Compound condiment market size will cross the 200 billion threshold

Compound seasoning refers to a variety of basic seasonings in accordance with a certain ratio under the guidance of scientific seasoning theory, so as to obtain a variety of seasonings to meet the needs of seasoning. It uses many kinds of raw materials, commonly used raw materials are salty agents, fresh agents, freshness enhancers, sweeteners, yeast extract, hydrolyzed animal and plant proteins, flavors and spices, coloring agents, auxiliaries and so on. Compound seasonings have many flavoring components and complex taste, and the performance characteristics of various flavoring components and the ratio between them determine the flavoring effect of compound seasonings.

Data show that in the first quarter of 2021, the gross domestic product 2,493.1 billion yuan, at comparable prices, an increase of 18.3% year-on-year. By industry, the primary industry added value of 113.32 billion yuan, up 8.1% year-on-year, an average growth of 2.3% over two years; the secondary industry added value of 9,262.3 billion yuan, up 24.4% year-on-year, an average growth of 6% over two years; the tertiary industry added value of 1,453.55 billion yuan, up 15.6% year-on-year, an average growth of 4.7% over two years.

The report points out that compound condiments belong to low consumption frequency, a wide range of people to buy, the family just need type of products. With the continuous improvement of residents' consumption level, China's compound condiment market consumption shows a rapid growth trend. Data show that China's compound condiment market size increased from 85.4 billion yuan in 2016 to 130 billion yuan in 2019, with a compound annual growth rate of 11.08%. China Business Industry Research Institute predicts that in 2021, China's compound seasoning market size will reach 158.8 billion yuan.

The report introduces that raw salt refers to salt that has only been initially sun-dried or boiled, which generally contains more impurities and is mostly used as industrial raw materials. China's salt resources are extremely rich, and the use is also very wide, according to the use of salt, salt for fisheries, agriculture and animal husbandry, industrial salt, export salt, etc.. Data show that in 2020, China's raw salt production reached 53,641,000 tons, down 1.1% year-on-year; from January to May 2021, China's raw salt production reached 18,875,000 tons, up 11.1% year-on-year.

As China's national economy continues to grow steadily and rapidly, China's urbanization rate will continue to increase, the number of urban residents will steadily increase, and the per capita national income and disposable income of residents will grow well, providing a broad market space for the sustainable development of China's compound condiment business. China Business Industry Research Institute predicts that from 2021 to 2025, the market size of compound condiments in China will continue to grow, and the market size will reach 218.3 billion yuan in 2025.