Condiment semi-annual report observation: diversification, health, high-end

With the completion of the disclosure of the 2020 semi-annual report, this article combed the semi-annual reports of 14 listed condiment companies and found that nearly 60% of condiment companies in the first half of the year increased their net profit. At the same time, in the context of the epidemic, condiment companies continue to work towards diversification, health and high-end.

Condiment companies mostly use a single product as their main revenue source. However, with the increase of external competitiveness, many companies have chosen multiple tracks in recent years to diversify their products and open up new growth points. Under the influence of the epidemic, the consumption pattern of condiments is also changing, and the sales of household consumers are gradually increasing. As people's requirements for a healthy life increase, this will accelerate the upgrade of healthy, high-end, and diversified food consumption.

From the performance point of view, the Haitian flavor industry has grown rapidly in recent years, but the single product of soy sauce seems to have been unable to satisfy its development. Oyster sauce and soybean paste have gradually become new growth points. In the first half of the year alone, oyster sauce revenue reached 1.998 billion yuan, accounting for 17.23% of total revenue, and seasoning sauce revenue was 1.379 billion yuan, contributing 11.89% of total revenue. In the same period last year, oyster sauce and seasoning sauce achieved revenues of 924 million yuan and 720 million yuan respectively, accounting for 9.09% and 7.08% of total revenue.

In addition, in recent years, Haitian Flavour Industry has also increased its layout in vegetable oil, vinegar, fermented bean curd and other industries. At the beginning of August, Haitian Flavour Industry had further deployments for its diversified development. The official flagship store also launched hot pot sauces, and wanted to enter the hot pot sauce market.

In the first half of the year, Tianwei Foods launched the "two-wheel drive" brand strategy, repositioning the "Good Renjia" and "Dahongpao" brands; at the same time, it opened up product diversification channels, improved many products, and launched the crayfish series ( New seasoning products such as oil stew/spicy), green pepper fish series (sauerkraut/boiled/spicy). Fuling mustard mustard also stated in the semi-annual report that a series of new strategic products such as 30g nitrogen-filled series, 38g Qiu's vegetable shop series, 150g crispy mustard tuber (PDQ), 180g soaked cowpea and Wujiang mustard soy sauce have been put into production successively.

In recent years, with the upgrading of consumption, high-end and healthy products have been popular among people. In view of this, Qianhe Flavour Industry, which has always been the main high-end brand, stated in its semi-annual report that it will strengthen its high-quality products to adapt to changes in consumer demand and market environment, give full play to the competitive advantages of "high-quality, healthy and delicious" products, and continuously optimize product quality. And consumer experience.

Many companies are entering the health field. For example, Hengshun Vinegar Industry believes that health is one of the future consumption channels. "Vinegar, especially Hengshun balsamic vinegar and related products (vinegar drinks, vinegar capsules, etc.) are used as health foods. , The future consumption space is huge". ST Jiajia's semi-annual report stated that the company has strengthened the promotion and cultivation of high-end health products such as "reduced salt soy sauce" and "original brewing", focusing on the investment and research and development of high-end products in large categories, laying the cornerstone for long-term development.

"Diversity, health, and high-end are the development direction of condiment companies in recent years, and it has become a trend. Diversification is conducive to the improvement of competitiveness of enterprises and new growth points. Consumption upgrades have prompted people to have higher requirements for product quality, so Health and high-end have become popular." said Zhang Ji, a senior condiment planning expert.