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The March 2024 Catering Industry Observation Report is officially released!
In addition to analyzing the list of the "Top 100 Red Meal Index" in March 2024, this report will also take you to review in detail the new trends in the catering industry, brand store opening, new trends in financing and listing, major moves of catering companies and major industry events in March 2024......
This article was originally published by Red Meal Think Tank (ID: hongcanzk), author: Red Meal Industry Research Institute.
Highlights of this article:
1. In March, the "Top 100 Red Meal Index" was announced
2. A quick overview of new products in tea, coffee, bread baking, and hot pot categories in March 2024
3. A quick overview of the financing events in the catering field and the listing details of catering companies in March
4. Major actions of catering companies and major industry events in March
01
In March 2024, the top 100 red meal index list was released
In March, the "Top 100 Red Meal Index" has a new change from the previous month. Among them, there are 37 brands that have risen in ranking, 32 brands that have declined, 30 brands that have remained unchanged, and 1 brand that has newly entered the list. Among them, the top 10 brands have not changed much overall, with the top three being KFC (China), McDonald's (China) and Haidilao, followed by Luckin Coffee, Starbucks (China) and Michelle Bingcheng.
From the perspective of categories, the brands on the list come from 20 sub-categories and 10 sub-cuisines such as hot pot, tea, rice and fast food, noodles, lo-mei, Cantonese cuisine, and Benbang Jiangsu and Zhejiang cuisine. Among them, the hot pot category has the most brands on the list, with a total of 16. This is followed by the tea beverage category, with a total of 11 brands on the list. In addition, 1 new brand was added to the list in the coffee beverage category, and a total of 5 brands are currently on the list. In terms of cuisine, there are 5 brands of Cantonese cuisine on the list, 4 brands of Benbang Jiangsu, Zhejiang cuisine and Hunan cuisine respectively.
02
New products: In March, the speed of new catering brand products accelerated.
Fruit and floral elements are still prevalent
In March, the Red Meal Industry Research Institute monitored the launch of new products of the four leading brands of catering, including tea, coffee, bread baking and hot pot, and the specific results are as follows:
Tea drinks: The number of new milk tea products is the largest, and the number of new yogurt and milkshake products is growing rapidly
In March, among the chain tea brands monitored by the Red Meal Industry Research Institute, 44 chain tea brands launched a total of 118 new products, an increase of 63.9% month-on-month. From the perspective of product segments, the new tea drinks in March covered milk tea, fruit tea, light milk tea/pure tea, yogurt/milkshake, coffee and others.
Among them, the subdivision with the most new products is milk tea, with a total of 34 new products launched in March, accounting for 28.8% of the new tea drinks, an increase of 78.9% from February. Secondly, the number of new fruit teas and light milk tea/pure tea products was 30 and 26 respectively, accounting for more than 20% of the new products. In addition, the number of new products in the coffee and other categories is relatively small. The number of new yogurt/shake products grew at a faster rate, up 340% month-on-month.
From the perspective of the elements of the new products, lemon is the new popular element on the tea brand of the month. Secondly, the popularity of coconut is also continuing to grow, and many tea brands have launched new products containing coconut. For example, Xinshi Brew has launched mango taro round coconut, Lele Tea has launched papaya peach gum coconut snow ice and mango papaya coconut snow ice, and Ah Shui Big Cup Tea has launched durian raw coconut and fresh mango coconut yogurt.
Coffee drinks: The speed of brand launch has slowed down, and floral elements are still the mainstream innovative elements of new products
In March, 19 chain coffee brands monitored by the Red Meal Industry Research Institute launched a total of 52 new products, up 2% month-on-month. From the perspective of product segments, the new coffee drinks in March covered 8 types, including lattes, non-coffee drinks, American/Italian coffee, and mocha.
Among them, the number of new latte products is still the largest, with a total of 23 models launched in March, accounting for 44.2% of the total number of new coffee drinks. This was followed by new non-coffee drinks such as fruit tea, light milk tea and milk tea, with a total of 14 products launched in March. In addition, there are relatively few new products such as wine coffee, other special blends, cold brew coffee, mocha, and Australian white.
