Laoganma’s 100 billion track, Hillhouse IDG and other giants quietly entered the game

Compound seasoning, the gospel of contemporary "fanners".

A spoonful of bibimbap sauce is enough to make plain white rice delicious; a pack of compound seasonings is enough to transform ordinary ingredients into restaurant-level cuisine.

Regardless of "lazy cancer" or "handicapped party", holding a compound seasoning in hand can basically achieve "table freedom".

From: Visual China

Compound seasoning refers to the seasoning made by the preparation and processing of two or more seasonings.

In fact, it is not fresh food.
The daily hot pot base, Laoganma and various sauces are all compound seasonings.

The post-90s newcomers began to become the main force in the kitchen.

The structural changes at both ends of the supply and demand of the seasoning industry, coupled with the epidemic catalyzed the cooking scene, the traditional seasoning industry ushered in a new opportunity for segmentation of compound seasonings.

Keen Capital has already quietly deployed.

Especially in the past six months, more than 10 institutions including Hillhouse Ventures, IDG, and Shenzhen Ventures have entered the compound seasoning track.

In the post-"Laoganma era", the table battle among young people is gaining momentum.

A new way to play "Fanfanren"

A new way to play "Fanfanren"

Young people will focus on the main points.

In addition to making money, they are also very keen on "drying food.
"

In the past two years, "Only food and love can't live up to it" was popular, and now they are chanting "You can not talk about love, you can't eat without food", "You can eat food, you can eat food, and people who eat food use a pot to eat.

" Behind the slogan is "self-compensation"-life is so hard, you must eat something good.
No matter what the scene, which meal you eat, and your cooking skills, you can always find a way to satisfy your "appetite".

Zhang Xuan, born in the 90s, is one of them.

Like many young people in the imperial capital, Zhang Xuan is busy with his daily work and mainly relies on takeaway food.
Fortunately, there are enough choices to satisfy his appetite.

By chance, Zhang Xuan bought teriyaki sauce and lamb scorpion sauce from a fresh food e-commerce store, and opened up a "new world"-as long as the ingredients are ready, plus a package of compound seasonings, the restaurant will be reproduced immediately.

Class delicious.
The epidemic has passed, Zhang Xuan’s cooking habits have been preserved, and there are more seasonings in the kitchen-the butter hot pot base can be used as a spicy hot pot, the chicken can be matched with curry, yellow braised chicken or large-plate chicken seasoning, fish Add a large pot of sauerkraut and fish seasoning to enjoy the spicy flavor, seafood with tom yam soup sauce is sour and refreshing, vegetable tofu beef beef and a pack of sukiyaki sauce or oden sauce, the taste is comparable to Japanese restaurant.

Once the ten fingers did not touch the Yang Chunshui, now Zhang Xuan enjoys cooking time, "Cooking food by yourself is safe and hygienic, the focus is convenient enough, delicious enough, and there is no cost pressure-the ingredients are very cheap, and the seasoning is only a dozen or twenty.

Block, don't feel distressed at all.
"

Compared with the previous generation, contemporary young people are facing a faster pace of life and pressure to survive.
Whether it is a "handicapped party" or a "lazy cancer patient", convenient and delicious food has long been needed.

Convenient fast food used to seize the young market, and now compound seasonings are quietly targeting young people's shopping carts.
Many Douyin food bloggers started to bring in various kinds of compound seasonings, which showed convenience and deliciousness in short videos.
Li Ziqi sold mayonnaise and beef sauce early, and taught you how to mix rice with noodles and salad, Douyin million The first-class food blogger Taozi Sister of Shuzhong has sold more than 4 million copies of Bobo Chicken Seasoning.
Even the variety show "Wonderful Flowers" that young people love to watch, the title merchant Haitian Weiye chose bibimbap sauce.

The quiet popularity of compound seasoning is not accidental, but it is due to the structural changes of the crowd.

