Summary of moss glycol, where is the next "battlefield" in the sweet market?

Just after the Mid -Autumn Festival, the heat knowledge about "how much heat is there" is inevitable that it is unprecedentedly to be moved out. As a typical representative of the sugar oil mixture, the largest source of its "sin" is nothing more than fat and sugar. It is said that an egg yolk moon cake weighing about 200 grams is 60 grams of sugar content.

How much calories are there in a moon cake? | Picture source: Weibo

The voice of "sugar control" is spreading from moon cake to a small piece of sponge cake, a cup of afternoon tea, and a piece of saffron and a plate of sugar mixed with tomatoes. China is the third largest sugar market in the world. The per capita consumption of sugar is significantly surpassed by the WHO standards (the per capita daily sugar of Chinese people in 2019 reaches 31g, and the WHO standards are 25g). Sugar reduction and sugar control have been written into the policy advocacy. The General Office of the State Council's "National Nutrition Plan (2017-2030)" proposes to carry out special actions for "three minus and three health", which is among them to reduce sugar; Sugar, while encouraging the production and consumption of low sugar and sugar -free foods.

In this context, the Chinese people's sugar consumption has slowed in the past 5 years, with an average annual compound growth rate of less than 1%. The average compound growth rate of low sugar or sugar -free products is more than 20%. The performance of sugar -generation companies is also rising. According to data from the 2022 semi -annual report, the company's revenue increased by 9.6%year -on -year, and net profit increased by 40.6%; Jinhe Industrial 2022 revenue increased by 45.5%year -on -year, and net profit increased by 94.3%; %, Net profit increased by 22.7%.

However, the performance of the sugar substitute company is not "rising." As an important supplier of the vitality forest, Sanyuan Bio was listed early this year, and the initial stock price once soared. However, its 2022 semi -annual report data showed that the company's revenue and net profit fell 41.9%and 50.9%, respectively. The company's stock price has been cut compared to the beginning of listing. You know, ternary biology is the largest company in the global red glycol industry. In 2019, the company's eryosol production accounts for 54.90%of the total domestic global glycol, accounting for 32.94%of the global total output. The aforementioned three -year -old performance of sugar replacement companies, the stock price has experienced a low period in the first half of this year.

The unevenness of the financial report data and the significant fluctuation of the stock price reflect the two sides of the sweet market. On the one hand, with the popularity of the concept of sugar control and the promotion of new consumer brands, the sugar replacement industry does usher in the outbreak window period; on the other hand, because of whether the fieryness of the sugar is only "conceptual speculation", , Make the market's expectations for sugar replacement still in the stage of caution.

Supply war battle for sugar -substituted B -end: Agly glycol alcohol is too required, suppliers should seek "multiple legs walking"

China is the world's largest sweetener producer, and the global head producer producers are all domestic -including the world's largest chryster glycol supplier ternary creature, the world's largest trichlorite, and Anti Mi Shang Jinhe Industry, the world's second largest mandol alcohol producer Hua Kang, and the top two Luo Han fruit sugar suppliers Hua Cheng, etc., covers all categories of sweeteners. And because the production process of sweeteners involves a variety of production processes such as chemistry and microorganisms, this business has a certain production barrier. As a result, before this wave of sugar in China prevailed, the above -mentioned companies were already invisible industry giants.

In fact, sugar has a history of more than 140 years, and its official debut on the historical stage began in a chemical experiment and was accidentally discovered. The real popularity of sugar generation stems from the shortage of sugar and prices during the two world war. The sugar essence has been widely spread and market -oriented as a substitute.

It is worth noting that unlike the current candy substitution as a "healthier sweet choice", sugar has a long history of "demonization". The safety of various kinds of sugars such as Asba Sweet and other types of sugar continued to controversy. However, with the development of chemical technology, the sugar generation industry is also iterative iteration. For example, beessol, moss, and Luo Han Guotin are extracted from plants, which are relatively safer and more safer. Therefore, from a historical perspective, the sugar -substitution trend at the moment is just a new wave in the iteration of the sugar generation industry.

The domestic sugar trend is undoubtedly set off by the vitality forest 0 sugar bubble water. This item uses moss glycol as the main source of sweetness. The glycol alcohol is also the "star" generation of sugar in the 0 sugar tea circle. Inventory of popular bubble water items on the market. It can be found that almost every most important sugar used in each one is red moss.

The types of sugar generation are very rich, and the reason why the market "has a soft spot" about the moss glycol alcohol is due to its comprehensive consideration of the type of sugar replacement of the current consumer demand under the comprehensive consideration and safety. Therefore, although the sweet price ratio (sweetness/price) of red moss glycols is very low, which means higher production costs, some consumers are still willing to purchase related products at a higher price -480 ml of vitality forest market The price is 5.5 yuan, which is 1.6 times that of Zero Coca -Cola (500ml specifications, using Asba sweet and sucrose as a sweetener). Consumers' tea consumption in Xixue and Naixue, such as sucrose in tea, replace the sugar to 0 candy, all pay a 1 yuan premium.

