餐饮供应链研究框架专题报告：餐供全产业链拆解，挖掘成长企业

Industry Overview - The catering supply chain is essentially food industrialization, driven by the increasing demand for cost reduction and efficiency improvement in the catering industry, as well as the rising chainization rate The market size of the catering supply chain in 2023 is estimated to be approximately 2 43 trillion yuan, with significant growth potential [1] - The B-end frozen rice and noodle products and hotpot ingredient sectors are more promising The frozen food market in China is mainly divided into rice and noodle products, hotpot ingredients, and prepared dishes Among them, C-end rice and noodle products are in a mature stage, while B-end rice and noodle products and hotpot ingredients are in a growth phase with room for increased concentration [1] - The small and medium-sized B-end and group meal markets have vast potential and are the most promising for development The downstream channels of the catering supply chain can be divided into large B-end, small and medium-sized B-end, group meals, and takeout Among them, the small and medium-sized B-end market is the foundation of the catering industry, with numerous enterprises and significant growth potential [1] Market Dynamics - The catering supply chain market is closely related to the development of the catering industry With the increase in per capita disposable income, urbanization, and the trend of smaller households, the dining-out rate continues to rise, driving the rapid development of the catering industry In 2023, the catering market size reached 5 29 trillion yuan, with a CAGR of 8 82% from 2010 to 2023 [6] - The demand for cost reduction and efficiency improvement in the B-end catering sector, along with the convenience demand in the C-end, has opened up space for ingredient standardization The high costs of labor, rent, and raw materials have forced catering companies to optimize their supply chains and promote ingredient standardization [10] - The chainization rate in the catering industry is rising, leading to an increasing demand for standardized ingredients In 2023, the chainization rate in China reached 21%, with significant room for growth compared to mature markets like the US and Japan, where the chainization rate exceeds 55% [12] Supply Chain and Logistics - The improvement of the cold chain logistics industry has expanded the sales radius of semi-finished ingredients With the development of freezing technology and cold chain logistics, the storage time of semi-finished ingredients has been significantly extended, and logistics costs have been reduced From 2019 to 2023, the CAGR of the cold chain logistics market size, refrigerated vehicle ownership, and cold storage capacity reached 11 12%, 19 10%, and 10 85%, respectively [16] Frozen Food Market - The frozen food market benefits from the trend of ingredient standardization, with significant growth potential In 2023, the frozen food market size reached 183 54 billion yuan, with a CAGR of 9 75% from 2019 to 2023 Rice and noodle products account for the largest share at 53%, followed by hotpot ingredients at 33% [19] - The hotpot ingredient sector has significant room for concentration improvement and maintains a high-end trend In 2023, the hotpot ingredient market size reached 65 7 billion yuan, with a year-on-year growth of 12 20% The concentration of the hotpot ingredient market is relatively low, with a CR3 of 16% in 2021 [26] - The prepared dish sector is growing rapidly but faces challenges in achieving nationwide popularity due to regional dietary habits and taste differences In 2022, the prepared dish market size reached 419 6 billion yuan, with a year-on-year growth of 21 31% [27] Company Analysis - Anjoy Food is a leading company in the frozen food industry, with a strong presence in hotpot ingredients and rice and noodle products From 2019 to 2023, the company's revenue and net profit CAGR reached 27 79% and 41 09%, respectively In 2023, the company achieved a revenue of 14 048 billion yuan, with hotpot ingredients and prepared dishes accounting for 18 12% and 27 96% of the revenue, respectively [41] - Qianwei Central Kitchen focuses on the B-end frozen rice and noodle market, with a strong product development capability From 2019 to 2023, the company's revenue and net profit CAGR reached 20 92% and 16 00%, respectively In 2023, the company achieved a revenue of 1 901 billion yuan, with fried, baked, and steamed products accounting for 45 78%, 18 69%, and 19 60% of the revenue, respectively [47] Investment Recommendations - The rapid increase in the chainization rate of the catering industry brings significant growth potential to the catering supply chain The midstream food manufacturing companies benefit from the trend of catering industrialization, with increasing concentration as the main theme in the future Companies with strong competitiveness in specific segments are recommended for investment [55]