Anjoy topped the rankings of frozen processed seafood sales in China last year, followed by the Haixin brand operated by Fujian Haixin Food Co. Ltd., with Hai Pa Wang (the mainland brand of Hai Pa Wang International Food Group) in third place, according to a ranking compiled by market research firm Euromonitor.
Anjoy (the company’s full name is Fujian Anjoy Food Co. Ltd.) has targeted convenience-oriented urban consumers with frozen fish balls, imitation crab and shrimp dumplings. Euromonitor research shows that sales of frozen processed seafood in mainland China are growing fast but not at the same pace as overall seafood sales. Frozen processed seafood sales grew from 344,000 metric tons (MT) in 2014 to 406,000 MT in 2019. In the same time span the retail sales of fish and seafood went from 21 million MT in 2014 to 26.5 million MT in 2019. Euromonitor doesn't list sales volumes per firm.
The top player in the Hong Kong market was the Four Seas brand, operated by the Four Seas Group, followed by Birds Eye, operated by Nomad Foods Ltd. Ranked third was the Kibun brand, owned by the Kikkoman Corp.
Based in the key port and seafood processing and trading hub of Xiamen, Fujian Province, market leader Anjoy Food Co Ltd has grown its revenues from CNY 2.56 billion (USD 358 million, EUR 335 million) in 2014 to CNY 5.26 billion (USD 736 million, EUR 683 million) in 2019. The firm’s profit went from CNY 128 million (USD 17.9 million, EUR 16.6 million) to CNY 373.3 million (USD 52.2 million, EUR 48.5 million) in the same timeframe.
Based in the same province as Anjoy, Fujian Haixin Food Co Ltd has spent big on marketing to tap younger consumers with niche product segments for its seafood selection, which includes frozen products but also dried, shredded crab intestines and squid sticks sold in handy-packs nationwide.
Haixin, which also supplies fish balls for hot pot restaurants across China, saw profits slump 53.7 percent year-on-year to CNY 12.38 million (USD 1.75 million, EUR 1.61 million) on revenues of CNY 878 million (USD 124.67 million, EUR 114.69 million). In a public filing, the company blamed its difficulties on rising input costs – fish paste rose 8.6 percent year on year in the first three quarters – but also on warmer winters, which have made diners less enthusiastic about hot pot.
Fujian-based Haixin scored an 18 percent rise in sales to CNY 542 million (USD 76.8 million, EUR 70.65 million) in the first half of 2019, with seafood accounting for CNY 399 million (USD 56.59 million, EUR 52.06 million) of that figure. Company CEO Yong Yan Teng has set an ambitious corporate strategy of pulling Haixin away from the congested “low-priced competition” snack food segment towards higher-margin, branded products for middle-class consumers.
