CHINA September 2020
 
Soy sauce giant saw its market value surged to US$84 billion during pandemic
 
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.
 
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