It is precisely because of the "lead" in the new type of sugar alcohol that manufacturers have announced their expansion of production capacity. In May of this year, Huayang Biological announced that the company's annual output of 30,000 tons of high -purity crystalline red glycol alcohol project began to mass production; August, the triangle biology was expanded on the basis of the original 85,000 tons of production capacity. The capacity has also entered the trial production stage. According to the statistics of Guanyan World, the total production capacity of erythols that can be produced by only six head manufacturers will reach 445,000 tons/year, and this production capacity is 2021. The total consumption of the total consumption of Chinese red moss glycol in 2021 Note. However, at the demand side, according to Ferrisana, the total global global global global demand was 173,000 tons. According to the forecast of Tianfeng Securities, by 2025, the market demand for red mossol will be close to 300,000 tons. Obviously, moss glycol has entered the stage of excessive demand.

Under overcapacity, the shipment price of moss glycols is constantly falling. According to the data of the interface news, the steel network data, at the end of 2020, the price of red moss glycol was 150,000 to 20,000 yuan/ton, and in the second quarter of 2021, it rushed to the pinnacle of 40,000 yuan/ton in one fell swoop, and then gradually gradually gradually gradually gradually gradually gradually. Falling to less than 13,000 yuan/ton, some companies even reported the factory price of 10,000 yuan/ton.

At the same time, the prices of raw materials such as corn and wheat required for the production of red glycol alcohol have adversely affected the gross profit margin of the manufacturer due to multiple factors such as the international situation and climate. In the lower reaches of the industry, due to the impact of the epidemic in the first half of this year, the most important downstream market beverage industry in red moss alcohol has been severely damaged, which further exacerbated the excess capacity of red moss.

On the one hand, the voice of sugar control and sugar reducing sugar is constantly rising, and on the other hand, the supply of chimotol alcohol is too demand, and the sugar generation industry seems to have fallen into an embarrassing situation. However, it is not difficult to find out that the embarrassing reason is that the sugar replacement is single, and this is exactly the ternary creature with a total of more than 90 % of the company's total revenue ratio. "The most painful reason is. Further sorting out, the singleization of sugar supply is also inseparable from the relative single of demand. At present, the most popular field of sugar -free trend is the beverage circle. In other words, the market space of sugar replacement needs to be discovered further.

Therefore, on the one hand, the sugar generation enterprise should develop a more diverse sugar replacement business. While walking in multiple legs, it should effectively disperse income and risks. For example, while Boatling decided to expand the production of red moss, it also announced that the production was expanded equivalent Allo ketoson, which has production capacity, has better product stability and closer to sucrose, but it is not currently approved as a food additive in the domestic market; Huayang Bio announced on September 5th that it plans to issue 990 million convertible bonds to increase the plus order function on September 5 Sexual sugar alcohol contains a variety of types such as starch sugar/sugar alcohol series, and alcohol. On the other hand, sugar agency companies should also actively participate in market education teams to effectively promote the expansion and diversification of demand.

C -side sugar battle: a contest about the promotion of ideas, mental training, and scene cultivation

The C -side sugar replacement "battle" is constantly starting. Search for "0 California" on the e -commerce platform, and there are more than ten brands that can be retrieved. The sugar substitute enterprise with the advantages of supply is the "professional" player, including the brand of Jinhe Industry, the brand, the brand of Huikang, the brand of Huokang Co., Ltd., and the brand of Huacheng Bio, Sugarman Schurman.

Some traditional sugar companies are also actively seeking changes to cater to the "sweet" needs of consumers' constant change. Ganzaka Garden takes sugar as an important part of "N" in the "1+N" product strategy in 2022; 0 card Jiankang sugar of the brand of Hongmian Sugar Factory has also appeared many times in the live broadcast room with the goods.

Mature overseas sugar brands have also begun to deploy the Chinese market. Truvia, a sugar brand of the United States, Zhen Weitian. In addition to the mainstream e -commerce channels such as Tmall International and JD.com, it also settled in Xiaohongshu in June this year. Yunnan Lvhua Food Co., Ltd., which focuses on exporting business, has also opened the Chinese name "Paifu Moment" at the end of 2021 to deploy the domestic market at the end of 2021.

More brands are used to follow this popular business with the help of foundries, such as the past sugar products of many brands such as the impression, Beju, Xinglin Caotang, Hong Shengxiang, Shark Fitt, etc. The foundries behind them are the same.

