China Food and Beverage
Be erage Industry
Ind str
Report, 2009-2010
The food and beverage industry consists of three sub-industries:
food p
processing,
g food manufacturing
g and beverage
g
manufacturing. The whole food and beverage industry developed
slowly in H1 2009, but all the sub-industries had achieved
considerable growth after November: the food processing
i d t experienced
industry
i
d th
the ffastest
t t growth,
th the
th beverage
b
manufacturing industry resisted decline and grew steadily, and
the food manufacturing industry experienced relatively slower
growth in operating
g
p
g income at a rate below the industry
y average.
g
In 2010, the food and beverage industry still maintains growth momentum. In Q1 2010, the operating income grew
by 25.4% year on year, which is much higher than that in Q1 2009, and the net profit soared from RMB5.599 billion
in Q1 2009 to RMB6.988 billion, up 24.8% year on year.
1 Beverage
1.
B
M
Manufacturing
f t i
Industry
I d t
The industry is in growth phase, with huge development potentials. Promoted by medium and high-end wines,
p reached 960,000 tons in 2009, up
p 27.6% yyear on yyear; soft drink and liquor
q
g
grew at 24.3% and
China's wine output
23.8% respectively; rice wine and beer grew relatively slower, at 12.1% and 7.1% respectively.
Output and Growth Rate of Sub-sectors of Beverage Manufacturing Industry, 2009 (10,000 tons, %)
Source: ResearchInChina; wind
In the wine sector, Changyu, Dynasty and COFCO Great Wall ranked top three. In 2009, the sales income of
Changyu reached RMB4.2 billion, RMB3.39 billion of which came from wine, and accounted for 87.1% of the total
operating income.
I the
In
th liliquor sector,
t K
Kweichow
i h
M t i and
Moutai
d Wuliangye
W li
h ld 70% market
held
k t shares.
h
Comparatively,
C
ti l K
Kweichow
i h
M t i
Moutai
had a better performance in 2009, since it: (1) had advantages in production capacity expansion under support of
local policies; (2) explored the market for newly-added production capacity by increasing the number of franchised
g room for p
price increase due to a wide g
gap
p between ex-factoryy p
prices and retail p
prices.
stores; ((3)) had larger
In the soft drink sector, the competition in concentration has emerged. In recent years, low-concentration fruit juice
has maintained a market coverage of 80% , but as people pay more attention to healthy diet and young people
change
h
th i di
their
dietary
t
h
habits,
bit nutrient-rich
t i t i h hi
high-concentration
h
t ti fruit
f it juice
j i will
ill b
become iincreasingly
i l popular,
l and
d itits
market share will rise rapidly.
2. Food Processing
g Industry
y
The report analyzes the meat processing sector of the food processing industry. In 2009, the meat processing
sector maintained fast and stable growth, and chilled meat, in particular, was produced and consumed on an
increasingly large scale and was gradually replacing fresh meat. From the perspective of enterprise development,
Shuanghui, with the industry’s most comprehensive product line and remarkable economies of scale, is the
absolute leader in the high-temperature meat market, while Yurun dominates the low-temperature meat market
with 60% market
a e sshare.
ae
3. Food Manufacturing Industry
The report analyzes the frozen food, dairy products and instant noodle sectors in the food manufacturing industry.
In recent years, China frozen food industry has formed a market led by Sanquan, Synear, Longfong and Wanchai
F
Ferry
with
ith diff
differentt business
b i
strategies.
t t i
S
Sanquan
and
d Synear
S
sett up outlets
tl t allll over China,
Chi
while
hil Wanchai
W
h i Ferry
F
and Longfong focus on first-tier cities. In 2009, Synear cooperated with fast food chains such as KFC and ZKungfu
to further expand it marketing channels and enhance its brand competitiveness.
Since H2 2009, the output of dairy products has been growing rapidly because of the fact that the industrial base
data were low due to the “melamine incident” in 2008, and the market rebounded and demand increased.
Mengniu and Yili, two leading dairy enterprises of China, exhibited great disparity in their 2009 performance: Yili
i
increased
d its
it milk
ilk powder
d market
k t share
h
from
f
less
l
than
th 10% tto 13%
13%, while
hil Mengniu
M
i saw a decrease
d
iin market
k t
share, though still maintained the first position.
As the economyy recovers and consumer confidence rebounds,, the food and beverage
g industry
y will develop
p at an
accelerating rate. Finally, the report analyzes and forecasts the development prospect of sub-sectors of the food
and beverage industry in 2010.
