Core Insights - The hot pot industry is accelerating its pace of innovation, with brands launching new products to enhance competitiveness in a saturated market [1][2][3] Market Overview - The hot pot market has entered a phase of stock competition, with the market size reaching 617.5 billion yuan in the previous year, a year-on-year growth of 5.6% [2] - The number of hot pot restaurants peaked at 535,500 in Q3 of last year but has since decreased to 504,800 in Q1 of this year [2] - Consumer spending habits are shifting towards cost-effectiveness, with the proportion of hot pot restaurants with an average spending of 70 yuan or less rising from 44.8% to 65.7% [2] Product Innovation - From January last year to March this year, 43 hot pot brands launched a total of 1,009 new products, averaging 1.56 new products per brand per month [3] - Leading brands like Haidilao introduced an average of 6.53 new products per month, while other brands maintained a rhythm of launching new products every 1 to 2 months [3] Ingredient and Broth Trends - The selection of ingredients is becoming increasingly diverse, with a focus on seasonal and niche ingredients [4] - Fresh-cut meats are gaining popularity, particularly fresh-cut beef, although price fluctuations due to international tariff policies have led brands to explore more stable options like fresh-cut chicken [4] - The broth segment is also diversifying, with a notable rise in the popularity of sour soup broths, which accounted for 23% of new broth products launched [5] Consumer Preferences - There is a growing preference for lighter broth options driven by health-conscious consumers, with 21.2% of consumers favoring light-flavored hot pots [9] - The demand for clear broth options is increasing, with brands innovating in this area to meet diverse consumer needs [5][9] Cross-Category Innovations - The "hot pot +" model is emerging, where brands expand their product lines to include beverages, desserts, and snacks, enhancing the overall dining experience [7] - The trend of upgrading dipping sauce areas to self-service stations with a wide variety of options is also gaining traction [7] Future Outlook - The report indicates that product innovation will remain a core competitive advantage for hot pot brands, with expectations of continued strong consumer demand [8] - The evolution cycle for cross-category products is expected to shorten as upstream supply chain companies become more proactive in identifying market trends [9]