Ai Xiao, vice president of Tsingshan Capital Investment, analyzed to China Investment.
From the demand side, the domestic family structure is changing-the number of families with three or more persons is declining, the divorce rate of young people continues to rise, and two families or one person eat Will be a bigger trend.
The 2020 epidemic will also allow more young people to allocate more time to the kitchen.
Even if there is a retracement after the epidemic, the changes will still be irreversible.
In this context, the market will have more and more convenient and scene-oriented seasoning products.

"Long slope and thick snow" 100 billion track

"Long slope and thick snow" 100 billion track

The condiment market, a "long slope and thick snow" track.

With its own characteristics such as rigid demand, high frequency, and wide variety, my country's condiment market has formed a very large scale.
In 2020, the scale of my country's condiment market has exceeded 300 billion, and it is showing a continuous growth trend.
According to Nomura Oriental International Securities, the per capita condiment consumption in China has increased from 5.
7 kg/year in 2006 to 10.
7 kg/year in 2020.
Doubled in the year.

In recent years, it has been a "big year" for food and beverages, and condiments have also performed well in the capital market.
The market value of soy sauce Haitian Flavor Industry, the leading condiment leader, once exceeded the 600 billion mark, and it was even called "Moutai".
The market value of Haidilao's bottom material supplier Yihai International also exceeded 100 billion.
Since its listing in 2016, it has grown by more than 580%.
The market value of Tianwei Food, the leading hot pot base material, has exceeded 30 billion, and it has risen by more than 360% in less than two years.

In terms of category, the market for single condiments such as soy sauce and vinegar has matured and stabilized.
While growing slowly and steadily, the penetration rate has approached 100%.
In contrast, compound condiments with convenient and stable taste have broader growth prospects.

In a big food country where "food is the heaven for the people", compound condiments have quietly reached the scale of hundreds of billions.
According to Frost & Sullivan data, the scale of my country's compound seasoning market in 2020 is about 150 billion yuan, with a compound annual growth rate of about 15.
83%.
The growth rate is higher than the industry and there is still a lot of room for improvement-Euromonitior data shows, the United States The penetration rate of compound condiments in Japan and Japan reached 73.
39% and 59.
32% respectively, while that in China was only 26%.

Compound condiments mainly include five sub-categories: chicken essence, hot pot base, Chinese compound condiments, western compound condiments and others.
Among them, the hot pot bottom material and Chinese compound seasoning have the fastest growth rate, and they are also considered to be the subdivision track with the most development potential.

According to data from Everbright Securities, the compound growth rate of the two markets from 2015 to 2020 is 15% and 16.
9%, respectively, ranking the top two condiments.
The hot pot base ingredients have gone out of leading companies such as Yihai International and Tianwei Foods, and the industry structure has gradually become "one super, many strong".
Chinese-style compound seasoning has more room for imagination.
The two major categories are the most popular, one is the seasoning package for classic dishes such as Kung Pao chicken and pickled fish, and the other is beef sauce and other spicy sauce.

Chen Yun, vice president of Qingliu Capital, believes that the competition for hot pot bottom ingredients is fierce, but the remaining composite seasonings are still in a highly dispersed stage, and there are a lot of opportunities for categories and brands.
Although the seasoning industry is relatively traditional, the Internet will accelerate the reach of brands , Quickly establish category awareness and accelerate the user education process.

With the rise of Generation Z, the post-90s generation, which is already the main consumer, will soon become the "main kitchen" and "main dining table.
" In the era of consumption upgrades where "almost all consumer products can be redone", compound seasoning seems to have become a new blue ocean for new and old consumer brands.

Hillhouse Ventures, IDG, Shenzhen Ventures and others "run into the game"

Hillhouse Ventures, IDG, Shenzhen Ventures and others "run into the game"

The compound seasoning track with thick snow on the long slope has attracted the attention and expectation of capital.

