Bottled Water China 2021

MarketLine Industry Profile
Packaged Water in China

June 2021
Reference Code: 0099-2908
Publication Date: June 2021
Primary NAICS: 312112
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Industry Profiles
1. Executive Summary
1.1. Market value

The Chinese packaged water market grew by 7.2% in 2019 to reach a value of $28,489.1 million.
1.2. Market value forecast

In 2024, the Chinese packaged water market is forecast to have a value of $42,131.5 million, an increase of
47.9% since 2019.
1.3. Market volume
The Chinese packaged water market grew by 4.4% in 2019 to reach a volume of 47,036.2 million liters.
1.4. Market volume forecast

In 2024, the Chinese packaged water market is forecast to have a volume of 59,424.2 million liters, an
increase of 26.3% since 2019.
1.5. Geography segmentation

China accounts for 50.6% of the Asia-Pacific packaged water market value.
1.6. Market share

Zhejiang Nongfushanquan Water Co Ltd is the leading player in the Chinese packaged water market,
generating a 22.1% share of the market's value.
1.7. Market rivalry

High fixed costs work to drive up rivalry; however, strong market growth during 2015–2019 has served to
alleviate this somewhat.
1.8. Competitive Landscape

Industry Profiles
The Chinese packaged water market experienced strong value growth and volume growth in recent years.
Zhejiang Nongfushanquan Water Co is the leading player in value terms, while China Resources Enterprises
and Tingyi Holding accounted for the second and third largest value shares, respectively, in 2019.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................................ 2
1.2. Market value forecast .................................................................................................................................. 2
1.3. Market volume ............................................................................................................................................. 2
1.4. Market volume forecast ............................................................................................................................... 2
1.5. Geography segmentation............................................................................................................................. 2
1.6. Market share ................................................................................................................................................ 2
1.7. Market rivalry ............................................................................................................................................... 2
1.8. Competitive Landscape ................................................................................................................................ 2
2. Market Overview 8
2.1. Market definition ......................................................................................................................................... 8
2.2. Market analysis ............................................................................................................................................ 8
3. Market Data 10
3.1. Market value .............................................................................................................................................. 10
3.2. Market volume ........................................................................................................................................... 11
4. Market Segmentation 12
4.1. Geography segmentation........................................................................................................................... 12
4.2. Market distribution .................................................................................................................................... 13
5. Market Outlook 14
5.1. Market value forecast ................................................................................................................................ 14
5.2. Market volume forecast ............................................................................................................................. 15
6. Five Forces Analysis 16
6.1. Summary .................................................................................................................................................... 16
6.2. Buyer power ............................................................................................................................................... 17
6.3. Supplier power ........................................................................................................................................... 18
6.4. New entrants.............................................................................................................................................. 19

Industry Profiles
6.5. Threat of substitutes .................................................................................................................................. 20
6.6. Degree of rivalry ......................................................................................................................................... 21
7. Competitive Landscape 22
7.1. Market share .............................................................................................................................................. 22
7.2. Who are the leading players? .................................................................................................................... 22
7.3. Which companies were the most successful at increasing their market share during 2015–2019? ......... 23
7.4. Which companies’ market shares suffered during the same period? ....................................................... 23
7.5. What are the most popular brands in the market? ................................................................................... 23
8. Company Profiles 24
8.1. Zhejiang Nongfushanquan Water Co. Ltd. ................................................................................................. 24
8.2. China Resources Enterprise Ltd ................................................................................................................. 26
8.3. Jinmailang Beverage Corporate Limited .................................................................................................... 29
8.4. Tingyi (Cayman Islands) Holding Corp ........................................................................................................ 31
9. Macroeconomic Indicators 34
9.1. Country data .............................................................................................................................................. 34
Appendix 36
Methodology ........................................................................................................................................................... 36
9.2. Industry associations .................................................................................................................................. 37
9.3. Related MarketLine research ..................................................................................................................... 37
About MarketLine .................................................................................................................................................... 38