Table of Contents
•
1. Food and Beverage Classification and
Research Scope
p
•
3.2.1 Liquid Milk and Dairy Products
•
3.2.2 Frozen Food
•
3.3 Food Processing Industry
•
2. Development of China Food and Beverage
Industry
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3.3.1 Slaughtering and Meat Processing
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2.1 Economic Development and Consumer
Confidence as Influence Factors
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4. Key Listed Beverage Companies
•
2.2 Overall Operation
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4.1 Liquor
•
2.3 Listed Companies
•
411K
4.1.1
Kweichow
eicho Moutai
Mo tai (600519)
•
4.1.2 Wuliangye Yibin (000858)
3. Development of Food and Beverage Subindustries
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4.1.3 Luzhou Lao Jiao (000568)
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4 1 4 Shanxi Xinghuacun Fen Wine (600809)
4.1.4
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3.1 Beverage Industry
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4.1.5 Laobaigan Liquor (600559)
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3.1.1 Liquor
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4.1.6 Swellfun (600779)
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3.1.2 Wine
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4 2 Wine
4.2
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3.1.3 Beer
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4.2.1Changyu Pioneer Wine-A (000869)
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3.1.4 Rice Wine
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4.3 Beer
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3.1.5 Fruit Juice
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4 3 1 Yanjing Brewery (000729)
4.3.1
•
3.2 Food Manufacturing Industry
•
4.3.2 Tsingtao Brewery (600600)
•
•
4 4 Rice Wine
4.4
•
•
4.4.1 Guyuelongshan Shaoxing Wine (600059)
•
•
4.4.2 JinFeng Wine (600616)
•
•
4 5 Soft Drink
4.5
•
4.5.1 SDIC Zhonglu Fruit Juice (600962)
•
5. Key Listed Food Processing and
Manufacturing Companies
•
5.1 Frozen Food
•
5.1.1 Sanquan Foods (002216)
•
5.1.2 Synear Food Holdings Limited (SYFH)
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5.2 Slaughtering and Meat Processing
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5.2.1 Shuanghui Investment & Development
(000895)
•
5.2.2 Yurun Food (1068)
•
5.3 Instant Noodle
•
531M
5.3.1
Master K
Kong (0322)
•
5.3.2 Uni-president (0220)
•
5.4 Liquid Milk and Dairy Products
•
541B
5.4.1
Bright
i ht D
Dairy
i and
dF
Food
d (600597)
•
5.4.2 Sanyuan Foods (600429)
5 4 3 *ST
5.4.3
ST Yili (600887)
6. Development Trends and Prospect of the
Food and Beverage Industry
Selected Charts
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China's GDP to Food Consumption
Monthlyy Consumer Confidence Index, 2009-Apr.
p 2010
Compound Growth Rate of Operating Income and Profit of Food and Beverage Subindustries, 2005-2009
Operating Income Growth Rate of Food and Beverage Sub-industries, 2009-Feb.
2010
Output Growth of Food and Beverage Sub-industries, 2009-Apr. 2010
Business Performance of 53 Listed Food Companies, 2008-2009
Operating Income of Food and Beverage (by Industry) in China, 2009
Net Profit of Food and Beverage (by Industry) in China, 2009
Accumulated Operating Income and Profit of the Beverage Manufacturing Industry,
Feb. 2009-Feb. 2010
Monthly Liquor Output, 2009-Apr. 2010
Accumulated Operating Income and Profit of China Liquor Industry, 2009-Feb. 2010
Processes of Major Liquor Flavors
Prices of Kweichow Moutai, Wuliangye and Guojiao 1573, 2000-2011E
Survey on Brand Awareness of Domestic Wines
Output and Import Volume of Wine, 2009-Feb.
2009 Feb. 2010
Accumulated Operating Income and Profit of Wine Manufacturing Industry, 2009Feb. 2010
Beer Output in China, Jan 2009–Apr. 2010
Export Volume of Beer in China, Jan. 2009-Apr.
