Analysis on the Development of China's Quick-frozen Industry in 2017
2019-05-28 Views（）
The frozen industry is still at its best:
At present, it is in the best period of industry growth: the development of domestic quick-freezing industry has gone through three stages, and it is in the high-speed development period of improving cold chain technology and expanding downstream demand.
Cold chain level is relatively weak in the early stage of development (1970s-1997): the frozen food industry started in the 1970s, and the technology of cold chain was relatively mature in the early 1990s, but the sinking space is still relatively limited. At this stage, the industry developed slowly, and the sales of the frozen food industry in 1997 were only 2 billion.
In the mid-term of development (1997-2005), the capacity of CAGR reached 17.67%. Industry began to form high market share of brand enterprises, in 2005, industry sales amounted to 7.4 billion.
Cold chain technology promotes the high-speed development period of channel sinking (2005-present): the industry develops at a high speed, with CAGR reaching 26.6% in 2005-2015. During this period, listed companies are constantly emerging and fully enjoy the industry dividends. It is expected that the scale of domestic frozen industry will exceed 100 billion by 2020.
From 2005 to 2015, the R CAGR of frozen food industry reached 26.62%.
Data source: publicly available data collation
Quick-frozen food is a sub-industry whose annual main income increases faster than that of the previous year.
Data source: publicly available data collation
Relevant Report: Research Report on Supply and Demand Forecast and Development Trend of China's Quick-freezing Equipment Market from 2017 to 2022 issued by Zhiyan Consulting
Domestic per capita consumption of quick-frozen is low, and catering market and cold chain technology will help expand the industry. In developed countries, frozen food has become an important part of the food industry. Take the United States as an example, the per capita consumption of frozen food reaches 60 kg per year. Because of the late start of frozen food in China, although it has developed rapidly in recent years, the per capita consumption of frozen food is less than 10 kg, which is equivalent to the level of Japan in the 1970s and 1980s, and far lower than the current consumption level of European and American countries. We judge that the expansion power of the quick-freezing industry in the future will mainly come from the rising demand for semi-finished products caused by the growth of the fast-freezing leisure catering market, and the sinking of channels brought by the further improvement of cold chain logistics.
Increasing space for per capita consumption of frozen food in China
Data Source: Open Information, Intelligent Research Consultation
The expansion of the fast food and leisure catering market has created business opportunities for the quick-frozen semi-finished products market. The proportion of Chinese dining out continues to rise. Forecast data show that the proportion of Chinese dining out will exceed 26% by 2018. At the same time, from the catering sub-areas, with higher dining efficiency, and cost-effective fast food and leisure catering expansion significantly, the total proportion of 2018 is expected to reach 39%. Fast food and leisure catering are mostly chain enterprises. The standardization of tableware is based on the semi-finished products of central kitchen, which brings considerable market space for quick-frozen food production enterprises.
The proportion of dining out at home and abroad is increasing year by year.
Data source: publicly available data collation
Fast Leisure Food Expansion
Data source: publicly available data collation
The cold chain logistics is gradually complete, which helps the channel of quick-frozen products sink. At present, there is still room for improvement in the domestic cold chain logistics level, with the capacity of cold storage reaching 105 million cubic meters by 2012, ranking third in the world; the per capita possession of cold storage is relatively lagging behind the major developed countries, even in the first-tier cities like Beijing and Shanghai, the per capita possession of cold storage is still slightly lower than that of Korea, and there is a certain gap compared with Japan, the United States and Germany. We believe that the domestic cold chain logistics is in the stage of gradual improvement, and the improvement space of per capita cold storage capacity for standard developed countries can also be regarded as the space for further sinking of quick-frozen product channels in the future.
The maturity of quick-frozen two sub-industries is different, and the quick-frozen hot pot materials still need to be expanded. The industry of quick-frozen noodles and rice products is relatively mature, and the variety richness is gradually improved. The output of domestic quick-frozen noodles and rice products is nearly 6 million tons in 2016, and a number of well-known brands have been formed. The early development of domestic hot pot products industry is mainly Taiwanese-funded, and the consumption area is relatively limited. Since 2005, this category has gradually been recognized by the national consumers. Its output reached 1.6 million tons in 2014, but the scale of the industry is relatively small, and it is expected to expand rapidly in the future.
Domestic production of frozen surimi in 2014 was nearly 1.6 million tons
Data source: publicly available data collation
In 2016, the output of quick-frozen noodle rice products in China was nearly 6 million tons.
Data source: publicly available data collation
The quick-frozen hot pot industry is in the period of shuffling and integration. Quick-frozen noodle rice industry is relatively mature and has a high degree of industry concentration. Taking the leading Sanquan food as an example, after the purchase of Longfeng food, its market share in 2015 was nearly 30%. The market share of Wanchai wharf was second only to Sanquan, which was 20%+. The market share of missing Sanquan was nearly 20%. The three leading markets accounted for about 70%. Hot pot products industry has entered a period of rapid development since 2005, and its market share is still relatively scattered. As the leading enterprise of domestic hot pot products, Anjing Food has a sales revenue of 2.22 billion yuan in 2014. The scale of domestic hot pot products industry is estimated to be 39.5 billion yuan. The market share of Anjing Food in domestic hot pot products industry is only 5.6%. The concentration of quick-frozen food market segments is quite different, and the hot pot products industry needs to be integrated.
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