上市捷报丨沙利文助力溜溜梅股份有限公司成功赴港上市(6658.HK)

• The company is a fruit snack company focusing on wateree products, and its "Liuliu Mei" brand has become a representative brand of wateree products;

• Based on the product development strategy of "focusing on wateree," the company has developed a diverse product portfolio including dried wateree snacks, prunes products, frozen wateree products, and other wateree derivative products;

• The company has established a full-channel sales network both online and offline, deeply deployed in various scenarios, and implemented a differentiated product strategy;

• The company has created an integrated supply chain system from procurement to production management, with strong quality control, cost optimization, and supply assurance capabilities;

• The company’s management team has extensive experience in the industry and possesses rich industrial operation experience and market insight capabilities.

According to Frost & Sullivan report:

• In terms of retail sales in 2024, the company ranked first in the Chinese fruit snack industry, with a market share of 4.9%;

• In terms of retail sales in 2024, the company ranked first in the Chinese wateree fruit snack industry, with a market share of 24.2%.

Catering food usually refers to snacks and desserts consumed as a quick and convenient choice during leisure time or between meals. To adapt to various consumption scenarios, catering food typically uses small portable packaging. Based on the raw materials used, catering food can be divided into fruit snacks, jellies, candies, chocolates, nut processed foods, crisp catering foods, bread, cakes and pastries, biscuits, meat products, aquatic animal products, flavored noodles, casual vegetable products, and casual bean curd products.

The market size of the Chinese Catering & New Retailing Industry increased from RMB 774.9 billion in 2020 to RMB 9,330 billion in 2024, with a compound annual growth rate of 4.8%. Driven by increased consumer awareness of health and continuous innovation in healthy catering food products, it is expected that the catering food industry will reach RMB 11,410 billion in 2029, with a compound annual growth rate of 4.1%.

In 2024, the average annual consumption of catering food per person worldwide was RMB 1,188.9, far higher than the average annual consumption of RMB 662.5 in China. For example, the average annual consumption of catering food per person in the United States, the United Kingdom, Japan, and South Korea reached RMB 7,578.7, RMB 6,543.9, RMB 3,524.6, and RMB 1,809.6 respectively. This gap reveals the huge growth potential of the Chinese Catering & New Retailing Industry and the broad demand for catering food in the future, indicating that catering food suppliers have ample opportunities to expand and meet the growing needs of Chinese consumers.

●Emergence of Fruit Catering Foods

As per capita consumption spending on catering food increases and eating habits evolve, Chinese consumers seek more diverse and innovative fruit catering products. As a result, manufacturers have developed various fruit ingredients and forms, including dried fruits, freeze-dried fruits, and fruit jellies. Innovations in procurement, processing, and natural flavor combinations make these products stand out in terms of taste, texture, and convenience, attracting consumers who prefer portable and easy-to-eat options.

● Diversification of Consumption Scenarios

As life pace accelerates, the demand for convenient, ready-to-eat snacks suitable for various consumption scenarios increases significantly. With the diversification of consumption scenarios, such as between meals, in offices, during travel, and at family gatherings, the frequency and variety of snack consumption are gradually expanding. In office settings, busy professionals often need quick energy-boosting snacks to relieve hunger and improve work efficiency during breaks. During travel, people are in different environments and conditions, leading to more diverse snack needs. These snacks must be portable and able to meet immediate needs during travel.

● Expansion of Sales Channels

The recent rise of e-commerce, live streaming sales, and new retail models has opened new growth opportunities for the sale of catering food. Major online platforms, through convenient shopping methods, wide user coverage, and efficient logistics systems, enable catering food to overcome geographical barriers and reach consumers nationwide and globally quickly. Additionally, snack stores are popular because they meet the needs of catering food consumers for health awareness, sustainable development, and cultural exploration, while providing personalized shopping experiences and innovative flavors.