CVSource's investment data shows that in the last six months, more than 10 institutions have intensively entered the compound seasoning track.
It’s a little bit more fun to get two rounds of financing in 4 months-Tsingshan Capital’s one-million dollar angel round in November 2020, and another tens of millions of US dollars from Hillhouse Ventures, IDG and other leading institutions in February 2021; the same intensive return A little bear arrives.
In September 2020, it won the angel round of Qingliu Capital and Challenger Capital.
In December, it was raised by Hillhouse Ventures in the Pre-A round; in December 2020, the Sichuan-flavored restaurant brand Fan Shao Guang won Shenzhen Venture Capital.
With hundreds of millions of yuan in B round of financing, Chengming Food obtained 60 million A round of financing from Jiayu Fund, Buzhu Venture Capital and other institutions; in January 2021, Taste Quan received Xianfeng Evergreen and 42Capital's 10 million angel round of financing.

Does capital-intensive entry mean that investment opportunities are mature?

Does capital-intensive entry mean that investment opportunities are mature?

Chen Yun, vice president of Qingliu Capital, analyzed to China Investment Network that 2019-2020 is a good time.
The entire market is revolving around the upgrade of the table.
Compound seasoning is not a new thing, but it is a family for domestic consumers.
New choices, such demand is accelerating.
Early investment is still investment.
Now in the traditional industry of seasoning, teams with new ideas are constantly appearing, pushing brands and categories to a new level.

It is undeniable that both the development and investment of this track are in the early stage.
While the number of players on the track has increased sharply, it has shown strong regional and industry fragmentation characteristics.
According to data from the China Condiment Association, the number of newly registered condiment companies in my country will reach 90,868 in 2020, a year-on-year increase of 8.
17%.

What are the selection criteria of investment institutions for the sprung up compound seasoning companies?

What are the selection criteria of investment institutions for the sprung up compound seasoning companies?

Ai Xiao, Vice President of Investment of Tsingshan Capital, revealed to China Investment.
com that she actually had insights into track opportunities a long time ago, and she also elaborated on it in the research report released by Tsingshan Capital.
But it wasn't until last year that I met a suitable team.
"The early investment in Jiucheng was based on the judgment of the team.
"

Ai Xiao said that compared with traditional single seasonings, compound seasonings have more diverse tastes and correspond to more SKUs.
If you want to firmly grasp the user’s stomach, you need to use a relatively stable methodology to continuously make taste innovations.
In fact, there is a C2B concept, and stronger data analysis capabilities are needed to innovate products through the analysis of consumer insights, and integrate them at the supply chain end to quickly push the front-end young consumers' needs back to the factory to form a rapid iteration .

"This market segment has the potential to run out of 3 to 5 leading companies," Ai Xiao predicted.

According to Chen Yun, vice president of Qingliu Capital, solving the taste is the most fundamental problem.

"Mastering the taste is a very barrier.
Compared with other consumer products, the product threshold of compound seasoning is very high.
It needs to be combined with a variety of raw materials in different proportions and combined with continuous research and development.
The purchase of different channels and seasons will cause the taste.
Differences and product instability.
Cost issues are also very important.
Although the gross profit of seasonings is good, the online is the new "public domain", while the offline is the real PK on the shelf, which guarantees the quality and at the same time gives the price advantage.
necessary".

"The new generation of seasoning companies needs to be better at using Internet media to achieve effective communication and build category minds.
With the advent of the digital retail era, it can achieve precise matching of customer groups, grasp changes in tastes, and develop products more efficiently.
The ultimate core is to retain consumers with taste," Chen Yun said.

Jingwei China also indicated to Touzhong.
com that it is looking at the compound seasoning project.

Jingwei China once analyzed in a research report that there are two types of companies that can come out: one is to find the next large single product with a market capacity of tens of billions, intensively cultivate and become the champion of the finished product category; the other is a platform company, the core It is to gain insight into the needs and operational capabilities of young consumers, and to create one or two popular products for the convenience of young people’s cooking needs, and then quickly expand the categories horizontally.

The influx of capital is bound to accelerate the development of the compound seasoning industry.
But no matter how fancy the business model and products are, in the Chinese market where "food is the first for the people", the key is to satisfy the "difficult to adjust" crowds and eating habits of different groups of people.

Especially today's main consumer, the young "fans"-their tastes are not much more critical than the previous generation.

Source: WeChat Official Account: Dongsishitiao Capital

Note: All pictures in the article are reprinted on the Internet, and infringement will be deleted!

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