2023-09-30 23:00:08
[더구루=김형수 기자] It is predicted that China’s convenience food market will continue to grow due to changes in consumption trends due to COVID-19. In the Chinese food industry, there is an active movement to dominate demand related to premiumization and diversification.
According to Chinese market research firm iiMedia Research on the 1st, the size of China’s convenience food market is expected to exceed 1 trillion yuan (regarding 184.45 trillion won) by 2026. It is expected that the market, which was worth 596.1 billion yuan (regarding 109.951 trillion won) last year, will expand by 67.76% over the next four years.
Analysis suggests that this is because as the COVID-19 pandemic prolongs, eating out decreases, time spent at home increases, and consumption patterns change. It is assessed that improved consumer accessibility to convenience foods with the emergence of new business models such as live commerce has also led to increased demand. Instant food, frozen food, meal kits, and ramen that are easy to store and cook are popular items.
The Chinese convenience food market is expected to continue to grow in the future. The spread of trends in luxury and diversification due to increased income is expected to lead to market expansion. In fact, according to the results of an iMedia Research survey, local consumers place more importance on taste and preference than ease and speed of cooking when choosing convenience foods. It was found that there is a great need for nutritionally superior products and products that provide a unique gastronomic experience.
Accordingly, Chinese food companies are focusing on diversifying their product lines. In the frozen food industry, in addition to the existing main product line, dumplings, traditional refreshments, frozen noodles, and ice cream are being released one following another. Ramen companies are introducing expensive premium ramen in keeping with the trend of luxury.
A researcher at iMedia Research said, “As people born following 1995 to 2000 in China are emerging as a new consumer class, market demand is also becoming more segmented and diversified.” He added, “Food-related companies are analyzing the consumption habits and trends of Chinese consumers and “By using it in product development, we will be able to gain an advantage in fierce market competition,” he analyzed.
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