Wateree fruit snacks are valued for their unique natural acidity, organic acids derived from fruits, and bioactive compounds, which are generally believed to promote digestion and stimulate appetite. Thanks to their distinctive taste, natural preservation properties, and adaptability to various snack forms, wateree fruit snacks continue to attract consumers seeking alternative snacks with lower processing levels.

The market size of the Chinese Wateree Fruit Snack Industry (in retail value) increased from RMB 51 billion in 2020 to RMB 91 billion in 2024, with a compound annual growth rate of 15.5%. Growth is driven by increasing consumer awareness of digestive health, continuous product innovation, and a shift in consumer preferences towards natural and functional catering foods. Looking ahead, driven by continuous demand for fruit and healthy snack products, the market is expected to grow from RMB 104 billion in 2025 to RMB 170 billion in 2029, with a compound annual growth rate of 13.0.

Source: Frost & Sullivan Report

Prune fruit snacks are known for their high dietary fiber, antioxidant properties, and essential vitamins and minerals, which contribute to digestive health and overall well-being. They are widely popular worldwide, especially in France, the United States, and other Western and Eastern markets due to their health benefits. With their long shelf life and natural flavor, prune fruit snacks continue to attract health-conscious consumers and those seeking natural alternatives to processed catering foods.

The Chinese Prune Fruit Snack Industry has significant growth potential. The market size of the Chinese Prune Fruit Snack Industry (in retail value) increased from RMB 24 billion in 2020 to RMB 41 billion in 2024, with a compound annual growth rate of 14.6%. Driven by increasing consumer health awareness, continuous product innovation, and a shift in consumer preferences towards natural and functional catering foods, the Prune Fruit Snack Industry is expected to grow from RMB 47 billion in 2025 to RMB 82 billion in 2029, with a compound annual growth rate of 14.9.

Source: Frost & Sullivan Report

Jelly is a gelatinous sweet food usually made from fruit pulp, sugar, and thickeners such as gelatin, carrageenan, or agar. It has a smooth, transparent texture and a firm but slightly wobbly feel. Jelly is often offered as a convenient dessert or snack choice, with various flavors that typically reflect natural fruit flavors. The multiple flavors and flexible texture of jelly make it a popular delicacy in different markets.

Driven by changing consumer preferences, increasing demand for convenient snacks, and continuous product innovation in natural and healthy jelly, the Chinese jelly market is steadily expanding. Based on ingredients and processing methods, jelly can be classified into different types. Among them, extruded jelly is the fastest-growing category due to its ease of consumption and portability, attracting young consumers seeking interesting and interactive snack experiences. Additionally, extruded jelly features flavor innovation and natural ingredients to meet the growing demand for high-quality, novel, and healthy jelly products. The market size of the Chinese jelly industry (in retail value) increased from RMB 178 billion in 2020 to RMB 310 billion in 2024, with a compound annual growth rate of 14.9%. It is expected that the market will reach RMB 570 billion in 2029, with a compound annual growth rate of 13.0 from 2025 to 2029. Specifically, the extruded jelly market increased from RMB 11 billion in 2020 to RMB 47 billion in 2024, with a compound annual growth rate of 43.8. It is expected that the market will reach RMB 182 billion in 2029, with a compound annual growth rate of 28.9 from 2025 to 2029, indicating the huge growth potential of the market.

Source: Frost & Sullivan Report

In 2024, the market size of the Chinese fruit snack industry (in retail value) reached RMB 520 billion, with the top five market participants accounting for 14.5% of the market. In 2024, our company ranked first in the Chinese fruit snack industry (in retail value), with a market share of 4.9%.

Source: Listed company annual reports, Frost & Sullivan Report

In 2024, the market size of the Chinese wateree fruit snack industry (in retail value) reached RMB 91 billion, with the top five market participants accounting for 44.1% of the market. In 2024, our company ranked first in the Chinese wateree fruit snack industry (in retail value), with a market share of 24.2%.

Source: Listed company annual reports, Frost & Sullivan Report