From the description of the product, emphasizing the characteristics of "0 fat 0 calories 0 sucrose", the main ingredients such as chrysanthol, sweet chrysantheon, and Luo Han Guotin, as well as "better than lignol and white sugar" Functional attributes such as sugar "cream can be used as desserts" are the focus of promotion of sugar substitute products. If you look closely at the product ingredients, some products will label the ingredients only contain moss glycol, but most of them are compared with a variety of sugar. But there is almost no product explanation for the difference between a single or complexity.

In terms of price, the price difference between sugar replacement can be described as very different. If 500 grams is used as a unit, the unit price can float between 9-95 yuan. However, CBNDATA has found that the price of the product has no direct correlation with whether the sugar is reproduced and whether the brand is well -known, and consumers lack certain reference standards.

From the perspective of sales, the aforementioned "informal army" seemed to be unknown, but it seemed to be unknown. On the Taobao platform, the sales of health food brands, Hong Shengxiang, Zhonglan, the sales of sugar replacement items for baking brands are higher than that of professional sugar brands such as Philons and Gan, as well as traditional sugar such as Ganju Garden and Taikoo. Enterprise.

The reason for this phenomenon is that the scene is adapted. Consumers who buy healthy foods are obviously more thorough than ordinary consumers for what seasoning sugar is used; baking is a scene with a considerable amount of sugar. It is a baked enthusiast when pursuing deliciousness. Pain points, buying sugar in the baked goods store. In addition, those who have special demands such as diabetic patients and the three highs of people have special demands. Because of this, many brands will indicate "XX University Provides Technical Support" "XX University of Pharmaceutical Products" in the introduction of sugar products. To strengthen the authority endorsement. There are also brands through multiple channels to match the target groups in multiple scenarios, such as health food brands in the past, in addition to selling sugar products in brand flagship stores, they also deploy Ali's health pharmacies and Tmall supermarkets. In comparison, professional sugar replacement brands are conducting more systematic market education. On the Xiaohong Book Platform, most of the notes of the brand's official number of Eleelian and Truvia Zhenwei Tian are mostly carried out around self -made drinks, homemade pastries, and Chinese food tutorials, and constantly convey the concept of using sugar in daily diet to replace sucrose in daily diet. In order to further expand the brand's influence, He Gan was implanted in the net comprehensive "Star Mom Answer", and Ai Tiantian invited Hu Xianyu as a brand spokesperson.

Picture source: Xiaohongshu

With more brands, with more scenarios, it is also an important promotion path for sugar generation brands. Aitian has launched a joint gift box with multiple terminal consumer brands such as Super Orangutan, Shanghai Auntie, QSSD Baking, etc., thereby linked diversified scenes such as fitness, tea, and baking. Offline, Philons have launched free experience in Shanghai's core business district. In some communities in Shanghai, the "Parents' Special Action". Residents can use white sugar in the home to exchange for the Philharmonic sweet sugar products for free. At the same time, the same name gift boxes are launched to try to enter the gift giving scene.

Left map source Philharmonic zero sugar small red book, right picture source Philharmonic Tmall flagship store

Although the sugar brand spares no effort to conduct market education, there are still a lot of pain points in this market. From the perspective of the relevant evaluation of sugar substitute products, some baked enthusiasts will find that the pastries cannot be sent after using sugar to bake. Some consumers also found that when using sugar to cook Chinese food, they found that the bright sugar color that could not be fried in sugar could not be fried. While promoting the concept of sugar reduction and sugar, how to allow consumers to accept the principle of "fish and bear's paw cannot be both", it is also a topic in future sugar market education. In addition, the new generation of sugar is still facing the same situation as the "predecessors" of sugar generations such as Asba Sweet, Ansisi, etc. -At present, the market is still controversial in the security of the new generation of sugar. The in -depth research and the improvement of industry regulations need to be further advanced.

The continuous development of the sugar replacement market is inseparable from the promotion of more fields. Naixue's tea series launched the bottle fruit tea series, the first "Luohan fruit juice" instead of sugar in the industry, attempts to tear a mouth in the 0 sugar beverage market with moss glycol as the mainstream, and also the generation of sugar of Luo Han Guotin. The variety establishes awareness among consumers. In May 2021, the Vitality Forest and Jiangnan University established the first domestic school -enterprise cooperation in China to combine the sugar -reducing health research institute of school -enterprise and enterprise.

In summary, in order to further expand the consumer market, you still need to answer the questions in the following aspects of consumers: why use the characteristics and differences between the characteristics and differences of different types of sugar, and what is the characteristics and differences in different types of sugar. What scenarios are suitable for sugar. However, it is certain that sugar control and sugar reduction are the general trend. The sugar replacement market may encounter a "embarrassing period" in the short -term development, but the future prospects are worth looking forward to.

footnote:

1. Quoted from Polarp for March 2022 Research Data

2. Quoted from Fhstan Shalin

Author: Zhang Xiaosha

Edit: Xiong Yi

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