Text: Red Meal Think Tank
Highlights of this article:
1. Interpretation of the trend of the prosperity index of the catering industry
2. A quick overview of new products in tea, coffee, bread baking, and hot pot categories in July 2024
3. A quick overview of the financing events in the catering field and the listing details of catering companies in July
4. Major actions of catering companies and major industry events in July
01
Catering Industry Prosperity Index: The overall development trend is stable, and the development of categories is obviously affected by seasonality
Index Description: Through big data sampling analysis and market research, the Red Meal Industry Research Institute has collected the original data of the average revenue and average order volume of more than 100,000 catering stores in 8 major categories in 18 cities across the country, and compiled the index in accordance with the synthetic index method announced by the National Bureau of Statistics. The index is an index that comprehensively reflects the state or development trend of various regions or categories in the catering industry, with a prosperity index below 100 indicating that its development is in a state of recession or recession, while a prosperity index above 100 indicates that its development is in a state of expansion or prosperity.
National: The overall situation is stable, and the catering prosperity index rose slightly in June
In the first half of 2024, the catering industry is facing the challenge of intensifying price and homogeneous competition, and the growth rate of catering revenue continues to decline, and the recovery is at a low level, but the overall economy is in a state of prosperity. Judging from the data, the national catering boom began to decline after reaching its peak in August last year, and remained prosperous this year, and the index data showed an overall steady development trend. As of June 2024, the national catering prosperity index was 111.4, a slight increase from the previous period.
Key areas: All localities have shown a steady recovery trend, and many places are located in the boom range
Statistically, The catering prosperity index of Guangdong Province in June 2024 was 117.3, up from 115.8 in May, showing a certain upward trend, the catering prosperity index of Sichuan Province was 88.9 in June, a slight decrease from 91.0 in May, but the overall trend was upward, the catering prosperity index in Beijing showed a fluctuating upward trend from January to June 2024, with an index of 126.6 in June, a slight increase from 126.1 in May, and the catering prosperity index in Shanghai also showed a fluctuating upward trend from January to June 2024, with an index of 112.2 in June, a slight decrease from 112.8 in May. On the whole, in June 2024, all regions showed a trend of prosperity but slowed down, and all regions except Sichuan Province were in a state of prosperity.
At present, it has entered the summer, people are more inclined to eat out and enjoy nightlife, and the catering industry has entered the peak season, which has promoted the rise of catering prosperity in various regions. In the next few months, with the continuous development of pro-consumption policies and the further development of the "night economy", the catering market is expected to continue to maintain a recovery trend.
Key categories: Seasonal factors have a significant impact, and the kebab boom has expanded significantly
Judging from the data, Chinese meals are still in a state of prosperity, but the catering prosperity index has been lowered in June, and its development has shown a certain degree of slowdown; Hot pot still grew against the trend despite the poor market environment, and the prosperity index of hot pot in June was 85.0, which rebounded from the previous months. Affected by seasonal factors, the catering prosperity index in June was 178.0, which shows that the market demand is strong in summer and is highly prosperous, while the fast food category generally shows signs of stabilization, with the catering prosperity index in June at 80.9, a slight increase compared with the previous months.
On the whole, the catering prosperity index in June reflects the different trends of different segments: the hot pot and fast food markets are relatively stable, but the growth rate has slowed down; The Chinese dinner and kebab market continued to maintain a high degree of prosperity, especially the kebab market due to the adaptation of young people's consumption needs and seasonal factors. While the overall industry may still be in the recovery phase, specific sectors and brands may show stronger growth momentum.
02
New products: coffee, baking, and hot pot are accelerating, and seasonal vegetables and fruits have become darlings
In July, the Red Meal Industry Research Institute monitored the launch of new products of the sample brands of four catering categories: tea, coffee, bread baking, and hot pot, and the specific results are as follows:
Tea drinks: The number of new fruit tea products continues to lead, and lemons have become a popular element of new tea drinks
In July 2024, among the chain tea brands monitored by the Red Meal Industry Research Institute, 46 chain tea brands launched a total of 174 new products, a decrease of 1.7% month-on-month. From the perspective of product segments, the new tea drinks covered by the current month include milk tea, fruit tea, light milk tea/pure tea, yogurt/milkshake, coffee and others. Among them, the most new subdivision is fruit tea, with a total of 76 new products launched in July, accounting for 43.7% of new tea drinks, down 9.4% from June. Secondly, the number of new milk tea products was 26, accounting for 16.8%. The number of new products of light milk tea/pure tea and yogurt/milkshake is relatively small, accounting for less than 15%, and the proportion of new coffee products is less than 2%.
From the perspective of the elements of the new products, lemon, coconut, and green grapes have become the new hot elements on the tea brand of the month. For example, Guigui Tea has launched products such as green grapes brewed frozen lemon tea, green grapes fresh citrus frozen lemon tea, duck feces bergamot tea tons and tons of barrels; Mo Brew has launched two new coconut products: water chestnut fresh coconut water and chilled fragrant coconut water; Throbbing Burning Fairy Grass has also launched products containing green grape elements such as drunken green grapes, Zhiyu green grapes, and manna green grapes.
In addition, brands such as Coco Coconut, Uncle Qiu, Kurotaki Tang, and Ah Shui Big Cup Tea have also launched products containing lemon, coconut, and green grapes.