Industry Profiles
LIST OF TABLES
Table 1: China packaged water market value: $ million, 2015–19 10
Table 2: China packaged water market volume: million liters, 2015–19 11
Table 3: China packaged water market geography segmentation: $ million, 2019 12
Table 4: China packaged water market distribution: % share, by value, 2019 13
Table 5: China packaged water market value forecast: $ million, 2019–24 14
Table 6: China packaged water market volume forecast: million liters, 2019–24 15
Table 7: China packaged water market share: % share, by value, 2019 22
Table 8: Zhejiang Nongfushanquan Water Co. Ltd.: key facts 24
Table 9: Zhejiang Nongfushanquan Water Co. Ltd.: Key Employees 25
Table 10: China Resources Enterprise Ltd: key facts 26
Table 11: China Resources Enterprise Ltd: Key Employees 28
Table 12: Jinmailang Beverage Corporate Limited: key facts 29
Table 13: Jinmailang Beverage Corporate Limited: Key Employees 30
Table 14: Tingyi (Cayman Islands) Holding Corp: key facts 31
Table 15: Tingyi (Cayman Islands) Holding Corp: Annual Financial Ratios 32
Table 16: Tingyi (Cayman Islands) Holding Corp: Key Employees 33
Table 17: China size of population (million), 2015–19 34
Table 18: China gdp (constant 2005 prices, $ billion), 2015–19 34
Table 19: China gdp (current prices, $ billion), 2015–19 34
Table 20: China inflation, 2015–19 34
Table 21: China consumer price index (absolute), 2015–19 35
Table 22: China exchange rate, 2015–19 35

Industry Profiles
LIST OF FIGURES
Figure 1: China packaged water market value: $ million, 2015–19 10
Figure 2: China packaged water market volume: million liters, 2015–19 11
Figure 3: China packaged water market geography segmentation: % share, by value, 2019 12
Figure 4: China packaged water market distribution: % share, by value, 2019 13
Figure 5: China packaged water market value forecast: $ million, 2019–24 14
Figure 6: China packaged water market volume forecast: million liters, 2019–24 15
Figure 7: Forces driving competition in the packaged water market in China, 2019 16
Figure 8: Drivers of buyer power in the packaged water market in China, 2019 17
Figure 9: Drivers of supplier power in the packaged water market in China, 2019 18
Figure 10: Factors influencing the likelihood of new entrants in the packaged water market in China, 2019 19
Figure 11: Factors influencing the threat of substitutes in the packaged water market in China, 2019 20
Figure 12: Drivers of degree of rivalry in the packaged water market in China, 2019 21
Figure 13: China packaged water market share: % share, by value, 2019 22

Industry Profiles
2. Market Overview
2.1. Market definition

The packaged water market consists of the retail sale of all potable water without added mineral/vitamin
enhancement, flavorings, or sugar/sweeteners, sold in bottles/containers of up to and including 10 liters. The
market includes still water, mineral water, carbonated water, and table water. The market is valued according to
retail selling price (RSP) and includes any applicable taxes. All currency conversions used in the creation of this
report have been calculated using constant annual average 2019 exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
the Middle East, Morocco, Nigeria, and South Africa.
North America consists of Canada, Mexico, and the US.
South America consists of Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Panama,
Peru, Puerto Rico, and Uruguay.
Europe consists of Austria, Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal,
Romania, Russia, Slovak Republic, Spain, Sweden, Switzerland, Turkey, Ukraine, and the UK.
Asia-Pacific consists of Australia, China, Hong Kong, India, Indonesia, Japan, Kazakhstan, Malaysia, Myanmar, New
Zealand, Pakistan, the Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, Turkmenistan, and
Vietnam.
The Middle East comprises Bahrain, Egypt, Iran, Israel, Kuwait, Oman, Saudi Arabia, and the UAE.
2.2. Market analysis

The Chinese packaged water market registered strong growth during the review period (2015–2019). The market's
growth rate is expected to decelerate over the forecast period (2019–2024).
Increasing health and wellness, rising income levels and a large population are the primary factors boosting value
and volume growth in the Chinese packaged water market. Moreover, due to rising health consciousness, the
demand for low sugar drinks is increasing, which is benefiting the packaged water category. Additionally,
manufacturers are focusing on product innovations, such as adding vitamins to existing packaged water and
launching products targeting a variety of consumers, to benefit from the country's rapid urbanization.
The Chinese packaged water market had total revenues of $28,489.1m in 2019, representing a compound annual
growth rate (CAGR) of 9.3% between 2015 and 2019. In comparison, the Singaporean and Indian markets grew
with CAGRs of 4.1% and 16.1% respectively, over the same period, to reach respective values of $156.6m and
$6.4bn in 2019.
Market consumption volume increased with a CAGR of 5.5% between 2015–2019, to reach a total of 47 billion
liters in 2019. The market's volume is expected to rise to 59.4 billion liters by the end of 2024, representing a CAGR
of 4.8% for the 2019–2024 period.
Sales through on-trade outlets accounted for the highest value in the Chinese packaged water market in 2019,
with total sales of $16.3bn, equivalent to 57.2% of the market's overall value. In comparison, sales through
hypermarkets and supermarkets distribution channel reached a value of $5.5bn in 2019, equating to 19.2% of the
total market.
The performance of the market is forecast to decelerate, with an anticipated CAGR of 8.1% for the five-year period
2019–2024, which is expected to drive the market to a value of $42,131.5m by the end of 2024. Comparatively,

