It has been more than half a month since the "double standard" incident of Haitian soy sauce. Recently, a reporter from China Business News learned from distributors, online and offline retail channels, large-scale catering enterprise procurement and household consumption. At the C-end, the demand for zero-added soy sauce has not increased significantly in the short term, and the market share of zero-added soy sauce is still at a low level.

　　It is worth mentioning that in the capital market, due to the "bonus" brought about by the additive turmoil, Qianhe Flavor, which specializes in zero-added soy sauce, reaps a wave of benefits in the short term. The stock price rose for three consecutive days after the National Day, while Haitian Flavor. Shares in the industry have fallen 16.18% since September 30.

Cost reasons affect the popularity of B-end zero-added soy sauce

　　A purchaser of a listed catering company told the First Financial Reporter that even after the additive incident, whether soy sauce is zero-added is not their primary screening condition. What they need to do is to pursue cost-effectiveness on the premise of ensuring quality.

"We will choose domestic big brands, at least the top three brands, because we need to ensure food safety, and the processing and selection of materials for big brands are stricter. The second is to choose soy sauce at the right price."

　　An insider of a large catering brand believes that the company will use zero-added soy sauce in children's meals, but adult meals should be difficult to achieve.

However, if a restaurant says that it uses zero-additive soy sauce, it should be a good publicity strategy, focusing on the concept of health to attract customers, but the final sales have yet to be verified by the market, after all, because a restaurant uses zero-additive condiments The number of consumers who try it is not large.

　　In small restaurants run by the self-employed, the situation is broadly similar.

　　The owner of a local restaurant in Jing'an District, Shanghai told Yicai.com that the restaurant uses Lee Kum Kee soy sauce. He has used Lee Kum Kee soy sauce since he entered the catering industry, and this supplier has been very stable. In the short term Changing suppliers will not be considered.

And as a restaurant owner, he did not say that he chose zero-added soy sauce due to the influence of some events. The most important thing is the quality and taste of the seasoning.

　　The owner of a local restaurant in Pudong New Area, Shanghai also said: "We will choose the brand and type of soy sauce we use all the time, and to be honest, consumers don't ask us what soy sauce we use. What they are most concerned about is the quality of the dishes."

　　In addition, a distributor of Hongfu Grain and Oil Wholesale Store in Yanhe Market, Yushan County, Jiangxi Province told Yicai.com: "I haven't felt a significant increase in consumers' demand for zero-added soy sauce recently. The wholesale soy sauce on our side is mainly catering. Store owners, a few are household consumers. Generally, restaurant owners do not intend to purchase zero-added soy sauce, after all, the cost is relatively high.”

　　From this point of view, in the B-side catering market, due to cost reasons, the use rate of zero-added soy sauce is not high. Even after the recent additive incident, the use of zero-added soy sauce has not become popular for the time being.

　　For the same brand, zero-added soy sauce is generally more expensive.

According to the official flagship store of Haitianmao, 500ml of gold-labeled soy sauce is priced at 8 yuan, while 500ml of zero-addition gold-labeled soy sauce is priced at 9.9 yuan.

According to the official flagship store of Fresh Tmall in June, the unit price of 500ml of braised soy sauce is 14.45 yuan, and the unit price of 500ml of soy sauce with zero added preservatives and thickeners is 16.9 yuan.

　　It is worth mentioning that recently, the zero-addition soy sauce of some C-end e-commerce platforms has become more popular.

Since October, the proportion of zero-added soy sauce sold by Hema Xiansheng has increased by 11% from September.

A person related to the official flagship store of Lee Kum Kee Tmall said that since October, the sales of zero-added soy sauce have increased.

　　Offline consumers may be less interested in zero-added soy sauce.

A staff member of Lianhua Supermarket in Pudong New Area, Shanghai said that recently, there has been no obvious increase in consumer demand for zero-added soy sauce. The sales of zero-added soy sauce are average, and the best seller is Haitian soy sauce.

The same is true of the dealers of Hongfu Grain and Oil Wholesale Store. There are fewer household consumers who come to the store to ask about zero-added soy sauce.

　　Ms. Liu, a 29-year-old white-collar worker, told Yicai.com that the first thing to buy soy sauce is to look at the brand, and not to care whether it has zero additives, because in her opinion, the amount of these additives is almost negligible for her who eats takeaways every day. .

The 65-year-old Ms. Yang told reporters that the most important thing for her to buy soy sauce is the cost-effectiveness, and she will not pay too much attention to whether it is zero-added, because there are 5 people in the family eating, and the consumption of condiments is faster.

The zero-addition soy sauce market is small but has great potential

　　In my country, the popularity of zero-added soy sauce is not high.

A report from Essence Securities shows that the current market size of zero-added soy sauce in my country is about 1 billion yuan, with a market share of only 1.2%.

At a RT-Mart in Pudong New Area, the reporter saw about 80 SKUs related to soy sauce, of which only 15% were zero-added soy sauce.

In another Lianhua supermarket, there are about 20 soy sauce related SKUs in total, but only one of Qianhe Weiye's soy sauce has zero additives.

　　However, even if there is no incident of additives, with the improvement of consumers' quality of life and the pursuit of health, the demand for zero-added condiments has been increasing, especially in online retail channels.

According to the market intelligence of the magic mirror, the sales of zero-added condiments on Taobao Tmall platform from 2021.10 to 2022.9 in the past rolling year reached 158 million yuan, an increase of 64.1% compared with the previous rolling year.

The sales of the overall condiment market in the past rolling year was 13.726 billion yuan, a year-on-year decrease of 6.0%.

　　It is worth mentioning that due to the "bonus" brought about by the additive storm, Qianhe Flavor Industry, which focuses on zero-added soy sauce, reaps a wave of benefits in a short period of time.

Qianhe Flavor's share price rose for three consecutive days after the National Day, and then declined, rising 3.09% since September 30.

The share price of Haitian Flavor has fallen by 16.18% since September 30.

The retail data monitoring platform "Win Now" shows that from September 26 to October 9 (the data involved 50,000 retail outlets on the C-end), Haitian's various products were sold in Shanghai, Shandong and Sichuan, the three largest in the country. The sales of condiment-consuming provinces fell to the forefront of the industry.

　　As for whether Qianhe Flavor Industry can take advantage of the victory in the future, it remains to be verified by the market.

After all, in terms of company size, Qianhe Flavor is far inferior to Haitian Flavor.

In the first half of 2020, Haitian Flavor's net profit attributable to shareholders of listed companies was 3.393 billion, and the company had 7,147 dealers; Qianhe Flavor's net profit attributable to shareholders of listed companies was 119 million yuan, and the company has 1,903 dealers.