Coffee drinks: The speed of new products is accelerating, and fruit elements are still dominant
In July 2024, among the chain coffee brands monitored by the Red Meal Industry Research Institute, 18 chain coffee brands launched a total of 72 new products, an increase of 20% month-on-month. From the perspective of product segments, the new coffee drinks in the month covered 6 types: non-coffee drinks, American/espresso, special blends, cold brew coffee, lattes and alcoholic coffee/alcoholic beverages.
Among them, the number of new coffee drinks is still leading, with a total of 24 new coffee drinks launched in July, accounting for 33.3% of the total number of new coffee drinks. This was followed by American/Italian espresso, with 18 new products launched in July, accounting for 25.0% of the total number of new products. The number of new products in the special category increased compared with the previous month, accounting for 13.9%. Although the number of new wine coffee/liquor drinks increased compared with the previous month, the proportion was still low, only 5.6%.
It can be seen from the new coffee products (excluding non-coffee drinks) in the current month that there are more new popular elements on coffee brands, and compared with the previous month, this month is still dominated by fruit elements, such as grapes, lemons, strawberries, grapefruits, etc. For example, Peet's Coffee has launched iced grape oolong tea, berry cold brew coffee, etc.; Lucky Coffee has launched hand-pounded ice lemon bubble coffee, grape bubble coffee, grapefruit C bubble coffee, etc.; Cudi Coffee has launched Jewel Grape American, Jewel Grape Sparkling Ice Brew, Jewel Grape Oat Shake, etc. Bread baking: The number of new moon cake products has increased significantly, and cheese elements are still popular In July, among the bread baking brands monitored by the Red Meal Industry Research Institute, 13 chain bread baking brands launched a total of 64 new products, an increase of 4.9% month-on-month. From the perspective of the subdivision of new products, the new bread baking products of the month cover a wide range of types, including moon cakes, cakes, Chinese pastries, bread, mochi, puffs, scallops, egg tarts and other nine types.
Among them, the number of new products in the moon cake category was the largest, with a total of 23 on the shelves, accounting for 35.9% of the total number of new bread baking products in July, followed by other categories, with a total of 13 models launched in July, accounting for 20.3%. In addition, mochi, puffs and biscuits are also new, but the number of new products is relatively small, accounting for less than 2%. Among the new bread baking elements in July, cheese continues to lead the most popular elements. At the same time, due to the relatively large number of new moon cake products, the popularity of fresh meat, milk and other elements is also very high, such as KUMO KUMO's double berry semi-cooked cheese, light grapefruit semi-cooked cheese, flowing black sesame cheese mooncake, etc.; Maxim's Cake launched Maxim's Custard Mooncakes, Maxim's Black Truffle Custard Mooncakes, etc. In July 2024, among the hot pot brands monitored by the Red Meal Industry Research Institute, 12 chain hot pot brands launched a total of 53 new products, an increase of 96.3% from the number of new hot pot products last month. From the perspective of the subdivision of new products, the categories covered by the new hot pot products in the current month include hot pot side dishes, drinks, pot bases, special snacks, desserts and special dishes.
Among them, the number of new hot pot side dishes is the largest, with a total of 28 models, accounting for 52.8% of the total number of new hot pot products. Many hot pot brands have launched seasonal vegetable products, such as Sister Pei's Chongqing hot pot has launched loofahs, fuzi melons, fungus vegetables, etc.; Laowang pork belly chicken has launched okra, callus white, hydrangea mushroom, etc.; Nan hot pot has launched new products such as "Hello Dish" vegan platter. In addition, the number of new desserts and drinks on the hot pot brand this month was also relatively large, accounting for 15.1% and 13.2% respectively, such as the launch of the summer fragrant mango glutinous milk ice and lava Keqiao glutinous milk ice in the hot pot; Haidilao has launched strawberry-flavored honeycomb coal snowflake ice, melon-eating berry snowflake ice, and summer AD calcium milk snowflake ice; Four Seasons Coconut Grove launched Hainan freshly squeezed coconut water, etc. Special snacks, special dishes, pot bottoms, etc. are also new, but they account for no more than 10%.
03
Financing and listing: There were only 3 financing events in July, and the enthusiasm for financing and IPO in the catering market was low
In July 2024, there was an increase in financing events in the catering sector compared to June, with 3 financing events. The three F&B brand financing events were distributed across 2 different F&B categories.
In terms of listings, there were relatively few new listings in the catering sector in July, as follows:
Gu Ming's prospectus submitted to the Hong Kong Stock Exchange expiresOn July 2, Gu Ming Holdings Limited has not yet passed the hearing, and its prospectus submitted to the Hong Kong Stock Exchange has become invalid. According to the prospectus, in 2023, Gu Ming stores will sell 1.2 billion cups of ready-made drinks, with a GMV of more than 19.2 billion yuan. As of the end of September 2023, in the mass freshly made tea market of 10~20 yuan, the market share of ancient tea is about 16.4%, ranking first. In the ready-made tea market in the full price range, Gu Ming has a market share of about 8.3%, ranking second. The prospectus submitted by Xiaocaiyuan to the Hong Kong Stock Exchange expired on July 16, and the Hong Kong stock prospectus submitted by Xiaocaiyuan International Holdings Limited on January 16, 2024 expired on July 16, 2024, with Huahua Thailand International and UBS Group as its joint sponsors. For the nine months ended September 30, 2023, Xiao Cai Yuan ranked No. 1 in China's mass Chinese catering market in terms of store revenue, with a unit value between RMB50 and RMB100. In 2021, 2022 and for the nine months ended September 30, 2022 and 2023, revenue from "Little Vegetable Garden" stores accounted for 98.7%, 98.8%, 98.7% and 99.1% of the Company's total revenue, respectively.