Industry Profiles
the Singaporean and Indian markets will grow with CAGRs of 6.6% and 10.2% respectively, over the same period,
to reach respective values of $215.7m and $10.5bn in 2024.

Industry Profiles
3. Market Data
3.1. Market value

The Chinese packaged water market grew by 7.2% in 2019 to reach a value of $28,489.1 million.
The compound annual growth rate of the market in the period 2015–19 was 9.3%.
Table 1: China packaged water market value: $ million, 2015–19
Year $ million CNY million € million % Growth

2015 19,932.6 137,730.1 17,804.9
2016 22,196.1 153,370.1 19,826.8 11.4%
2017 25,063.3 173,182.0 22,387.9 12.9%
2018 26,584.0 183,689.8 23,746.3 6.1%
2019 28,489.1 196,853.6 25,448.1 7.2%
CAGR: 2015–19 9.3%

SOURCE: MARKETLINE MARKETLINE
Figure 1: China packaged water market value: $ million, 2015–19

Industry Profiles
3.2. Market volume

The Chinese packaged water market grew by 4.4% in 2019 to reach a volume of 47,036.2 million liters.
The compound annual growth rate of the market in the period 2015–19 was 5.5%.
Table 2: China packaged water market volume: million liters, 2015–19
Year million liters % Growth

2015 37,959.8
2016 40,035.0 5.5%
2017 43,320.7 8.2%
2018 45,064.1 4.0%
2019 47,036.2 4.4%
CAGR: 2015–19 5.5%

Figure 2: China packaged water market volume: million liters, 2015–19

Industry Profiles
4. Market Segmentation
4.1. Geography segmentation
China accounts for 50.6% of the Asia-Pacific packaged water market value.
India accounts for a further 11.4% of the Asia-Pacific market.
Table 3: China packaged water market geography segmentation: $ million, 2019
Geography 2019 %
China 28,489.1 50.6
India 6,441.8 11.4
Japan 4,642.3 8.2
South Korea 2,397.1 4.3
Singapore 156.6 0.3
Rest of Asia-Pacific 14,153.6 25.1
Total 56,280.5 99.9%

Figure 3: China packaged water market geography segmentation: % share, by value, 2019

Industry Profiles
4.2. Market distribution

On Trade form the leading distribution channel in the Chinese packaged water market, accounting for a 57.2% share of
the total market's value.
Hypermarkets & Supermarkets accounts for a further 19.2% of the market.
Table 4: China packaged water market distribution: % share, by value, 2019
Channel % Share
On Trade 57.2%
Hypermarkets & Supermarkets 19.2%
Convenience Stores 17.9%
eRetailers 4.4%
Other 1.3%
Total 100%
Figure 4: China packaged water market distribution: % share, by value, 2019

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2024, the Chinese packaged water market is forecast to have a value of $42,131.5 million, an increase of 47.9%
since 2019.
The compound annual growth rate of the market in the period 2019–24 is predicted to be 8.1%.
Table 5: China packaged water market value forecast: $ million, 2019–24
Year $ million CNY million € million % Growth

2019 28,489.1 196,853.6 25,448.1 7.2%
2020 28,695.0 198,276.2 25,632.0 0.7%
2021 32,869.6 227,121.9 29,361.0 14.5%
2022 36,504.9 252,241.2 32,608.2 11.1%
2023 39,863.9 275,451.1 35,608.7 9.2%
2024 42,131.5 291,119.9 37,634.2 5.7%
CAGR: 2019–24 8.1%