As can be seen from the new coffee products (excluding non-coffee drinks) released in March, the new hot elements on the coffee brand include cherry blossoms, strawberries, peaches, oolongs, oats, etc. Among them, floral elements are still more widely used in the new products of some brands, such as Sakura Oolong Latte and Sakura Oolong Raw Coconut Latte launched by Nowwa Coffee, Spring Rose Latte and Spring Rose Cedar Latte launched by Seesaw Coffee, Sakura Milk Cap Latte and Sakura Latte launched by Qingxing Coffee, Camellia Latte launched by Luckin Coffee, and Strawberry Pink Sakura Latte and Strawberry Pink Sakura American launched by Bixing Coffee all contain floral elements.
Bread baking: The number of new products has begun to pick up, and cheese and strawberries are still hot elements of new products
In March, among the bread baking brands monitored by the Red Meal Industry Research Institute, 14 chain bread baking brands launched a total of 41 new products, an increase of 70.8% month-on-month. From the perspective of the subdivision of new products, the types of new bread baking products covered by the current month increased compared with the previous month, with eight types such as cakes, Chinese pastries, and breads.
Among them, the number of new cakes was the largest, with 16 models, accounting for 39% of the total number of new bread baking products in March, which was higher than the number of similar new products in February. The second is bread, with a total of 10 new products in March, accounting for 24.4%, while the number of new Chinese pastries and other baked products accounted for more than 10%. In addition, there are a small number of new products such as mochi, scallops, egg tarts, puffs and so on.
In the new bread baking products in March, the popularity of cheese, strawberries and other ingredients is still high, and the popularity of meat floss, red beans, peanuts and other ingredients has declined slightly.
Hot pot: The new product focus on side dishes, the total number of new products increased by 300% month-on-month
In March, among the hot pot brands monitored by the Red Meal Industry Research Institute, 7 chain hot pot brands launched a total of 36 new products, an increase of 300% compared with the number of new hot pot products last month. From the perspective of the subdivision of new products, the new hot pot products covered by this month include five types of hot pot side dishes, drinks, and desserts.
Among them, the number of new hot pot side dishes is the largest, with a total of 20 models, accounting for 55.6% of the total number of new hot pot products. For example, Banu Mao Mao Hot Pot has launched pea tips, Yunnan children's vegetables, Zhaotong Gastrodia, etc.; Laowang Pork Belly Chicken has launched deer antler mushrooms, bamboo fungus, bamboo fungus, truffle shrimp rolls, etc.; Four Seasons Coconut Forest has launched a platter of fresh mountain mushrooms, original cut Wagyu beef and snowflake beef, etc.; and the hot pot has launched a variety of hot pot side dishes such as fragrant marinated rake beef brisket, large slices of snowflake pork, tender chicken legs, and flavored rabbit belly with pear sauce. In addition, Minato Hot Pot has enriched the menu structure with a variety of drinks such as Cloud Velvet Guifei Oolong and Hand-Shaken Mulberry Guifei Iced Tea, while Four Seasons Coconut Grove has launched four hot pot side dishes, two special dishes and one dessert in March.
Store opening: multiple catering brands accelerated their expansion,
Actively and vigorously develop the franchise business
In March, some F&B brands were expanding frequently, with many brands vigorously developing franchise business, and many brands actively launching sub-brands or new store models. The details are as follows:
On March 2, Zhengxin Group held a global investment conference. At the meeting, Zhengxin Group announced the official launch of the "strong franchise" store opening model, that is, franchisees do not need to pay franchise fees, brand usage fees and management fees, and Zhengxin will advance decoration fees, equipment payments and purchase fees. With the help of the "strong franchise" model, Zhengxin Group expects to open 4,000 new stores in 2024.
On March 4, Haidilao International Holdings Co., Ltd. announced that it would implement the franchise model of Haidilao restaurants to further promote the expansion of the restaurant network with a diversified business model. It is understood that at present, Haidilao has established a franchise division, which is responsible for formulating the details of the franchise franchise model and business cooperation process. In addition, on March 25, it was reported that the first corporate restaurant of Haidilao of Huawei Research Institute in Xi'an, Shaanxi Province officially opened. It is understood that the store has an independent space of nearly 400 square meters, providing a variety of set menus, and you can also order food freely, covering pot bases, dishes, snacks, desserts and wines.
