榨菜行业发展复盘&展望

Investment Rating - The industry investment rating is "Outperform the Market" (first rating) [1] Core Insights - The pickled vegetable industry, particularly the pickled mustard tuber segment, has a mature development with a stable supply-demand structure and continuous upgrades in consumer demand [4][11] - The leading company, Fuling Mustard Tuber, has been driving price increases and market expansion, leading to significant growth in both volume and price [5][20] - The market is characterized by a "one strong, many strong" structure, with leading companies maintaining competitive advantages [25][28] Summary by Sections 1. Industry Development and Market Expansion - The pickled mustard tuber industry has evolved from a fragmented market to a more concentrated one, with significant growth in packaging and branding [8][11] - The total demand for pickled mustard tuber is stabilizing, with a CAGR of approximately 1.9% in sales volume and 3.6% in average price from 2015 to 2023 [4][13] - The retail market size for pickled mustard tuber in 2023 is estimated at approximately 74.33 billion yuan, with a CAGR of about 5.5% from 2015 to 2023 [13][20] 2. Competitive Landscape - The market share of Fuling Mustard Tuber has increased from 21.28% in 2008 to 36.41% in 2019, with the top five companies' market share rising from 46.15% to 72.24% during the same period [4][25] - The competitive advantages of leading companies include cost advantages from production regions, channel stickiness, and brand recognition [28][36] - The industry has seen a reduction in the number of small-scale producers, with Fuling's processing companies decreasing from 102 in 2007 to 37 in 2019 [28][36] 3. Pricing and Profitability Strategies - Fuling Mustard Tuber has led the industry in price increases, with a price range shift from 0.5 yuan per pack to 2.5 yuan per pack since 2008 [5][20] - The company's pricing strategy focuses on maintaining high profit margins while adjusting product specifications to manage costs effectively [15][20] - Recent adjustments in product structure and pricing strategies have aimed to stabilize sales volume and improve profitability amid fluctuating demand [20][22]