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In-depth report on the vinegar industry: rapid growth, urgent integration
May 11, 2020 16:46 Sina Finance-Self-Media Synthesis
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In-depth report on the vinegar industry: rapid growth, urgent integration
(Zhu Huizhen S1250513110001)
Vinegar industry: The competitive landscape is fragmented, and it is time for rapid growth. The vinegar industry is in a stage of rapid growth. With the subdivision of vinegar functions and the strengthening of health trends, the vinegar industry will maintain rapid growth in the future. The vinegar industry has strong regional distribution and low brand concentration. Compared with other sub-sectors of condiments, the leading advantage in the vinegar field is not obvious. The industry is facing an opportunity for integration. In the future, with the advantages of leading companies in scale and outward Expansion, market share will gradually be concentrated to leading companies.
How much room does vinegar have in the future? 1. Future space: According to our calculation, according to the catering consumption ratio method, the income scale of the vinegar industry can reach 45.3 billion yuan in ten years; according to the benchmarking foreign method, the income scale of the vinegar industry can reach 54.8 billion in ten years. Compared with the revenue scale of 19.2 billion yuan in 2018, there is huge room for improvement. 2. Driving factors: As the basic condiment, vinegar continues to expand in industry revenue and can be split into two aspects. The driving factors for quantity are: 1) the development of catering business, 2) the healthy consumption habits; the driving factors of price Yes: 1) Consumer brand awareness is established, 2) High-end product structure.
The three major development trends of the vinegar industry in the future: 1) Functionalization: Compared with the soy sauce category, the vinegar product segmentation maturity is still at a relatively low level. In the future, with the differentiation of consumer tastes and the strengthening of consumption upgrades, the vinegar segmentation The trend will be more obvious, which will lead to a further increase in family ownership. 2) Health: With the increase in people's requirements for dietary health, consumers are paying more and more attention to condiments that are beneficial to health, safety and nutrition. Vinegar companies have launched a series of products with no additives and organic concepts, and the added value of products has increased. 3) High-end: Chinese consumers are moving from a full-fed diet to a healthy diet, and their consumer psychology is maturing. They put forward higher requirements on the naturalness and nutrition of products, and low-quality "prepared vinegar" formulas are difficult to meet the market. Long-term needs.
How will the future pattern of the vinegar industry evolve, and what kind of vinegar companies can break the situation of local brands becoming independent? 1) Channel construction is fundamental, vinegar still has the characteristics of wide channels of condiments in essence, and channel control capability is an important indicator of vinegar enterprise competition. Vinegar enterprises should grasp the catering channel and combine traditional channels with modern channels to achieve new sales growth; 2) The expansion of categories promotes continuous growth in performance, and the benchmark Japanese vinegar leader Wei Zikang should be used to continuously open up space through category expansion; 3) The expansion of remote locations to achieve nationalization, referring to the case of Haitian promotion of soy sauce, vinegar enterprises should strengthen brand awareness and enhance Product quality, combined with channel layout to achieve nationalization.
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Risk warning: Raw material prices may fluctuate greatly, food safety issues, and sales will not meet expectations.
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