Packaged food in China is managing to attract Chinese customers who are increasingly valuing convenience, premiumisation and healthiness due to accelerating urbanisation and increasing disposable incomes. Premiumisation in terms of either content or packaging is occurring in almost all the categories.
Packaged food grew steadily in 2018, with dairy products and staple foods contributing higher revenue growth. Benefiting from westernisation increasing in China, categories such as baked goods and breakfast cereals maintained healthy growth.
Leading players in packaged food further consolidated their positions in 2018, such as PepsiCo Inc in snacks and breakfast cereals, Ting Hsin International Group in instant noodles and Mondelez International Inc in snacks. The packaged food market is becoming more concentrated, as leading giants continue to upgrade their products as well as leverage their wide distribution channels to expand sales.
Internet retailing continued to boom in 2018, with WeChat e-commerce gaining momentum. Since WeChat is China’s main social platform integrated with a financing function, doing business through WeChat is an attractive option as Chinese people are more dependent on recommendations from friends and family.
Despite some categories suffering from sluggish demand, such as chocolate confectionery, other categories will register robust growth in the forecast period, for example baked goods. Packaged food overall will post steady current value growth, aided by catering to the health trend and expanding consumption occasions.
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This industry report originates from Passport, our Packaged Food market research database.