Looking back at the development hotspots of the condiment industry in 2021

Looking back on 2021, the condiment industry is moving forward with twists and turns, and many companies are facing pressure to increase their income.

1 The introduction of new regulations for soy sauce and vinegar

In June 2021, the State Administration for Market Regulation issued the "Announcement on Strengthening the Quality and Safety Supervision and Management of Soy Sauce and Vinegar"

The announcement pointed out that local market supervision departments should strengthen the supervision and inspection of soy sauce and vinegar producers and operators, and organize sampling inspections of soy sauce and vinegar products

2 Industry revenue and profit growth slowed down

Affected by factors such as sluggish consumption and rising raw material costs, the growth rate of revenue and profits of the condiment industry will slow down in 2021

3 Compound condiments become the main line of development

In 2021, brands such as Jiadianzhiwei, Xiaoxiongjiadao, and Weiquan will successively receive capital financing, and the financing amount is very considerable

As a product of the general trend of consumption upgrading, compound seasonings are rapidly penetrating into people's daily life and releasing strong consumption potential

4 Leading companies drive price hikes

In order to cope with the adverse effects of rising raw material costs, in the second half of 2021, leading condiment companies have entered a price adjustment mode

In October 2021, Haitian Flavor Industry said that in view of the continuous increase in the costs of main raw materials, transportation, and energy, it has decided to increase the ex-factory prices of some products such as soy sauce, oyster sauce, and sauces by 3%-7%

5 Emerging brands are gaining momentum

2021 is a year for the rapid rise of new and cutting-edge brands in the condiment industry.

　　Emerging brands refer to emerging brands in the market.

　　6 Zhu Laoliu and Geshi Foods listed on the Beijing Stock Exchange

　　In November 2021, the Beijing Stock Exchange officially opened, and the first batch of 81 listed companies made a collective appearance

　　It is reported that the main products and businesses of Changchun Zhulaoliu Food Co.

　　7 High-priced condiment gift boxes cause controversy

　　In November 2021, Fuling mustard will launch a sky-high gift box, with an e-commerce price of up to 1,500 yuan

　　The industry believes that high-priced condiments are corporate marketing gimmicks and do not contribute much to corporate development and performance

　　8 "China Condiment Industry Investment Theory" published

　　In October 2021, Wei Xiangyun, executive chairman of the China Condiment Association, officially published his book "On Investment in China's Condiment Industry"

　　97 time-honored brands were integrated, and "Shou Nong Flavor Industry" was born

　　In July 2021, Shounong Food Group launched the "Shounong Beautiful Brightening Plan", which aims to jointly build the group's time-honored brand cluster IP and make the time-honored brand culture rejuvenate in the new consumer market

　　Focusing on condiments, Shounong Flavor Industry will build a condiment enterprise with a rudimentary listing and strong market competitiveness, further enhancing the group's ability to guarantee the supply and service of condiments, and better meet consumer demand in the capital
.
Shounong will increase its support for time-honored brands from the four aspects of image, communication, products and channels, innovate in time-honored products, packaging, communication methods and channels, awaken new consumer groups' awareness of time-honored brands, and expand time-honored brands in New age influence
.

　　10 Enterprises make efforts to reduce salt and condiments

　　In 2021, condiment companies such as Jiajia Foods, Lee Kum Kee, Haitian Flavor, Qianhe Flavor, and Xinhe will continue to develop new products to reduce salt
.
Among them, Jiajia Foods launched salt-reduced soy sauce, Qianhe Flavor launched the first light-salt soy sauce "Qianhe 8g Xian", and Xinhe launched 6g, 10g, and 12g reduced-salt soy sauce
.

　　The industry believes that with the prevalence of health concepts, healthy eating has become a new pursuit of people.
Condiment brands are developing salt-reducing products, which not only conforms to the trend of healthy consumption, but also develops high-margin product lines
.

(Comprehensive arrangement by Gao Jiaodi)

"China Food News" (04 edition on January 27, 2022)

　　(Editor-in-charge: Gao Jiaodi)