Chinese condiment consumption increases year by year with the improvement of people’s living standard and the rapid development of its primary sales channel – the catering industry. The sales revenues of Chinese condiment industry were RMB 38 billion in 2003, RMB 59 billion in 2004, RMB 61.4 billion in 2005 and RMB 68.647 billion in 2006 respectively.
From January to December, 2006, the total industrial output value of Chinese condiment and fermented goods manufacturing industry was RMB 72.247 billion. The sales revenue reached RMB 68.647 billion. The aggregate profit came up to RMB 5.06 billion.
From January to November, 2007, the total industrial output value of Chinese condiment and fermented goods manufacturing industry was RMB 81.969735 billion, growing by 27.30% YOY. The sales revenue reached RMB 77.543576 billion, growing by 30.42% YOY. The aggregate profit came up to RMB 4.438435 billion, increasing by 8.35% YOY.
From January to November, 2008, the total industrial output value of Chinese condiment and fermented goods manufacturing industry was RMB 104.300299 billion, growing by 28.90% YOY. The sales revenue reached RMB 97.521858 billion, growing by 27.79% YOY. The aggregate profit came up to RMB 6.373926 billion, increasing by 46.78% YOY.
Chinese condiment industry is featured with the high growth rate, huge production, wide sales coverage and considerable economic returns. In recent years, Chinese condiment enterprises make vigorous efforts to upgrade their technologies and develop new products with high qualities, which promote the development of the industry. The brand images of Chinese condiments enterprises have been enhanced and the production has been enlarged. The catering industry acts as the primary sales channel of Chinese condiments, which stimulates the development of the condiment market.
After the integration between domestic and foreign capitals and the structure adjustments for several times, Chinese condiment industry has transferred from a backward one to a sunrise industry with a disciplined market and intense competition. Due to the upgrading consumption, high-end condiments tend to be popular and the market scale of high-end and middle-end condiments is expanding rapidly. Besides, market shares of brand name products are enlarging. In the future, diversified, compound, convenient and nutrient condiments will dominate the market.
The growth rate of Chinese condiment industry has exceeded 10% for a decade. Condiment enterprises need to improve their technologies and update their management philosophy to occupy more market shares.
Nowadays, Chinese condiment industry has entered a prosperity stage with the improvement of people’s living standard and the development of the food industry. In 2009, the growth rate of Chinese condiment and fermented goods industry will decline slightly compared with 2008. But from 2010 to 2012, Chinese condiment industry will maintain a stable increase stimulated by the blooming catering industry.
Source: China Research and Intelligence
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