stocked in large quantities. During the Spring Festival in 2020, the transaction amount of convenience food on JD platform increased by 3.5 times, of which 15 million packages of instant noodles alone were sold. We have to admit that instant noodles are popular again. According to wind data, from February 3 to February 14, 2020, the shares of Riqing food, Master Kang and uni president rose by 12.18%, 12% and 11.56% respectively, ranking first among A-share and Hong Kong stock listed companies in terms of food and beverage. According to the cbndata report in 2021, the convenient fast food industry has grown steadily in recent years, and the product price has increased significantly. It is estimated that the scale of China’s market exceeds 250 billion yuan. The growth rate of online market in recent one year is more than 70%, which has become the core driving channel of industry growth.
Before that, as a traditional convenience food, the Chinese instant noodle market was once depressed due to factors such as takeout, and its sales volume began to decline year after year in 2013. By 2016, the sales volume of instant noodles had fallen to 38.5 billion yuan. After 2017, the instant noodle market recovered slightly. As of 2018, the annual sales volume of Chinese instant noodles was about 40.2 billion yuan, a year-on-year increase of 3.2%.
In addition to instant noodles, quick-frozen food, pickled mustard, self heating pot, vermicelli and other convenience foods with convenience, stock attributes and certain functional attributes, the online sales volume has increased significantly. According to the market intelligence data of magic mirror, in July 2021 alone, the sales of convenient fast food / quick frozen food category under tmall Taobao platform exceeded 1.5 billion yuan.
1.2. Classification of instant foods
Since 2019, the categories of convenience foods have become more and more differentiated and diversified. Cbndata classified all kinds of instant foods into traditional instant foods (semi-finished taro balls and semi-finished hand grabbing cakes), new instant foods (boiled rice and self heated porridge) and new scientific and technological products (artificial meat and substitute milkshake). With the emergence of new categories such as instant hot pot, instant rice, Nanchang mixed powder, lazy string, convenient barbecue, instant vegetarian soup and instant chicken soup, the brands of instant food are also increasing. In addition to traditional brands (Master Kang, Tongyi and Baixiang), many online popular brands (zihi pot, Mo Xiaoxian and a Kuan), snack brands (baicaowei, Three Squirrels Inc(300783) ), catering brands (Haidilao and Xiaolongkan), cutting-edge brands and imported brands have also emerged. Although the market share of traditional brands is large, the growth rate of products of online Red brands, snack brands and cutting-edge brands is higher. The diversification of brands not only increases the competition in the food industry, but also brings new vitality to the convenient fast food industry. In addition, the prefabricated dishes originated from the B end began to be concerned by the C end. This kind of dishes that can be served on the table without selecting and washing dishes and simple processing are also more and more popular with consumers, especially young groups. If the compound growth rate of 20% per year is estimated, in the next 6-7 years, China’s Prefabricated vegetable market can grow into a trillion yuan market. In the long run, the scale of China’s Prefabricated vegetable industry is expected to reach more than 3 trillion yuan.
