Compound Flavouring
Flavouring are necessary products in the diet of consumers. China's flavouring market demand has been steadily increasing, the market size increased from 301.6 billion yuan to 592.3 billion yuan from 2016 to 2023, with a CAGR of 10.12%.
With the demand for catering chain, standardization, convenience and the change of family cooking methods, compound flavouring with the characteristics of convenience, easy storage, safety and hygiene and flavour diversity has developed rapidly and has occupied an important position in the flavouring industry. The market size of China's compound flavouring came to 203.2 billion yuan in 2023, a year-on-year growth of 13.77%, accounting for the total market size of flavouring from 28.31% in 2016 to 34% in 2023. In the future, the compound flavouring market is expected to maintain an annual growth of about 13%, and the market size can reach 336.7 billion yuan by 2027.
In terms of subcategories, China's current compound flavourings are mainly chicken essence, hot pot base, Chinese-style compound flavouring, Western-style compound flavouring, of which chicken essence accounted for the most, about 30%, hot pot base and Western-style flavouring each accounted for 20%, Chinese-style flavouring accounted for 17%. Chinese, Western-style compound flavouring and hot pot base market is balanced. According to Frost & Sullivan, Chinese, Western-style compound flavouring and hotpot base have maintained rapid growth, with the fastest growth from 2016 to 2021 being Chinese-style compound flavouring at a compound annual growth rate of approximately 16.5%, and Western-style compound flavouring and hotpot base at approximately 14% and 13.8%.
In terms of channels, China's spices mainly have three consumption channels, namely catering, household consumption and food industry. Household consumption in the retail terminal can be subdivided into modern circulation channels and traditional circulation channels. According to the statistics of China Condiment Industrial Association, catering consumption and household consumption are the most important consumption channels of flavourings in China, of which catering channel accounts for 60% and household consumption is about 30%. With the rise of takeaway catering and pre-prepared dishes and other industries in recent years, China's food processing industry chain has been enriched, and the status of compound flavouring has become more prominent compared to basic flavouring.
*Reference:《2024-2030年中国复合调味品行业市场全景监测及投资战略咨询报告》《我国复合调味品的发展现状及未来趋势》