On December 12, Yanzhiwu, a leading enterprise in the bird's nest industry, was listed on the Hong Kong Stock Exchange.
As a popular track for new consumption, tonic has been paying more attention in recent years. The landing of "Leading Bird's Nest" in the capital market is a positive signal that consumers' awareness of health preservation is constantly improving, and tonic products have become the mainstream of nutritional supplements.
For a long time, the concept of "food therapy and nourishment" in traditional Chinese food culture has cultivated a mature consumer mind for the tonic market. Nowadays, with the rise of the emerging consumer group of "health first", a new consumption trend of nourishing is forming.
This also gives the "first share of bird's nest" the opportunity to tell a new story to the capital market.
The "piping hot" bird's nest market originates from the "slow cooking" of traditional culture
When traditional culture is intertwined with modern life, there will always be a variety of voices.
In traditional tonic research, bird's nest is considered to have rich therapeutic and tonic value. For example, the "Review of Edible Bird's Nest" published in the International Food Research pointed out that bird's nest improves the quality of the first (whitening, dermal thickness improvement), regulates immunity, enhances cognitive function and memory, anti-aging, antiviral, antioxidant and other pharmacological effects.
Consumers are willing to believe in the precipitation of nourishing culture inherited for thousands of years, coupled with the empirical evidence of modern science, the bird's nest market continues to expand. According to the "2023-2029 China Bird's Nest Industry Market Assessment and Investment Prospect Assessment Report", the scale of China's bird's nest market has grown for 9 consecutive years. According to the Frost & Sullivan report, from 2022 to 2027, China's bird's nest market is expected to further grow from 43 billion yuan to 92.1 billion yuan in terms of retail sales, with a compound annual growth rate of 165%。
From this point of view, the commercial value of bird's nest no longer needs to be questioned. As mentioned in the prospectus, China has a long cultural foundation and consumption history of edible bird's nest, and has always been the main market and the largest consumer of bird's nest products.
Especially in recent years, focusing on the demand for "beauty nourishment", the consumption of bird's nest ingredient products has continued to be hot**. According to the research of Cicada Mama Think Tank, an e-commerce and social media research and consulting platform, judging from the consumption trend of the Douyin e-commerce platform, the consumption popularity of bird's nest will lead the main ingredient market for beauty and nourishment in 2023.
*: Cicada Mother Think Tank.
This phenomenon reflects that in the era of great health with the accelerated integration of traditional nourishing culture and modern lifestyle, the potential of bird's nest category has gradually become prominent. Yanzhiwu is to seize the new lifestyle demand, so as to become a "rookie" in the capital market.
Specifically, the first is the demand differentiation brought about by the "generalization" of people who agree with the nutritional value of bird's nest, and the second is to promote the diversification of the application of bird's nest-related ingredients.
From "appearance anxiety" to "Buddhist health", young consumer groups have risen
Who are the main consumers of bird's nest?
In the traditional concept, the audience of Chinese tonic is more middle-aged and elderly consumers. Among them, as a selling point of efficacy, it is a category of beauty and beauty, and the consumers of bird's nest are mainly middle-aged and above women.
However, this view is being shattered by changing consumer demand. With the rise of the concept of "health first", more and more young people have begun to try to achieve nutritional supplementation through nourishing health foods, and regard Chinese tonic products such as bird's nest as health foods that are more suitable for the physique of "Chinese babies".
Source: Huge Engine "2023 Douyin New Paradigm of Healthy Life***
* On the channel, this trend is even more obvious. According to Mojing Market Intelligence's "2022 Bird's Nest Track New Opportunity Insights", *in the bird's nest market, from the perspective of age, people aged 20-35 are the post-consumer group, accounting for about 80% of the overall bird's nest population.
However, compared with the do-it-yourself fine health care methods of the older generation, the health care behavior of young people is "Buddhist health preservation, focusing on participation". According to the survey data of "2023 Douyin New Paradigm of Healthy Life***, in the concept of healthy life, the user characteristics of self-awareness and action, preference show that young people generally practice Buddhism and maintain health, showing that they are conscious of health management, but their preference decreases when they are implemented into action.
This means that young people's requirements for health regimens are simple and convenient, and the most important thing is to do so. Seizing this trend, Yanzhiwu has a new consumption model of "order, stew, delivery, and eating" from the beginning of its establishment1Version 0, expanded and upgraded to "ready to eat" 2Version 0. Since 2012, Yanzhiwu has launched the high-end brand "Bowl Swallow". According to the Frost & Sullivan report, bowl swallow is one of the earliest mass-produced ready-to-eat bird's nest products in China.
