U.S. condiment giant: "Undercover" China has not been discovered for more than 30 years, and its revenue is 2 times that of Haitian
Recommendation: As the saying goes, "The people take food as the sky, and food takes taste as the first". Don't look at the small condiment, but the "market on the tip of the tongue" behind it is not small.
According to data from China Industry Information Network, in 2012, the market size of China's condiment industry was about 201.24 billion yuan, but in 2019, it reached 334.59 billion yuan, and the development speed was very amazing. According to the forecast of the Prospective Industry Research Institute, China's condiment market is expected to exceed 400 billion yuan in 2020.
When it comes to the most well-known condiments in China, I believe many people will think of Lao Gan Ma, Haitian Flavor Industry, Lee Kum Kee, Jia Jia, etc., and among them, Haitian Flavor Industry is undoubtedly the most well-known and the strongest.
In the past 2019, Haitian Flavor Industry achieved revenue of up to 19.79 billion yuan, and its net profit reached 5.353 billion yuan, an increase of 22.64% year-on-year.
But what everyone doesn't know is that in fact, there is a condiment giant in China that is more powerful than Haitian Flavor Industry, which has been "hidden" in the domestic market for more than 30 years, so that many people regard it as a domestic brand, and its name is called - Weihaomei.
McCormick, a condiment brand, is really not famous in China, but if you look at its revenue, I believe many people will feel incredible: in 2019, the company's operating income was 5.347 billion US dollars (about 37.8 billion yuan), almost 2 times that of Haitian, and its strength was amazing.
In fact, McCormick is a company from the United States, but also the world's largest seasoning company, these years with the U.S. stock bull market has also risen a lot, but the company's market value is still only 23.775 billion US dollars (equivalent to 153.7 billion yuan), nearly 500 billion lower than the market value of Haitian flavor industry.
The history of the development of Mihaomei
Verobi McCormick was the founder of McCormick, and as early as when he was in college, he discovered a huge market for condiments. So in 1889, Verrobi founded McCormick in his hometown of Baltimore. Today, McCormick has a history of more than 130 years.
After entering the condiment market, McCormick made sweet sauce and spices the first in the market, and later successively entered the catering, retail and other fields, and achieved good results.
According to the latest information, McCormick's products account for more than 20% of the global condiment market, and are the world's number one condiment industry giant.
It is reported that McCormick is currently the world's top ten catering brands, such as McDonald's, KFC, Pizza Hut and other fast food brands of the first-class condiment partners, the major catering enterprises used in the sweet sauce, hot sauce are from the hands of Good Taste, it can be seen how strong its hidden strength.
And McCormick entered the Chinese market in 1989, "lurking" in China for more than 30 years, many people also regard it as a domestic brand.
In fact, not only is the taste good, many well-known seasonings in the country are not domestic products, but they are often mistaken for domestic products, such as "Heinz", "Knorr" and other brands are also foreign goods, but this kind of grounded name is often mistaken for domestic products.
In addition to the above, do you know what "hidden" foreign brands are in China?