The cheese consumer market has welcomed many brands into the market in recent years. In the first half of this year, the retail sales of Yili cheese market increased by more than 2 times year-on-year; Mengniu cheese retail and catering business grew rapidly; The largest increase in listed dairy companies. At the same time, rookies of cheese such as Miaofei, Doctor Cheese, and Custard also emerged.
With the increase of competitors, the price war in the cheese market tends to be normalized, and leading companies are already thinking about cultivating new growth poles. "Milkyland will not actively initiate a price war." On September 6, the chairman of Miclandol, Chai Xiu, said in a group interview with the media that it is necessary to enhance the brand and strengthen the barriers to competition, and plan to use cheese slices and natural cheese. , Frozen semi-finished products and other sub-categories, and local dairy companies are expected to create opportunities in the specialty cheese field.
children's cheese sticks new and old brands squad
The reporter visited Beijing BHG Supermarket, Yonghui Supermarket (601933) and found that this year's children's cheese snack brands are in Microcolando, Baggage, Yili, Ai's morning dawn, Miao. On the basis of brands such as, Lezhi Niu, etc., there are more brands such as Dr. Cheese, Custard and Herun. Yonghui's own brand "Master of Greed" has also launched children's cheese stick products. Online, you can find products of cheese stick brands such as panda dairy products (300898), Juneyao Health (605388), and Friesland. While the number of people entering the game increased,The children's cheese stick market has also set off a price war, entering the "decisive battle stage."
Panda Dairy stated in the 2021 semi-annual performance briefing meeting that it launched the investment and promotion of cheese sticks in April this year, but there are more competitive terminal price promotions, and the competition has exceeded expectations.
From the perspective of market performance, Microcolumn is still the winner in the early stage of the final round. The financial report shows that Microcolon’s cheese business revenue in the first half of this year was 1.522 billion yuan, a year-on-year increase of 91.53%. The gross profit margin of the cheese segment increased by 3.52 percentage points year-on-year to 50.19%, driving the gross profit margin of the main business to 39.66%.
On September 6, Chai Xiu, Chairman of Microcolon, introduced that in the past 12 months as of May this year, Euromonitor and Kantar data show that Microcolon's market share in the domestic cheese consumption market has surpassed Baiji Fuyue. Ranked first.
Of course, Microcolumn also sacrificed part of its net profit margin. Chai Xun said frankly that in the face of competition, Miao Kelan has invested heavily in R&D, equipment and branding. Microcolumn does not take the initiative to initiate a price war, but "'s future advertising investment depends on the opponent."
is currently enhancing brand barriers through advertising and event sponsorship, which has been included in the Micro Blue semi-annual report. Chai Xiu believes that the cheese companies lose gross profit in the price war, and the long-term low-price promotion losses are even lower than the cost price. In the end, they can only reduce the costs of raw materials, research and development, and channel construction. Without good products, they will ultimately harm the interests of consumers. . "High cost-effective products do not mean low-priced products. Price reductions are very harmful to the brand and are not the only way to participate in the competition."
Many listed dairy companies deploy cheese business This can be seen in the corporate financial report.
In the first half of this year, companies such as Yili, Mengniu , Guangming, Miaocolanduo, Sanyuan, Juneyao Health, Panda Dairy, and Huangshi Group (002329) all have a layout in the cheese category. Among them, the retail sales of Yili cheese market increased by more than 2 times year-on-year; Mengniu cheese retail and catering business grew rapidly,In July, it became a major shareholder of Microcolumn; JuneYao Health and Panda Dairy bet on the C-end cheese business.
Sanyuan Co., Ltd. (600429) stated in the semi-annual report that the demands during the epidemic have pushed consumer preference toward “fresh” and “high-quality” dairy products, and liquid milk products have accelerated their low-temperature and high-end structure adjustments. The infant milk powder market has become more competitive. The cheese market continues to develop rapidly and is the fastest growing segment of the dairy industry.
National Animal Husbandry Station Researcher Zhang Shuyi said at the China Cheese Development Summit Forum held in July this year that my country's cheese industry has entered a golden period of development. In the past two years, almost all cheese companies have been increasing the production of processed cheese, and their equipment has been operating at a high load. Based on last year's compound growth rate (CAGR 22.6), children's cheese nationwide will reach more than 10 billion yuan in 2021.