Instant bird's nest eliminates the need for stewed food therapy and nourishment, which can be called the "workplace health guide" for contemporary young people. With the prevalence of the "lazy economy" in recent years, the market demand for instant bird's nest continues to grow. From 2020 to 2022, the sales volume of bowl swallows increased from 3.43 million bowls to 3.87 million bowls.
The growth of demand for bowl swallows has also become an important driving force for the growth of Yanzhiwu's performance. In the past three years, the income of Yanzhiwu has increased from 1300000000000000000000000000300 million yuan, net profit from 1200 million to 1900 million yuan. The insight into the consumption needs of young people has obviously opened up a wider market space for Yanzhiwu.
Today, Yanzhiwu is still constantly looking for more refined new consumer needs. For example, in 2022, Yanzhiwu will seize the nourishing needs of young people in their fast-paced lives and further launch brewed ready-to-eat bird's nests, covering more food scenarios such as office and travel.
There is no doubt that at a time when the traditional life path is changed by the new rhythm of young people's lives, product innovation will help consolidate the moat of Yanzhiwu products. According to the research of Guoji Xingyan, for health consumption, young people's fast-paced life, convenience and efficiency are the first priority.
Source: Guoji Xingyan's "2022 Social Media Marketing Report on the Traditional Tonic Industry of Medicine and Food Homology".
Continue to lead the trend of bird's nest consumption and become the theme of the new story of Bird's Nest House. In this story, in addition to the innovation of pure bird's nest products, richer application scenarios of bird's nest ingredients are also the key.
"Bird's Nest + + Bird's Nest", extending the industrial value chain
What is the main way to "use" bird's nest?
As a nourishing nutrient, whether it is for personal use or as a gift, direct consumption is the most mainstream way to consume bird's nest. However, with the rise of the new concept of Chinese nourishment, the brand has been able to continue to expand the commercial boundaries of bird's nest.
In recent years, the rejuvenation of the health care group has led to the rise of efficacy-based consumer demand. The health and wellness ingredients rich in traditional Chinese tonics have begun to be introduced into more fields such as disease prevention, beauty and skin care. According to the report of Guoji Xingyan, young people hope to improve their health through dietary regimen.
Source: Guoji Xingyan.
The younger generation of bird's nest consumers and the consequent growth in demand for beauty and health have undoubtedly made bird's nest step out of the limitations of the traditional nourishing market and gift-giving scene, and shift from "lady's consumer goods" to "edible all-in-one" mass consumer goods.
Seizing this trend, Bird's Nest has launched a number of functional products based on the nourishing effect of bird's nest and adding other active ingredients. Specifically, it can be divided into two product lines: "Bird's Nest +" and "+ Bird's Nest".
The former is a bird's nest product with other ingredients, such as the "Good Night Little Blue Bottle" with the addition of aminobutyric acid, which has a soothing sleep aid effect;The latter is a functional derivative product that uses bird's nest or bird's nest extract, such as the skin care product sub-brand "Yanzhiwu - Yanbaoshi" established by Yanzhiwu in March 2023, using the small molecule bird's nest peptide extracted from bird's nest as a characteristic ingredient to develop a series of skin care products such as **, serum, essence spray, cleanser, hand cream and so on.
Source: Yanzhiwu prospectus.
From oral administration to "food + use", Yanzhiwu captures the characteristics of young people who have a strong sense of freshness and are willing to accept new things, thus breaking through the boundaries of traditional bird's nest product consumption scenarios.
This also brings greater imagination to the capital market. According to the Frost Sullivan report, bird's nest can be divided into pure bird's nest and bird's nest related products, and the market size of the bird's nest industry is expected to register a CAGR of 16 during 2022-20275%, of which, the CAGR of pure bird's nest and bird's nest related products was 156% and 261%。Bird's nest related products are undoubtedly the "second growth curve" of Bird's Nest.
Of course, it should be pointed out thatProducts such as "Bird's Nest +" and "+ Bird's Nest" are still in the early stage of market cultivationThere is also a broad market space.
In the future, how to continuously explore the nutritional value of bird's nest and make full use of innovative products, so that bird's nest products can adapt to more life scenarios, so that more consumers can form a consumption mentality of "daily bird's nest", and choose bird's nest products to help beauty and healthy life will become the key to Yanzhiwu telling a good new growth story.