2009 Apr. 2010
Per Capita Beer Consumption in Major Countries
Per Capita Beer Consumption in China by Region
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Shares of Major Enterprises in Chinese Beer Market, 2009
Sales Volume and Growth Rate of Tsingtao Brewery, Yanjing Beer and Snow Beer,
2003-2011E
Accumulated Operating Income and Profit of China Beer Industry, 2009-Feb. 2010
Gross Profit Margin of China Beer Industry, 2008-Aug. 2009
Categories of Rice Wine
Output of Rice Wine in China, 2009-Apr. 2010
Accumulated Operating Income and Profit of Rice Wine Industry, 2009-Feb. 2010
Output
p Structure of Rice Wine ((by
y Region),
g ), 2009
Sales Volume Structure of Rice Wine (by Region), 2009
Monthly and Cumulative Output, YoY and MoM Growth Rates of Fruit Juice and Fruit
Juice Drinks, Sep. 2008-Jun. 2009
Accumulated Operating
p
g Income and Profit of the Food Manufacturing
g Industry,
y, 2009Feb. 2010
Operating Income and Profit of Liquid Milk and Dairy Products Sector, 2009-Feb.
2010
Monthly Import of Dairy Products in China, Jan. 2008 –Jul. 2009
Marketing Strategies of Major Frozen Food Companies in China
Revenue of Frozen Food Sector, 2002-2009
Accumulated Operating Income and Profit of China Frozen Food Sector, 2009-Feb.
2010
Accumulated Operating Income and Profit of China Food Processing Sector, 2009Feb. 2010
Accumulated Operating Income and Profit of China Slaughtering and Meat
Processing Sector, 2009-Feb. 2010
Revenue of Shuanghui,
Shuanghui Yurun,
Yurun Jinluo by Business
Base Liquor Output and Sales Volume of Kweichow Moutai Supporting Sales
Expansion
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Market Retail Prices of Main Products of Kweichow Moutai, 2010
Price Increase of Kweichow Moutai, 2001-2010
Financial Data of Kweichow Moutai, 2007- Q1 2010
Financial Data of Kweichow Moutai by Business and Product, 2009
Operating Income of Kweichow Moutai by Region
Region, 2009
Sales Network Distribution of Kweichow Moutai in China
Retail Prices and Ex-factory Prices of Kweichow Moutai, 2006-2009
Difference between Ex-factory Prices and Terminal Prices of High-end Liquor, 2009
Market Shares of Five High-end Liquor Brands Most Recognized by Consumers
Market Retail Prices of Main Products of Wuliangye, 2009
Financial Data of Wuliangye, 2007-Q1 2010
Market Retail Prices of Main Products of Luzhou Lao Jiao, 2009
Revenue of High-end, Medium-end and Low-end Liquor of Luzhou Lao Jiao, 20022009
Gross Profit Margin of Luzhou Lao Jiao by Product, 2002-2009
Financial Data of Luzhou Lao Jiao, 2007- Q1 2010
Operating Income of Luzhou Lao Jiao by Product, 2009
Revenue of Shanxi Xinghuacun Fen Wine by Product, 2008-2011E
Main Liquor Products and Ex-factory prices of Shanxi Xinghuacun Fen Wine, 2009
Financial Data of Shanxi Xinghuacun Fen Wine, 20072007 Q1 2010
Operating Income of Shanxi Xinghuacun Fen Wine (by Product), 2009
Operating Income of Shanxi Xinghuacun Fen Wine (by Region), 2009
Revenue Proportion of Shanxi Xinghuacun Fen Wine in Shanxi and Other Regions,
2002-2009
Revenue Growth Rate of Shanxi Xinghuacun Fen Wine in Shanxi and Other Regions,
2002-2009
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Liquor Product System Positioning and Pricing of Laobaigan Liquor
O
Operating
ti Income
I
off Laobaigan
L b i
Li
Liquor
(by
(b P
Product),
d t) 2009
Operating Income of Laobaigan Liquor (by Region), 2009
Financial Data of Laobaigan Liquor, 2007-2010
Financial Data of Swellfun, 2007- Q1 2010
Financial Data of Swellfun (by Industry and Product), 2009
Operating Income of Swellfun (by Region), 2009
Financial Data of Changyu (by Industry and Product) , 2009
Operating
p
g Income of Changyu
gy ((byy Region),
g ), 2009
Operating Income of Changyu (by Product), 2009
Operating Income, Net Profit and Growth Rate of Changyu Pioneer Wine-A, 20062009
Revenue and Growth Rate of Main Wine Products of Changyu
