Core view
The emergence of prefabricated dishes has shortened the time of catering and cooking. Due to the rapid pace of people's life, prefabricated dishes that save cooking time began to appear in the sight of consumers. Traditional restaurant or family ready-made dishes have the pain points of complex process and time-consuming production, but the prefabricated dishes of semi-finished products can no longer start from raw materials in the meal preparation process, which speeds up the meal delivery speed. When the prefabricated vegetables arrive at the consumption terminal, they can be eaten only after simple cooking treatment such as heating. The convenient "kitchen revolution" will lead the rapid development of the prefabricated vegetable industry.
The market scale of prefabricated vegetables is expected to exceed trillion. On the one hand, with the dissipation of the negative impact of the epidemic, catering revenue is expected to resume growth. China's catering revenue increased year by year from 2010 to 2019, with CAGR reaching 11.43%. After the outbreak in 2020, the offline catering industry was severely hit, and the catering revenue decreased by 15.38% year-on-year. By 2021, the negative impact of the epidemic is gradually dissipated, and catering revenue is expected to continue to repair and restore the long-term growth trend. According to the CAGR from 2010 to 2019, the catering revenue is expected to exceed 5 trillion yuan in 2023; On the other hand, the size of the group meal market exceeds trillion, and prefabricated dishes can take advantage of the wind. At present, China's group meal market has a large scale. At present, the group meal market has exceeded 1.5 trillion. The group meal market scale CAGR reached 14% from 2016 to 2020. According to this growth trend, the group meal market scale in China can exceed 2.2 trillion in 2023. The demand for group meals in China mainly comes from enterprises and school students. At present, there are still some problems, such as time-consuming meals, less variety of tastes, health hazards and so on. As a standardized and large-scale product, prefabricated dishes are convenient, diverse and healthy, which can solve the pain points of group meals. Therefore, in the context of the rapid growth of the group meal market, the prefabricated vegetable industry can take advantage of this east wind to achieve rapid development. According to AI media consulting, the scale of China's Prefabricated vegetable market is expected to be 345.9 billion yuan in 2021 and 515.6 billion yuan in 2023. If the growth rate of China's Prefabricated vegetable market remains stable at 20%, the scale of China's Prefabricated vegetable market will exceed trillion yuan in 2027.
The future development logic of the prefabricated vegetable industry is clear. From the long-term development logic, 1) the safety and health characteristics of prefabricated vegetables are in line with the consumption upgrading trend. From the perspective of quality control, the quality control standard of prefabricated dishes is strict, and multiple links are checked to ensure product safety. In terms of nutrition and health, because the prefabricated dishes are produced by unifying the reasonable proportion of condiments and nutritional components through the food industry under the research of professionals, the component proportion of the products is scientific and healthy, and because the prefabricated dishes are stored in a low-temperature and sealed environment, it can inhibit the growth of microorganisms and bacteria, and it will be healthier to eat hygiene; 2) In the long run, the pursuit of convenience will increase the demand for prefabricated dishes. According to the data of the seventh national census, there is an obvious trend of singleness and miniaturization of family size in China's population structure. Under this trend, consumers will be more inclined to choose simpler and more convenient ingredients. At present, with the emergence of "lazy economy" and "house economy", It also makes consumers\' demand for more convenient prefabricated dishes increasing.
Investment advice
The prefabricated vegetable industry is in the early stage of development and has a broad market space in the future. The benefit targets are industry leaders whose concentration is expected to improve and targets with development potential. The prefabricated vegetable industry is currently in a period of rapid development, and the market scale is expected to increase in the future. The long-term development logic of the industry is clear, and the characteristics of prefabricated vegetables are safe, healthy and portable, which is in line with the trend of consumption upgrading and the social development trend of single and residential economy. The future development is highly deterministic. At present, the concentration of the industry is low and the competition pattern is scattered. The beneficiaries are industry leaders whose concentration is expected to improve in the future, such as Suzhou Weizhixiang Food Co.Ltd(605089) , Fu Jian Anjoy Foods Co.Ltd(603345) , and targets with great development potential, such as Juewei Food Co.Ltd(603517) , Henan Shuanghui Investment & Development Co.Ltd(000895) , China Quanjude(Group) Co.Ltd(002186) , Sanquan Food Co.Ltd(002216) , Better Life Commercial Chain Share Co.Ltd(002251) , Chongqing Fuling Zhacai Group Co.Ltd(002507) , Longda food, Zhanjiang Guolian Aquatic Products Co.Ltd(300094) , Guangzhou Restaurant Group Company Limited(603043) , Shandong Huifa Foodstuff Co.Ltd(603536) , Zhongyin Babi Food Co.Ltd(605338) .
Risk tips
The macroeconomic downturn exceeded expectations; Food safety risks; Intensified market competition; Risk of falling demand.
