Core Insights - Konjac products, particularly "konjac strips" and "vegetarian tripe," are becoming a phenomenon in the snack food sector, significantly driving revenue growth for companies like Salted Fish Pouch (盐津铺子) and Wei Long Delicious (卫龙美味) [1][2] - The explosive growth in downstream demand for konjac is exerting pressure on upstream raw material supply, leading to rising prices and shrinking profit margins for manufacturers [1][6] Company Performance - In 2024, konjac strips contributed to a 59.1% year-on-year revenue increase for Wei Long Delicious, reaching 3.37 billion yuan, accounting for 53.8% of total revenue [2] - Salted Fish Pouch's konjac snacks achieved revenue of 838 million yuan in 2024, a 76.09% increase, making up 15.81% of total revenue [2] - By the first half of 2025, Wei Long Delicious's vegetable products continued to dominate revenue contributions, with a 44.3% increase to 2.11 billion yuan, representing 60.5% of total revenue [2] - Salted Fish Pouch reported a significant 155.1% year-on-year growth in konjac snacks revenue, reaching 791 million yuan, which accounted for 26.9% of total revenue [2] Market Trends - The konjac industry is projected to exceed 30 billion yuan in market size by 2025, with an expected compound annual growth rate (CAGR) of 11.8% [5] - The growing popularity of konjac products is attributed to increasing consumer focus on health, as konjac is low in calories and high in fiber [3][5] - The market is becoming increasingly competitive, with over 30 brands, including Three Squirrels and Laoganma, launching similar products [4] Cost Pressures - The rapid increase in demand has led to a supply shortage, causing konjac prices to rise significantly, with raw material prices doubling from 2 yuan per jin to around 4 yuan per jin [6] - The average procurement price for konjac powder has increased by over 30% year-on-year for Salted Fish Pouch, resulting in a decline in gross margin from 32.53% to 29.66% [7] - Wei Long Delicious also experienced a decrease in gross margin from 49.8% to 47.2% due to rising costs [7] Strategic Responses - Companies are focusing on stabilizing supply and reducing costs through upstream integration and efficiency improvements [8] - Salted Fish Pouch has established a konjac powder processing base in Yunnan to enhance its supply chain [7] - Wei Long Delicious is enhancing production efficiency, with its seventh-generation konjac production line achieving an 80% efficiency rate, nearly doubling the capacity of the previous generation [7]
超30个品牌布局 魔芋食品狂飙的成本隐忧