Top Growth Opportunities: Meat in China


LONDON, June 12, 2017Summary
China is one of the strongest economies in the world and is the world’s largest trading power. Although China is forecast to have a decrease in GDP growth from 7% in 2016 to 6.5% to 2017, it remains a favourable economy for international and domestic FMCG companies to enter and explore.

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China’s meat market saw a slow growth of 2.2% between 2011 and 2016, and is forecast to see this growth strengthen into 2021 to a CAGR of 4.2%. Whilst strong, this is among the lower CAGR’s of the top 10 growth opportunity markets, but the large size of China’s meat sector makes it a very attractive market regardless. China is a stable market, and favourable economic conditions have facilitated growth through increased certainty for business and consumer spending confidence. Technological gains, a very large consumer base, and stronger spending power among consumers makes China a lucrative market for a variety of sectors. The country is also insulated from the numerous political issues which have trouble the West in recent years.

China is the second largest Meat market in value after the US, worth US$200.4 billion in 2016. During 2011-2016 it registered a slow growth CAGR of 2.4%, which is the result of slower GDP growth in the country since 2010. However, the market is expected to see a stronger growth of 4.2% CAGR over the next five years to 2021, presenting more opportunities for premiumization in the Meat market.

The biggest threat to the Meat market in China however comes from food safety issues after several related scandals in recent years. These incidents have seriously impacted the reputation of the domestic food industry as a whole and raised consumer scepticism towards food products being sold in the country. On the other hand, this also drives the premiumization of the market towards the offering of safe, high quality products as consumers are more willing to buy from trusted brands and manufacturers, as well as shop at licensed retailers.

China ranks amongst the smallest markets in the global Meat sector in terms of per capita expenditure. Though the population and disposable income are increasing in the country, the Chinese Meat market does not offer much opportunity in terms of per capita expenditure in US dollar terms.

Recent cases of food safety scandals in China have left the nation extra conscious when it comes to food safety. Therefore, Chinese consumers are willing to pay more towards safe and trusted brands via more trusted retailers in order to get peace of mind.

The report “Top Growth Opportunities: Meat in China” identifies the key demographic groups driving consumption, and what motivates their consumption. When combined with an in-depth study of market and category dynamics, readers are able to identify key opportunities, and what they need to do in order to target them. The report uses a unique method of quantifying consumer trends to highlight the degree of influence they have on consumption within the category.

In depth, this report provides the following –
– Key consumer demographic groups driving consumption within the Chinese market. The figures showcase the number of times consumers of specific ages and gender consume Meat, as well as identifying whether these demographic groups “over” consume in the category (i.e. they account for a higher proportion of occasions than the proportion of society they represent overall).
– A study of market value and volumes over 2011-2016 for China, supplemented with category, brand and packaging analysis that shows the current state of the market, and how it will evolve over the 2016-2021 period.
– The degree of influence that the 20 key consumer trends identified on Meat consumption volumes, with granular analysis on the extent that degree of influences varies between gender and age group.
– Insight into the implications behind the data, and analysis of how the consumer needs will evolve in the short-to-medium term future.
– Examples of international and China-specific product innovation targeting key consumer needs.

Companies mentioned in this report: WH Group, Inner Mongolia Praire Xingfa Co., Ltd., Beijing Ershang Dahongmen Meat Foods Co., Ltd., Neimenggu Caoyuanxingfa Foods, China Agri-Industries Holdings Limited (COFCO), Beijing Jinluyi Food Co., Ltd., Yurun Food Group Ltd., Shantou Longfeng Foodstuff Co., Ltd, Xiwang Group, Zhongpin Food Industry Co., Ltd.

Scope
China’s meat market saw a slow growth between 2011-2016, and is forecast to see this growth strengthen into 2021.
China’s economic growth has not permitted premiumization in the Meat sector. During 2011-2016 consumers in China had not traded up for Meat.
– Brand consolidation in the Chinese Meat market varies depending on the category. Frozen Meat is the most consolidated category.
– In general, the top domestic meat brands outperform their international counterparts in China.

Reasons to buy
– This report brings together consumer analysis and market data to provide actionable insight into the behavior of China’s Meat consumers.
– This is based on GlobalData’s unique consumer data, developed from extensive consumption surveys and consumer group tracking, which quantifies the influence of 20 consumption motivations in the Meat sector.
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