Figure 5: China packaged water market value forecast: $ million, 2019–24

Industry Profiles
5.2. Market volume forecast

In 2024, the Chinese packaged water market is forecast to have a volume of 59,424.2 million liters, an increase of 26.3%
since 2019.
The compound annual growth rate of the market in the period 2019–24 is predicted to be 4.8%.
Table 6: China packaged water market volume forecast: million liters, 2019–24
Year million liters % Growth

2019 47,036.2 4.4%
2020 46,206.5 (1.8%)
2021 51,027.1 10.4%
2022 54,845.0 7.5%
2023 58,053.9 5.9%
2024 59,424.2 2.4%
CAGR: 2019–24 4.8%

Figure 6: China packaged water market volume forecast: million liters, 2019–24

Industry Profiles
6. Five Forces Analysis

The packaged water market will be analyzed taking manufacturers of packaged water as players. The key buyers
will be taken as distributors and retailers of packaged water, and producers of packaging, packaged water
ingredients and other raw materials as the key suppliers.
6.1. Summary
Figure 7: Forces driving competition in the packaged water market in China, 2019
High fixed costs work to drive up rivalry; however, strong market growth during 2015–2019 has served to alleviate this
somewhat.
On-trade outlets are the main distribution channel in the Chinese packaged water market. Hypermarkets and
supermarkets are also significant. Retailers are unlikely to be swayed by brand loyalty, but they will have to stock
brands preferred by consumers. Buyer power in this market is driven up by low switching costs.
Leading companies must maintain product quality if they are to maintain their brand equity in the long-term. However,
lack of differentiation in commodity inputs weakens supplier power.
The threat of new entrants is moderate due to fair capital investments and the presence of well-established brands. It
can be possible for a new entrant to achieve small-scale success stressing a unique production method or nutritional
benefits.
Substitutes to packaged water include functional drinks, juices and other healthy products, which pose a moderate
threat.

Industry Profiles
6.2. Buyer power
Figure 8: Drivers of buyer power in the packaged water market in China, 2019
The main distribution channel in the Chinese packaged water market is on-trade outlets, which accounted for 57.2% of
the market's total value in 2019. Hypermarkets and supermarkets are also significant and accounted for a further 19.2%
of the total market's value that year. Thus, the size of the average buyer is large, which enhances their negotiating
position and therefore increases buyer power. Large buyers, such as on-trade outlets, experience increased buyer
power, whilst smaller independent retailers have less leverage when negotiating with players.
The degree of retail concentration varies significantly from country to country. In China, the retail market remains
highly fragmented. Low retail concentration generally implies weaker buyer power.
Brands are highly important to consumers in this market, which weakens buyer power because it is important for
retailers to stock popular brands. Also, there are several ways for market players to differentiate their products.
Moreover, whilst manufacturers are dependent on packaging companies, they are less reliant on retailers of finished
products as there tends to be a number of retail outlet options, such as supermarkets. Therefore, overall buyer power
is assessed as strong.

Industry Profiles
6.3. Supplier power
Figure 9: Drivers of supplier power in the packaged water market in China, 2019
The primary inputs for packaged water manufacturers include water from several sources, calcium, magnesium, salts
and similar ingredients.
Some of these commodities, although available from several sources, are subject to price fluctuations. However, there
are usually substitutes available. For example, if calcium chloride becomes expensive or unobtainable then it can be
substituted by magnesium chloride and other similar products.
The power of packaging manufacturers is growing since there is a growing demand for more consumer and
environmentally friendly packaging.
Overall, supplier power is moderate in this market.

Industry Profiles
6.4. New entrants
Figure 10: Factors influencing the likelihood of new entrants in the packaged water market in China, 2019
The Chinese packaged water market experienced strong market growth during the review period. This will tend to
encourage newcomers. Large players such as Zhejiang Nongfushanquan and China Resources Enterprise dominate the
market. The top four players wield significant power and benefit from scale economies, strong brands, and a diverse
range of products. Private labels also greatly influence the environment.
Players in the packaged water market can try to distinguish their products to some extent by stressing their health
benefits and taste. Although it would be difficult for a new entrant to compete with the brand strength and reach of
existing players, it may be possible to achieve small-scale success stressing a unique production method or nutritional
benefits.
Even if a new player opts for a business model in which much of the production process is performed by bottling
partners under license, there will still be a need to invest in manufacturing capacity in order to produce the
concentrates. This will generally be fairly capital-intensive and can restrict market entry. However, market niches can be
exploited by new entrants. Some of the larger players have already done this by catering for local tastes. Additionally,
changing consumer preferences cause a shift towards health-oriented wellness drinks.
Government regulation affects several aspects of packaged water manufacturing. For example, in most countries, there
are requirements regarding food and drink needing to be prepared in hygienic conditions. Specific ingredients may be
subject to regulation: the natural low-calorie sweetener stevia has been used in Japan since 1971. In China, its
regulatory status is unclear, although it has been available since the mid-1980s. Increasing regulation tends to
discourage newcomers.
Overall, there is a moderate likelihood of new entrants.