On March 6, Shanghai Auntie officially released a new brand of tea waterfall. It is understood that the tea waterfall anchors the Z generation and student groups who pursue the quality-price ratio, and positions the new Chinese tea, focusing on the characteristics of "parity", "light milk tea" and "national style". Overall, Tea Waterfall is more focused on the sinking market, and the product price is between 2~12 yuan.
On March 6, Lele Tea announced the latest franchise strategy: to open a store of no more than 50 square meters, only 350,000 yuan of brand headquarters will be "packaged" (including decoration, equipment, appliances, soft decoration, etc.). If it is less than 50 square meters, it will be reduced by 3,000 yuan per square meter. At the same time, Lele Tea also opened 10 urban theme stores, with a maximum subsidy of 200,000 yuan per store. According to Lele Tea, in 2024, it plans to open up more blank markets, focusing on encrypting Jiangsu, Zhejiang and Shanghai, and simultaneously developing the three eastern provinces, planning to add 600~800 stores, and exceed 1,000 stores by the end of the year.
On March 25, Grandma's family announced that its first store in Manhattan, New York, USA, had officially opened. It is understood that the store is jointly built by the local catering team in the United States and the Grandma's R&D team, focusing on traditional Hangzhou home-cooked food and integrating the concept of a bar. It is understood that the store only provides 50 dishes, most of which are grandmother's classic dishes, and new Chinese blending products have also been added.
On March 26, Seesaw Coffee announced its official opening of franchises through its official public account, and the franchise store model includes shop-in-shop, franchise store and cooperative store. It is understood that as of April 7, Seesaw Coffee has nearly 100 directly-operated stores in 8 cities across the country, with more than 10 million online and offline users, and the monthly repurchase frequency has reached 6 times. The product matrix includes freshly made coffee, roasting, light meals, coffee beans, coffee utensils and related peripherals.
04
Financing and listing: the number of financing events in the catering sector has rebounded slightly.
There are few new IPOs
In March, the total number of financing events in the catering sector rebounded from the previous month, but there were relatively few new IPOs from upstream and downstream related enterprises or brands in the catering sector.
In terms of financing, 8 financing events were recorded in March, with a disclosed financing amount of more than 200 million yuan. From the perspective of subdivisions, the brands or enterprises that received financing in March came from the three fields of food supply enterprises, food and beverage brands, and catering brands, of which there were 6 catering brand financing events. In terms of F&B brand financing, the six F&B brands that received financing in March 2024 are from six categories: tea, fast food, coffee, local snacks, desserts and desserts, and bread and baking.
In addition, from the perspective of financing rounds, except for 2 strategic financings in catering-related fields in March, other financing events mainly occurred in the angel round and A round stage. In terms of the disclosure of financing amounts, among the financing events in catering-related fields in March, the disclosed financing amounts were mainly tens of millions of yuan.
In terms of listings, there were relatively few new listings in the catering sector in March, and the specific information is as follows:
Tea and joy are again rumored to go to Hong Kong IPO news
On March 14, there was news in the market that Chayan Yuese may conduct an IPO in Hong Kong as soon as 2024, which is expected to raise hundreds of millions of dollars, and CICC and Morgan Stanley have been selected to be responsible for the matter. That night, the relevant person in charge of Chayan Yuese responded, "I have not received any relevant information from the management yet." ”
The IPO hearing of Chabaidao Hong Kong stocks was passed
On March 24, according to the Hong Kong Stock Exchange, Sichuan Baicha Baidao Industrial Co., Ltd. (hereinafter referred to as "Chabaidao") disclosed the post-hearing information set and passed the listing hearing of the Hong Kong Stock Exchange. According to its latest prospectus, Chabaidao's revenue in 2023 will be 5.704 billion yuan, a year-on-year increase of 34.8%, net profit will be 1.151 billion yuan, a year-on-year increase of 19.27%, and a total of 1,440 new stores will be added.
05
Big moves and industry events for restaurant companies
The Red Meal Industry Research Institute has compiled the trends of catering companies and major industry events worth paying attention to in March 2024 based on various information channels, the details are as follows:
In March, Saizeriya announced an additional US$30 million (216 million yuan) in its Guangzhou subsidiary, which will be used to build a new factory in Guangzhou to produce sauces, pasta, pizza and other products, and transfer production from the existing plant to the new plant. It is understood that the new plant plans to start operations in January 2026.
