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China Condiment Industry 2013 Analysis & 2015 Forecasts in New Research Report at ChinaMarketResearchReports.com

Dallas, TX (PRWEB) January 07, 2014

Being optimistic about the prospect of Chinese condiment market, Danone, Nestlé, Unilever, Hormel Foods, McCormick and other foreign companies through mergers and acquisitions, direct investment or joint ventures have in succession entered the Chinese condiment market. On January 4, 2013 Hormel Foods acquired Unilever’s Skippy? Brand Peanut Butter (including the facilities in Little Rock, Arkansas, USA and Weifang, China) with US$ 700 million; on May 31, 2013 McCormick (Wuhan) Food Co., Ltd., a wholly-owned subsidiary of McCormick completed the asset acquisition of Wuhan Yatai Seasoning Food Co., Ltd. with US$ 147 million to get the latter’s chicken essence brands “DaQiao” and “ChuShiLe”, making strong entry into Central China.

Chinese condiment mainly refers to soy sauce, vinegar and similar products, monosodium glutamate (MSG), etc.. In 2008-2012 Chinese condiment industry revenue grew at a CAGR of 17%, of which, soy sauce and vinegar sector as the main driving force grew at a CAGR of 23%.

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Benefiting from the household consumption upgrade as well as the rapid development of catering industry and food production, the Chinese condiment industry prior to 2015 is expected to maintain a growth rate of above 20%. In 2013 Chinese condiment (including only soy sauce, vinegar and the like, MSG) industry revenue climbed 21.8% YoY to RMB131.19 billion.

Chinese soy sauce production reached about seven million tons in 2012, a year-on-year increase of 3.7%; 6.1 million tons in January-October 2013, a year-on-year increase of 8.1%. In 2012 China’s four major soy sauce brands by output – HaiTian, MeiWeiXian, Lee Kum Kee and JiaJia accounted for total market share of 30.5%.

There are about 6,000 producers in Chinese vinegar industry, represented by Jiangsu Hengshun Vinegar Industry Co., Ltd., Shanxi Shuita Vinegar Co., Ltd, Sichuan Baoning Vinegar Co., Ltd., showing low concentration, and will face great space for integration in the future. Hengshun Vinegar Industry as China’s largest vinegar producer annually produces about 213,000 tons of vinegar, accounting for 7.1% of vinegar production in China.

Chinese chicken essence industry has a high concentration, embracing nearly 20 large-scale producers, with CR5 up to 68% or so. The industry is mainly monopolized by foreign companies such as Switzerland-based Nestlé, the owner of HaoJi and Totole. Local Chinese enterprise – Guangdong Jialong Food Co., Ltd. relying on unique chicken essence recipe, inimitability and price competitiveness has occupied high market share in the middle and top grade catering industry.

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