Condiment Industry, as a fiercely competitive industry, shows development trend of optimizing and adjusting industrial structure and raising brand concentration ratio now. Competitions between enterprises are no longer in production and sales scale but in satisfying growth and changes of consumer demand.
- High-end Condiment
According to the industry investigation and survey, consumption of soy sauce priced lower than CNY 3 declines, whereas products priced CNY 3-5 keep a growth of 10%; products priced CNY 5-8 keep a growth of 15％ and soy sauce brands priced over CNY 8 grow at the fastest speed. In the future, the high-end condiment market grows fastest. There is usually no way back for improvement of life quality and family consumption upgrade, therefore once high-end products are widely accepted by the market, the sales volume of which will be on a steady growth trend
Lao Gan Ma, with its sales value exceeding CNY 6 billion, becomes the real giant in the appetizer industry, and maintains its position of representative enterprise in hot and spicy sauce field. Zhongjing mushroom sauce only took five years to raise its sales value from zero to CNY 500 million, being a dish of national banquet.
- Traditional Features
Condiment Industry has produced a large quantity of time-honored enterprises during its thousands of years of history. Many of them will revitalize with people’s understanding of traditional brewing techniques, the return of original ecological consumption concept together with the support of national policies and capital market competition.
Overall, the demand for gourmet powder keeps stable. According to CRI market research, from 2011 to 2016, the annual demand remained over 2 million tons in China’s gourmet powder industry.
Soy sauce is the leading product in China’s condiment industry with the largest annual output volume, presenting huge potential for growth. In recent years, China’s soy sauce output volume has been constantly increasing. It exceeded 10 million tons in 2016 according to CRI market research.