Industry Profiles
6.5. Threat of substitutes
Figure 11: Factors influencing the threat of substitutes in the packaged water market in China, 2019
The substitutes for packaged water primarily include functional drinks, juices and other healthy products. Leading
players tend to have diverse product ranges, which reduces the threat posed by substitutes. For example, Coca-Cola is a
major player in the soft drinks market and a leading manufacturer of packaged water. Overall, there is a moderate
threat from substitutes.

Industry Profiles
6.6. Degree of rivalry
Figure 12: Drivers of degree of rivalry in the packaged water market in China, 2019
The Chinese packaged water market is a little concentrated, with the top four leading players, Zhejiang
Nongfushanquan Water Co, China Resources Enterprises, Tingyi Holding Corp, and Jinmailang Beverage (Beijing) Co,
accounting for 58.5% of the market’s value in 2019. The players in this market are fairly similar: most operate primarily
in the food and drink industry. This increases rivalry, and means that market fluctuations are expected to affect
companies in the same way. Switching costs are low: buyers can switch from one player to another without incurring
costs. This boosts rivalry.
The ease of exit depends to some extent on the business model of the company. A company that manufactures
packaged water in a single integrated process will need to dispose of assets such as specialized equipment in order to
exit the market. On the other hand, a company of the same size that operates in conjunction with a network of bottling
partners will tend to have fewer assets, and exit is therefore easier.
Strong market growth during the review period helps to decrease the intensity of rivalry. Overall, there is a moderate
degree of rivalry in the Chinese packaged water market.

Industry Profiles
7. Competitive Landscape
The Chinese packaged water market experienced strong value growth and volume growth in recent years. Zhejiang
Nongfushanquan Water Co is the leading player in value terms, while China Resources Enterprises and Tingyi
Holding accounted for the second and third largest value shares, respectively, in 2019.
7.1. Market share
Table 7: China packaged water market share: % share, by value, 2019
Company % Share
Zhejiang Nongfushanquan Water Co Ltd 22.1%
China Resources Enterprises 18.8%
Tingyi Holding Corp 9.4%
Jinmailang Beverage (Beijing) Co Ltd 8.2%
Other 41.5%
Total 100%
Figure 13: China packaged water market share: % share, by value, 2019
7.2. Who are the leading players?

Industry Profiles
China-based Zhejiang Nongfushanquan Water Co is the leading player in the Chinese packaged water market; it
accounted for 22.1% of the market's volume in 2019 and is expected to retain its lead position in the coming years.
China-based China Resources Enterprises is the second leading player in the Chinese packaged water market; it
accounted for 18.8% of the market's volume in 2019.
China-based Tingyi Holding is the third leading player in the Chinese packaged water market; it accounted for 9.4% of
the market's volume in 2019.
7.3. Which companies were the most successful at increasing their

market share during 2015–2019?
In the Chinese packaged water market, Zhejiang Nongfushanquan Water Co registered the largest rise in its market
share during 2015–2019, with a 6.6 percentage point increase in value terms, from 15.5% in 2015 to 22.1% in 2019.
Over the same period, Jinmailang Beverage (Beijing) Co saw its market share increase by 4.2 percentage points, growing
from 4% in 2015 to 8.2% in 2019, while Shenzhen Jingtian Industry witnessed an increase of 3.7 percentage points to its
value share, up from 4.2% in 2015 to 7.9% in 2019.
7.4. Which companies’ market shares suffered during the same period?
In the Chinese packaged water market, Tingyi Holding witnessed a loss of value share during 2015–2019, falling 12.5
percentage points, down from 21.9% in 2015 to 9.4% in 2019. Hangzhou Wahaha Group Co also registered a loss of
market share, by 2.3 percentage points, down from 8.6% in 2015 to 6.3% in 2019. Moreover, Nestle also saw a decline
in its market share, falling 0.6 percentage points, down from 1.6% in 2015 to 1% in 2019.
7.5. What are the most popular brands in the market?

