|DUBLIN, Mar. 31, 2014 /PRNewswire/ —Research and Markets (http://www.researchandmarkets.com/research/qn6f39/china_condiment) has announced the addition of the “Concise Analysis of the Chinese Condiment Industry” report to their offering.
Chinese condiment mainly refers to soy sauce, vinegar and similar products, monosodium glutamate (MSG), etc.. In 2008-2012 Chinese condiment industry revenue grew at a CAGR of 17%, of which, soy sauce and vinegar sector as the main driving force grew at a CAGR of 23%.
Benefiting from the household consumption upgrade as well as the rapid development of catering industry and food production, the Chinese condiment industry prior to 2015 is expected to maintain a growth rate of above 20%. In 2013 Chinese condiment (including only soy sauce, vinegar and the like, MSG) industry revenue climbed 21.8% YoY to RMB131.19 billion.
Chinese soy sauce production reached about seven million tons in 2012, a year-on-year increase of 3.7%; 6.1 million tons in January-October 2013, a year-on-year increase of 8.1%. In 2012 China’s four major soy sauce brands by output – HaiTian, MeiWeiXian, Lee Kum Kee and JiaJia accounted for total market share of 30.5%.
There are about 6,000 producers in Chinese vinegar industry, represented by Jiangsu Hengshun Vinegar Industry Co., Ltd., Shanxi Shuita Vinegar Co., Ltd, Sichuan Baoning Vinegar Co., Ltd., showing low concentration, and will face great space for integration in the future. Hengshun Vinegar Industry as China’s largest vinegar producer annually produces about 213,000 tons of vinegar, accounting for 7.1% of vinegar production in China.