On March 4, the series of standards for ready-made tea beverages issued by the China Tea Society, "Basic Requirements for Terminology and Classification of Ready-made Tea Beverages" (T/CTSS 75-2023), "Ready-made Tea Beverages - Tea Raw Materials" (T/CTSS 76-2023), and "Specifications for the Production of Ready-made Tea Beverages" (T/CTSS 77-2023) were officially implemented. It is understood that this series of standards stipulates the terminology, classification, basic requirements, fresh leaf raw materials, production specifications, etc. of ready-made tea beverages, filling the gap in the field of previous standards, so as to meet the refined management needs of the ready-made tea industry.
In early March, JDE Peet's, the parent company of chain coffee brand Peet's, released its 2023 annual report, showing that the company's total revenue in 2023 was 8.2 billion euros (equivalent to 64.3 billion yuan), achieving an organic growth of 3.9%. Among them, organic sales in the Chinese market increased by more than 19%, and the number of Peet's coffee stores increased from 125 to more than 200.
On March 8, Xiabu Xiabu Group released its 2023 performance forecast, reporting that its revenue in 2023 will reach 5.918 billion yuan, an increase of 25.25% year-on-year. In addition, Xiabu Group's total loss for the year narrowed from $331 million in 2022 to $194 million in 2023.
In mid-March, the State Administration for Market Regulation and other six departments jointly issued the "Notice on Strengthening the Food Safety Supervision of Prefabricated Dishes and Promoting the High-quality Development of the Industry" (hereinafter referred to as the "Notice"), clarifying the definition and scope of prefabricated dishes for the first time. The notice states that prefabricated dishes should have the characteristics of both prefabricated and dish, and defines the raw and auxiliary materials, pre-processing technology, storage, transportation and sales requirements, edible methods, and product scope of prefabricated dishes, and stipulates that no preservatives are added to prefabricated dishes.
In March, Luckin Coffee announced that its Yunnan Baoshan fresh fruit processing plant had entered the trial operation stage. As Luckin Coffee's first fresh coffee fruit processing plant, the plant is located in Mangai Village, Lujiang Town, Longyang District, Baoshan City, and adopts micro-water fresh fruit processing production lines from Brazil and Colombia, with an annual fresh fruit processing capacity of 5,000 tons. In recent years, Luckin Coffee has continued to increase the construction of the upstream coffee industry chain, such as its first fully automated intelligent roasting base has been put into operation in Fujian in 2021, and its Kunshan roasting base in Jiangsu Province is also about to be completed and put into operation.
On March 22, Jiumaojiu International Holdings Co., Ltd. (hereinafter referred to as "Jiumaojiu") released its 2023 performance report. According to the report, Jiumaojiu's annual revenue in 2023 will reach 5.986 billion yuan, a year-on-year increase of nearly 50%, and the operating profit at the store level will increase from 517 million yuan in 2022 to 1.077 billion yuan in 2023, a year-on-year increase of 108.32%. In terms of brands, the Taier brand accounted for the highest proportion of revenue, reaching 74.66%, followed by the hot pot and Jiumaojiu brands, accounting for 13.45% and 10.50% respectively. Among them, the turnover rate of the Taier brand reached 3.0, and the same-store sales growth reached 18.3%.
On March 28, Guangzhou Restaurant Group disclosed its 2023 annual performance report. According to the report, the operating income of Guangzhou Restaurant Group will reach 4.901 billion yuan in 2023, a year-on-year increase of 19.17%. Among them, the revenue of the food business reached 3.534 billion yuan, a year-on-year increase of 8.63%, while the revenue of the catering business reached 1.263 billion yuan, a year-on-year increase of 65.66%. In terms of profit, Guangzhou Restaurant Group will achieve a total profit of 717 million yuan in 2023, a year-on-year increase of 11.39%.
On March 28, Guoquan Food (Shanghai) Co., Ltd. (hereinafter referred to as "Guoquan Food") released its first financial report after listing on the Hong Kong Stock Exchange. According to the financial report, Guoquan Food will achieve revenue of 6.094 billion yuan in 2023, a year-on-year decrease of 15%, while the adjusted net profit will be 318 million yuan, a year-on-year increase of 23.8%. In terms of gross profit, the gross profit of pot ring food in 2023 will be 1.351 billion yuan, a year-on-year increase of 8.2%, and the gross profit margin will increase from 17.4% in 2022 to 22.2% in 2023.