Frost & Sullivan, in collaboration with Pepperlink, has released the 'White Paper on the Development of the Chinese Sashimi Industry'

The 'White Paper' shows that Sichuan cuisine, with its diverse flavors, spicy and fresh aroma, affordable prices, and quick service, has ranked first in market share among local cuisines, with a large number of market participants. In addition, Sichuan cuisine itself has the innovative ability to keep up with the times and flexible adaptability suitable for high-end, mid-range, and low-end markets. It can not only occupy the mass market but also expand into the high-end market, demonstrating strong market elasticity. However, the Sichuan cuisine industry has long faced the problem of having a market without a brand. The industry is relatively fragmented and lacks an absolute leader, leaving broad room for industry integration by leading enterprises.

"Boiled" dishes originated during the Qing Dynasty in China. As one of the representative dishes of Sichuan cuisine, boiled fish has gone beyond the traditional scope of Sichuan cuisine and evolved into an independent segment. In the process of evolution, the boiled fish category has exhibited four rounds of development characteristics, including upgrading from fish chunks to slices, from individual boiled fish dishes to boiled fish pots, and the prevalence of counterfeit products. After 2015, some large-scale chain brands emerged in the market, and the development of major boiled fish products entered a period of accelerated growth. However, for a considerable time, the industry lacked a leading enterprise, was fragmented in development, and there were no large chain companies to lead and regulate the industry.

Wang Chenhui pointed out that boiled fish, as a major category of Sichuan cuisine, has gradually accumulated and developed over more than a decade, growing into a representative form of Sichuan cuisine with national influence. In other catering sub-sectors, after the industry has developed to a certain stage, there will definitely emerge a group of excellent enterprises with modern management levels and brand influence, leading the industry into a new phase. The emergence of Jiao'ai has truly made up for the long-standing development issues of the boiled fish industry, and its rise also marks the arrival of an era of branded and chain development for boiled fish products.

According to the 'White Paper' data, from 2017 to 2022, the boiled fish industry maintained stable growth. Over the five years, the number of boiled fish restaurants increased from 3,800 to over 5,100, with an annual compound growth rate of about 6.1%. Currently, boiled fish restaurants have become an important part of Sichuan cuisine catering industry, accounting for more than 10%. The boiled fish market is in a growth phase and has broad market prospects.

Wang Chenhui stated that the production process of boiled fish conforms to the trend of industry standardization, and it does not rely heavily on chefs. Instead, it tests the enterprise's supply chain level and management capabilities more. At the same time, society generally advocates a healthy diet concept, and fish, as a high-protein ingredient, has rich nutritional value and a tender texture, which aligns with the trend of healthy eating and provides more choices for market demand. In addition, catering enterprises have adopted less spiny fish ingredients to enhance dining convenience, making them acceptable to more young people and further expanding market potential. These factors together provide a solid foundation for the growth of the boiled fish industry scale and strengthen its future market potential.

According to Lou Lei, there are currently two representative development models for brands in the boiled fish industry, namely the 'focus' model and the 'boiled fish+' model; these two models represent different directions of the company's efforts. However, in essence, outstanding product strength remains the core competitiveness of the boiled fish industry. An example that consistently integrates R&D and innovation is the industry-leading brand Jiao'ai. Jiao'ai combines the salty and spicy taste of northern cuisine with the rich pungent aroma of southern cuisine to create the irresistible boiled fish with chili sauce.

Lou Lei stated that currently, the Chinese boiled fish market exhibits a decentralized characteristic. However, leading brands in scale have gradually emerged within the industry. The top five boiled fish brands collectively have about 400 stores, indicating that there is still significant room for development in the boiled fish segment. At present, leading brands that have achieved scale enjoy higher brand recognition and credibility in the boiled fish category, with consumers preferring to choose familiar and trusted brands. Leading brands typically achieve standardization in the production process, ensuring consistency in taste and quality. Additionally, leading brands possess stronger supply chains and purchasing capabilities, which help improve the quality of raw materials, reduce costs, and increase profit margins. Furthermore, through scale expansion, leading brands can open more stores in more cities, further increasing market share.

Based on the current number of stores, Jiao'ai is already China's largest boiled fish brand, with a scale advantage that leads far ahead.