gy Pioneer Wine-A,
2006-2009
Gross Profit Margin of Wine and Brandy of Changyu Pioneer Wine-A, 2006-2009
Accounts Received in Advance of Changyu Pioneer Wine-A, 2006-2009
Financial Data of Changyu, 2009- Q1 2010
New Projects of Changyu Pioneer Wine-A, H1 2009
Market Shares of Beer Brands, 2005- H1 2009
Sales Volume of Yanjing Brewery by Brand, 2007-2010E
Financial Data of Yanjing Brewery,
Brewery 20072007 Q1 2010
Operating Income of Yanjing Brewery (by Region), 2009
Sales Growth of Yanjing Brewery in Key Regions, H1 2009
Sales Volume of Yanjing Brewery Outside Beijing, 2007-2009
S l IIncome Growth
Sales
G
th Rate
R t off Tsingtao
T i t Brewery
B
by
b Region,
R i
H1 2009
Sales Income of Tsingtao Brewery by Region, H1 2009
Financial Data of Tsingtao Brewery, 2007-Q1 2010
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Revenue and Growth Rate of Main Wine Products of Changyu Pioneer Wine-A,
2006 2009
2006-2009
Gross Profit Margin of Wine and Brandy of Changyu Pioneer Wine-A, 2006-2009
Accounts Received in Advance of Changyu Pioneer Wine-A, 2006-2009
Financial Data of Changyu, 2009- Q1 2010
N
New
P
Projects
j t off Changyu
Ch
Pi
Pioneer
Wine-A,
Wi A H1 2009
Market Shares of Beer Brands, 2005- H1 2009
Sales Volume of Yanjing Brewery by Brand, 2007-2010E
Financial Data of Yanjing Brewery, 2007- Q1 2010
Operating Income of Yanjing Brewery (by Region), 2009
Sales Growth of Yanjing Brewery in Key Regions, H1 2009
Sales Volume of Yanjing Brewery Outside Beijing, 2007-2009
Sales Income Growth Rate of Tsingtao
g
Brewery
y by
y Region,
g
H1 2009
Sales Income of Tsingtao Brewery by Region, H1 2009
Financial Data of Tsingtao Brewery, 2007-Q1 2010
Operating Income of Tsingtao Brewery (by Region), 2009
Financial Data of Guyuelongshan Shaoxing Wine,
Wine 2007-Q1
2007 Q1 2010
Main Business Structure of Guyuelongshan Shaoxing Wine (by Region), 2009
Product Structure of JinFeng Wine
Financial Data of JinFeng Wine, 2007-Q1 2010
P
Processing
i C
Capacity
it off M
Major
j C
Concentrated
t t dA
Apple
l JJuice
i M
Manufacturers
f t
Export Volume of Concentrated Apple Juice in China, 2004-2009
Financial Data of SDIC Zhonglu Fruit Juice, 2007- Q1 2010
Market Shares of Sanquan Foods, 2003-2009
Financial Data of Sanquan Foods, 2007- Q1 2009
Financial Data of Sanquan Foods (by Industry and Product), 2009
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Operating Income of Sanquan Foods (by Region and Product), 2009
G
Gross
Profit
P fit Margin
M i off Sanquan
S
F d (by
Foods
(b P
Product),
d t) 2009
New Production Capacity of Sanquan Foods
Financial Data of Zhengzhou Synear, Q1 2009-Q1 2010
Operating Income of Zhengzhou Synear (by Product), 2008-2009
Revenue of Leading Meat Enterprises (by Business)
Gross Profit Margin of Shuanghui and Yurun (by Product)
Financial Data of Shuanghui Investment & Development, 2007-2009
Prices of Pork,, Jul 2006-Feb 2010
Operating Income and Main Business Structure of Shuanghui Investment &
Development (by Product), 2009
Operating Income and Profit of Shuanghui Investment & Development (by Region),
2009
Financial Data of Yurun Food, 2005-2009
Financial Data of Master Kong, 2007-2009
Financial Data of Uni-president, 2005-2009
Financial Data of Bright Dairy and Food, 2007-Q1 2010
Operating Income of Bright Dairy and Food (by Region), 2009
Financial Data of Sanyuan Foods, 2007- Q1 2010
Operating Income of Sanyuan Foods (by Product), 2009
Operating Income of Sanyuan Foods (by Region)
Region), 2009
Main Products of Yili
Financial Data of Yili, 2007-Q1 2010
Main Business Structure of Yili (by Product), 2009
M i B
Main
Business
i
St
Structure
t
off Yili (by
(b R
Region),
i ) 2009
Six Important Milk Source Bases of Yili
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Publication date: June 2010
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