2026-01-14 14:21Investment Rating - The report indicates a positive investment outlook for the convenience food industry, projecting significant growth and opportunities in the coming years [12]. Core Insights - The convenience food market in China is expected to grow from CNY 673.6 billion in 2023 to over CNY 1 trillion by 2026, with a compound annual growth rate (CAGR) of approximately 17.5% from 2024 to 2026 [12]. - The industry is driven by evolving consumer demands, faster lifestyles, and continuous product innovation, indicating a robust future growth trajectory [12]. - Regulatory trends are shifting towards health-oriented standards, promoting low-fat and low-salt products, which aligns with consumer health consciousness [14]. Summary by Sections Industry Macro Market Research - The convenience food industry is defined as food products that are pre-prepared for easy consumption, catering to the fast-paced lifestyle of consumers [10]. - The market size has shown consistent growth, with a notable increase from CNY 3,948 billion in 2016 to CNY 6,736 billion in 2023, and is projected to reach CNY 10,749 billion by 2026 [12][13]. - The growth rate has fluctuated, with a significant increase expected in the coming years, reaching 17.5% in 2024 and 17.6% in 2025 [12]. Online Industry Trend Overview - As of September 2025, Douyin has surpassed Taobao in sales volume for convenience foods, achieving a sales figure of CNY 264.2 billion across both platforms [19]. - Douyin's sales strategy focuses on low prices and high sales volume, leading to a significant market share increase [19]. - The report highlights a shift in consumer purchasing behavior, with Douyin's emerging brands showing strong growth compared to traditional brands on Taobao [30]. Brand Analysis - The report identifies key brands in the convenience food sector, noting that while traditional brands like Bai Xiang and Kang Shi Fu dominate in sales, newer brands on Douyin are experiencing rapid growth [30]. - The concentration of top brands is higher on Douyin, indicating a more competitive landscape where new entrants can thrive [30]. - Specific product categories such as instant noodles and rice dishes are experiencing varied growth rates, with some traditional categories facing declines while others, like plant-based options, are gaining traction [22][25]. Consumer Behavior Insights - Approximately 40% of consumers reported increased spending on convenience foods in 2024, with diverse consumption scenarios emerging, including outdoor activities [16]. - The report emphasizes the need for brands to innovate in product convenience and adaptability to meet the evolving consumer preferences [16]. - The convenience food market is characterized by seasonal trends, with certain products like zongzi seeing spikes in sales during specific festivals [32].