Emerging brands are also constantly emerging with the help of capital. In June 2020, Miaofei, a children's cheese brand, received a round of investment from Jingwei China , and completed nearly 100 million yuan of round B financing in December of the same year. In the shareholding structure of Shanghai Niuyou Brand Management Co., Ltd., the parent company of "Dr. Cheese", investment institutions such as Wanwu Capital Phase I (Hong Kong) Co., Ltd. can be found.
Tianyancha Professional Edition data shows that my country currently has more than 1,100 cheese-related enterprises whose business scope includes "cheese, cheese, and cheese", and their status is active, surviving, moving in and moving out. In 2019, the annual registration volume of cheese-related enterprises in my country reached its peak, exceeding 250. In 2020, there will be more than 180 newly established cheese-related companies.
specialty cheese may welcome market opportunities
While new entrants increase the market for children’s cheese sticks, leading companies are already thinking about cultivating new growth poles.
Mengniu said in its mid-year report that in the first half of 2021, it launched a "zero-added" children's cheese stick with no added preservatives, flavors and colorings, as well as the room temperature cheese stick and the country's first organic cheese stick. At the same time, Mengniu cheese catering business completed joint promotion with Hema and Daxilai brands.As the new controlling shareholder of Microcolumn, the two parties will also use complementary resources to explore the Chinese and even global cheese market.
JuneYao Health's semi-annual report shows that in the first half of the year, it launched "Kung Fu Panda" IP's high-calcium, high-calcium-sodium than room temperature cheese bar products. Panda Dairy stated in the semi-annual report performance briefing meeting that it will continue to lay out the retail side and launch differentiated products for the B-side and C-side.
At the cheese development summit in July this year, Bright Dairy (600597) raw cheese marketing center general manager Gong Qun pointed out that the current cheese terminal market is for children’s cheese sticks, and the design, packaging, and selling points are the same. Qualitative, the entire industry will strive for innovation in the future. Zhang Shuyi, a researcher at the National Animal Husbandry Station, believes that the group of Chinese chefs should not be ignored, and it is recommended that companies develop cheese ingredients that are closely integrated with Chinese dishes and staple food.
Chai Xiu revealed to a reporter from the Beijing News that the next step will be to focus on sub-categories such as sliced cheese, native cheese (natural cheese), frozen semi-finished cheese, and cheese sticks at room temperature. At present, Microcolander has purchased two cheese slice production equipment, and the original cheese equipment is also ready. It is expected that the cheese slices will be made into a large single product in 3-5 years; the frozen semi-finished cheese is mainly aimed at the Chinese breakfast market, using Mengniu's freezer resources for national deployment.
In fact, the natural cheese market faces competition from international cheese companies. Song Kungang, Honorary Chairman of the China National Committee of the International Dairy Federation and China Dairy Industry Association Principle Chairman Song Kungang once revealed to a reporter from the Beijing News that the total domestic cheese consumption in my country in 2018 was about 150,000 tons, but only about 40,000 tons. For domestic processing. Among these 40,000 tons, only about 20% are natural cheeses produced by domestic enterprises, and about 80% are still processed cheese processed by domestic enterprises using imported natural cheese. This means that domestic natural cheeses are actually The output is less than 10,000 tons.
Regarding how to develop native cheese, Chai Xiu said that foreign milk prices are about 30% cheaper than domestic ones, so natural cheese is more suitable for import, and some natural cheese products with a shorter shelf life can be produced from domestic milk sources. Mycoland develops its natural cheese business. First, it can use Mengniu’s global supply chain.Second, we can wait for vigorous development when the domestic milk source is surplus. Since domestic whey powder (a by-product of cheese production) has no cost advantage over imported whey powder, Microcolander will launch whey sparkling water with reference to the Japanese market to avoid competition with international giants. "Japan has many small companies doing specialty cheese business. In the future, China will have many local dairy companies making opportunities in the specialty cheese field."
Source: Beijing News
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Graphic editor: Xia Qiantong , Xiao Xinxin, Wei Shu Editor: Wang Jing
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