Foshan Haitian Flavoring and Food Co Ltd (Haitian), the largest manufacturer of soy sauce in the world, saw its market value surged to over Rmb 600 billion (US$84 billion) as robust demand for home-cooked products and a strong sales network buoyed sales during the 1st half of 2020.
Haitian produces a wide range of condiments including soy sauce, oyster sauce, vinegar, chicken essence, monosodium glutamate and cooking wine, and during the 1st half of 2020, its revenue rose by 14.1% percent to Rmb 11.6 billion (US$1.73 billion).
Jason Yu, General Manager of Kantar Worldpanel China said seasonings are a daily necessity for a wide range of consumers with diversified consumption requirements. Meanwhile, the home consumption segment has outperformed its growth potential during the pandemic period. Kantar data showed that during the first 2 months since the outbreak of the pandemic, the seasoning sector saw growth rates of over 10%, while it was 17% in April and May.
Yu added, “More than 75% of Chinese families bought Haitian products last year.”
Haitian is one of the most profitable seasoning companies in the country with a diverse portfolio. Haitian’s flagship product is its soy sauces which accounts for 66% of its total revenue.
Soy sauce giant saw its market value surged to US$84 billion during pandemic
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