Frost & Sullivan, in collaboration with Jiao Ai, jointly released the 'White Paper on the Development of China's Boiled Fish Industry'.
Original Frost & Sullivan' Frost & Sullivan April 1, 2024, 10:18 United States
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Focus on Sichuan cuisine"Stir-Fried Fish," a star product, and "Re-Inventing Stir-Fried Fish with Chili Peppers," the passion of Pepper Love, was established in 2018. In just five years, it has opened more than 150 restaurants in over 50 cities including Beijing, Shanghai, Tianjin, Shenyang, Dalian, Changchun, Harbin, Qingdao, Taiyuan, Shijiazhuang, and Zhengzhou. It is a leading brand and pioneer in the stir-fried fish sector of Sichuan cuisine nationwide. On March 21st, more than 500 industry founders and senior professionals from all over the country gathered in Shenyang to witness the "321, Gathering Pepper Love, Towards the Future - 2024 Pepper Love Brand Strategy Upgrade Press Conference."
Yu Yang (second from the right), Founder and Chairman of Jiao'ai Brand; Wang Chenhui (second from the left), Partner-in-Chief and President of Frost & Sullivan Greater China; Jiao'ai GroupCEO Liu Dongfeng (first from the right), and Lou Lei, Executive Director of Frost & Sullivan Greater China Region (first from the left)
At the meeting, Frost & SullivanFrost & Sullivan, abbreviated as 'Frost & Sullivan', in conjunction with Jiao'ai, has released the 'White Paper on the Development of the Chinese Canned Fish Industry' (hereinafter referred to as the 'White Paper'), which is the first industry white paper on the canned fish category.The 'White Paper' unfolds around two major sections: the Chinese catering industry and the Chinese Sichuan cuisine and boiled fish market, aiming to interpret the current development status and prospects of the Chinese boiled fish industry from a scientific, rational, and professional analytical perspective.Wang Chenhui, Partner-in-Chief and President of Frost & Sullivan Greater China, and Lou Lei, Executive Director of Frost & Sullivan Greater China, were invited to attend the event and provided an in-depth interpretation of the report at the press conference.
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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 to 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 for 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 Sichuan scope and evolved into an independent category. In the process of evolution, the boiled fish category has shown 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 large boiled fish products entered an accelerated period. However, overall, for a considerable time, the industry lacked a leading brand, with scattered development and a lack of large chain enterprises to lead and regulate the industry.
Managing Partner and President of Frost & Sullivan Greater China Region Wang Chenhui
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. Its rise also marks the arrival of an era of branding and chain development for boiled fish products.
According to the data in the White Paper,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, accounting for more than 10%. The boiled fish market is in a period of development 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. As a high-protein ingredient, fish is rich in nutritional value and has 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 improve 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.
Executive Director, Greater China, Frost & Sullivan Lou Lei
According to Lou Lei, there are currently two representative development models for brands in the boiled fish industry, which areThe 'Focus' mode and the 'Crispy Fish with Sauce' category represent different areas of focus for the company. However, fundamentally, outstanding product strength remains the core competitiveness of the crispy 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 flavors of northern cuisine with the rich pungent aroma of southern spicy food to create a crispy fish dish that is irresistible.
Lou Lei said that at present, the Chinese boiled fish market shows decentralized characteristics. However, leading brands have gradually emerged on a larger scale within the industry. The total number of stores of the top five boiled fish brands is aboutWith 400 stores, there is still great potential for development in the hot pot fish segment. Currently, leading brands that have taken the lead in scaling up enjoy a higher brand awareness and credibility in the hot pot fish category, with consumers preferring to choose familiar and trusted brands. Leading brands usually achieve standardization in the production process, ensuring consistency in taste and quality. At the same time, leading brands have stronger supply chains and purchasing capabilities, which help improve the quality of raw materials, reduce costs, and increase profit margins. In addition, through scaled 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 and wide.
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Global growth consulting firm, Frost & SullivanFrost & Sullivan, abbreviated as 'Frost & Sullivan', integrates 64 years of global consulting experience. Over the past 27 years, it has dedicated itself to serving the booming Chinese market with a global perspective, helping clients accelerate their business growth and achieve leading benchmarks in industry growth, innovation, and technology.
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Global growth consulting firm, Frost & SullivanFrost & Sullivan, abbreviated as 'Frost & Sullivan', integrates 63 years of global consulting experience. Over the past 26 years, it has dedicated itself to serving the booming Chinese market. With a global perspective, it has helped over 10,000 clients accelerate their business growth, assist them in achieving growth, innovation, and leading benchmarks within their industries, and realize capital operation goals such as financing and listing.
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