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From the top 100 data to see the development of soy sauce and sauce industry

 Last Update: 2022-09-30
 Source: Internet
 Author: User

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First, the 2021 soy sauce industry development analysis

First, 2021 soy sauce industry development analysis soy sauce

(1) Top 100 report soy sauce data analysis

Production and sales grew
steadily.
According to the data of the top 100 famous brand enterprises of China's condiments in 2021, the total production of soy sauce industry (31) is 5.
997 million tons, with a year-on-year growth rate of 7.
2%; Sales revenue was 31.
98 billion yuan, an increase of 5.
2%
year-on-year.

Chinese condiments

Market concentration is slowly increasing
.
Among the 31 soy sauce manufacturers in the top 100, the sales revenue CR3 is 65%, and the output CR3 is 65%.

The market concentration is higher than that of vinegar, compound seasonings and other categories, but lower than monosodium glutamate, oyster sauce, cooking wine and other categories
.

Vinegar seasoning MSG oyster sauce cooking wine

The unit price of sales fluctuates slightly
.
In 2021, the output income of soy sauce will be 5332 yuan / ton
.
Compared with the soy sauce production income of 5391 yuan / ton in 2019, the output income in 2020 is 5605 yuan / ton, and the fluctuation of soy sauce production income in 2021 is small
.

(2) Characteristics of soy sauce industry development

1, raw materials and other costs rise rapidly, affecting the profit margin of enterprises

Affected by the epidemic and other factors, inflation in major countries around the world has continued to rise higher than expected since Q2 2021, commodity prices have continued to rise, and the cost of raw materials for condiments such as corn, glass, and plastics has increased
significantly.

Taking Northeast soybeans as an example, the market continues to rise, and the market price is at a high level
.
According to the data, the average price of the soybean market in December 2021 was 6047 yuan / ton, compared with the price of 5250 yuan / ton at the beginning of the year, up 797 yuan / ton, an increase of 15.
18%.

2.
The product structure migrates from the low end to the middle end, but the proportion of the high end is not high

According to the monitoring of Win Now, the proportion of soy sauce sales below 10 yuan fell from 46.
86% in 2020 to 42.
06% in 2021, while the proportion of sales between 10-20 yuan rose from 47.
05% in 2020 to 51.
67%
in 2021.

Although the overall sales of soy sauce in offline supermarkets declined slightly, the sales of raw soy sauce, which mainly increased freshness, fell by only 1%, while the sales of old soy sauce fell by 7%.

But at the same time, it can be found that the proportion of soy sauce with a unit price of more than 20 yuan has changed very little
.
The average selling price of more than 4,000 SKU soy sauce products monitored rose from 11.
8 yuan in 2020 to 12 yuan in 2021, an increase of only 1.
3%.

3, capacity expansion is still continuing, the market oversupply phenomenon is likely to intensify

At present, the soy sauce industry as a whole has shown a trend of
oversupply.
Taking the first half of 2022 as an example, well-known enterprises such as Guangzhou Zhimeizhai, Jiangsu Hengshun, Donggu, Qianhe Weiye and other well-known enterprises have issued expansion plans, and it is expected that the new soy sauce production capacity will exceed 900,000 tons
.

4.
The number of soy sauce brands continues to increase, but the number of SKUs on sale is basically stable

According to statistics from big data company Bo Xiaotong, as of July 2022, the number of soy sauce brands on sale monitored reached 927, an increase of 11.
2%
compared with the beginning of the year.
Among them, there are existing soy sauce companies to extend new product brands, but most of them are new entrants
.

Although soy sauce brands continue to increase in the market, the number of SKUs on sale remains basically stable
.
In the supermarket (including convenience store) channels, the number of SKUs on sale in 2021 was 4281, an increase of only 2.
2% over 2020; For online channels, the number of SKUs on sale in July 2022 was 9215, a slight decrease
compared to the beginning of the year.

Soy sauce | The number of brands increased by | E-commerce platform | 2022.
2-2022.
7

Soy sauce | SKU number increased by | E-commerce platform | 2022.
2-2022.
7

5.
Soy sauce enterprises mainly make breakthroughs in the three directions of scale, compound and high-end

In the face of huge external pressure, through digital transformation, while improving product quality, improving product production efficiency, thereby reducing product costs, digesting the pressure of rising costs, has become the choice of
the vast majority of head soy sauce companies.

Secondly, soy sauce companies have also begun to not be limited to the basic product positioning, and have begun to meet the multiple needs of cooking through soy sauce, and products such as a poinsettia and braised sauce have been generally welcomed
by the market.

In line with consumers' consumer trend of pursuing quality and health, soy sauce companies continue to introduce high-quality soy sauce products, such as thin salt and organic soy sauce products
.

Second, the development analysis of sauce industry in 2021

(1) Top 100 report sauce data analysis

Production and sales growth are slow
.
The total production of sauce industry (28) was 911,000 tons, with a year-on-year growth rate of 0.
9%; Sales revenue was RMB8.
18 billion, representing a year-on-year increase of 0.
7%.

Low
market concentration.
Among the 28 sauce manufacturers shortlisted in the top 100, the CR3 of sales revenue and output is 57%, which is the lower concentration category in each category
of condiments.

The unit price of sales fluctuates slightly
.
The output income of sauce products of the top 100 enterprises is 8980 yuan / ton
.

(2) The development characteristics of the sauce industry

1.
The industry is full of flowers, and the new and old brands have their own characteristics

Sauces, especially compound sauce products, are rich in variety and have a wide range of consumption scenarios, so they have become a relatively concentrated area
for new condiment brands.
In recent years, new brands
such as Jiadian Taste, Rice Chef, and Xibao Research have emerged.
They have a unique understanding of consumers and channels, occupying some channels
such as online and chain restaurants.
It is worth mentioning that the development of emerging brands must keep up with the development trend of
the industry.

Sauce

2.
Sauce has become a hot spot for investment and financing

In the financing case of the condiment field in 2021, the main products such as adding a little taste, rice sweeping light, and Xibao research are all compound seasoning sauces, and the products of Meixin Food and other enterprises also include sauce products
.
Investors are more optimistic about the development space
of sauce products.

3.
The scale of sales is low

In general, the market concentration of sauce is low, except for leading enterprises such as Haitian and Laoganma, the sales scale of most sauce production enterprises is relatively small
.

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