Pre-made meals remain a relatively hot sector in China’s food business, with the number of companies registered in the space rising by 42.7% this year.
According to estimates, the size of the market in 2022 is 420 billion yuan, up 21% compared to last year. This is expected to increase to 500 billion yuan in 2023.
Many food-related companies are trying to get into this space and this sometimes includes consolidation.
Keming Foods, one of the country’s leading noodle companies, recently announced plans to acquire Xingjiang Pastoral Food, a hog breeding operation.
Currently, the company’s main products are dry noodles in the mid-to-high range of the market. But as many companies are looking to expand their pre-made meal options, Keming’s acquisition would provide the company with a reliable source of pork that the company controls.