Anjoy Foods Group (Anjoy), China’s largest producer of frozen hotpot ingredients like meatballs, sausages and fried products has revealed plan to expand in overseas markets such as Europe and Southeast Asia after its HK listing.
The IPO proceeds will fund its growth in countries like Malaysia, Singapore and Indonesia where hotpot culture has been flourishing.
Liang Chen, Board Secretary of Anjoy said, “Southeast Asia is a fast-growing market where not a single established brand [of frozen food] can be found. We believe it is a place for us to repeat our success after 2 decades of development in China.”
According to data from Frost & Sullivan, hotpot catering businesses outside the mainland were projected to reach a market size of US$63.8 billion by 2028, which translated to a CAGR of 9.8% from 2023 to 2027. In Southeast Asia alone, growth was expected to be faster at 14.4% annually over the same period.
Research also highlighted that there is a shortage of restaurants or ready supply of hot pot dishes, meals or products in countries outside China. Anjoy will probably expand in Europe via acquisition, while in Southeast Asia, it will pursue partnership with existing players.
Currently, Anjoy serves both hotpot restaurants (B2B) as well as direct consumer households (B2C).
