Published Date : Sep 29, 2015
Sino Market Insight, a Beijing-based market research firm, has published a report, estimating the overall market value of the frozen food industry in China to reach RMB 188.5 bn by the end of 2015.
The increasing urban population base coupled with the economic rise in China is providing significant opportunities for the growth of this industry. The industry reported a total sales revenue of RMB45.7 bn in 2007 that reached RMB110.5 bn in 2011, expanding at a CAGR of around 24.70%.
With the changing lifestyle of Chinese citizens, the variety of frozen food with respect to consumption ratio will be enhanced significantly and followed by the continual extension of cold chain businesses to the second-line as well as third-line cities, in the meanwhile. The report also highlights the need for improvement in the Chinese frozen food industry in the forthcoming years.
The frozen rice and flour products market witnesses a high level of homogenization of products and requires enrichment of varieties on an urgent basis. Being a mass consumer goods industry, the imitation of products is a common practice in this market with nominal barriers for accession.
The report describes the market for dumpling as an example. Synear, San Quan, and Long Feng are all dumpling producers and cover all lineups including low-end, medium-end, and high-end products with all consumer groups as their target customers, whereas Wanchai dumpling only aims at high-end market, which is said to have diversified taste preferences and the enterprise is successfully satiating them