Nongfushanquan, which is owned by Zhejiang Nongfushanquan Water Co, is the most popular brand in the Chinese
packaged water market; it accounted for a value share of 22.1% in 2019. Furthermore, Yibao (owned by China
Resources Enterprises) and Kangshifu (owned by Tingyi Holding Corp) are also top brands, which held brand value
shares of 18.5% and 9.4%, respectively, the same year.

Industry Profiles
8. Company Profiles
8.1. Zhejiang Nongfushanquan Water Co. Ltd.
8.1.1. Company Overview
Zhejiang Nongfushanquan Water Co. Ltd. (Nongfu Spring) is engaged in the production and supply of natural
water and beverages. Its product portfolio includes natural bottled drinking waters, vegetable and fruit juices,
functional beverages, tea beverages and other natural soft drinks. The company operates its production
facilities in Jilin, Zhejiang, Hubei, Guangdong, Jiangxi and Sichuan provinces. Nongfu Spring is headquartered in
Hangzhou, China.
8.1.2. Key Facts
Table 8: Zhejiang Nongfushanquan Water Co. Ltd.: key facts
Head office: No. 148 Shuguang Road Hangzhou, China

Financial year-end: April
SOURCE: COMPANY WEBSITE MARKETLINE

Industry Profiles
Table 9: Zhejiang Nongfushanquan Water Co. Ltd.: Key Employees
Name Job Title Board

Shanshan Zhong Chairman Executive Board
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
8.2. China Resources Enterprise Ltd
China Resources Enterprise Ltd (CRE), a subsidiary of China Resources (Holdings) Company Limited, produces,
develops markets and sells consumer goods. It primarily processes, packs and distributes beer, rice, meat,
frozen food and imported food through its China Resources Beer (Holdings) Company Limited and China
Resources Ng Fung Limited. In addition, it offers purified drinking water, milk tea, roasted coffee and sports
beverages under C’estbon, Afternoon Milk Tea, , Fire coffee, magic, brands. The company’s integrated food
business produces, process, distributes ice-cream products, rice powder, rice flour and crabs. It merchandises
and sells these products across various provinces of China and Hong Kong. The company is headquartered in
Wanchai, Hong Kong.
8.2.2. Key Facts
Table 10: China Resources Enterprise Ltd: key facts
Head office: 39/F China Resources Building 26 Harbour Road, Wanchai, Hong Kong Special
Administrative Region of China
Website: www.cre.com.hk
Financial year-end: December
8.2.3. Business Description
China Resources Enterprise Ltd (CRE), a subsidiary of China Resources (Holdings) company limited, manages and
operates consumer goods and retail service-related businesses. The company classifies its business operations into
three divisions: Beer, Food and Beverage.
Under the Beer division, it manages and conducts its business operations through China Resources Beer (Holdings)
Company Limited. It primarily manufactures, sells and distributes beer in China is involved in beer brewing,
product sales, and brand promotion activities and also developed mainstream, mid-market and high-end beers. Its
flagship brand Snow is the leading beer brand in terms of volume worldwide. The company operated a total of 78
breweries across 14 regions in China with a total annual production capacity of 21 million kiloliters (KL) and annual
sales volumes of 11.3 million Kiloliters (KL) of beer. Under the Beverage division, the company operates its
business activities through China Resources C’estbon Beverage (China) Co., Ltd (CR C'estbon Beverages). It
primarily offers healthy and quality products to its users under the brands of C’estbon, Afternoon Milk Tea, , Fire,
C’estbon offers purified drinking water and are produced using advanced two-pass reverse osmosis technology.
Under the Food division, the company operates and manages its business activities through China Resources Ng
Fung Limited (‘CR Ng Fung’). It is an integrated food company that produces process and retails rice, meats, fruits
and vegetables, frozen foods and import foods across China and Hong Kong. These are marketed under various
brands such as Ng Fung, Man Tai Ji, Xi Shang Xi, Lian He Kang Kang, Li Hong, Fu Chun and Shang Kou Ai. It
purchases, process, packs and distributes rice. The company operates rice processing plants in with a total
production capacity of 3500,00 tons per annum. It also operates regional centers in Shenzhen, Beijing, Shenyang,
Shanghai, Wuhan, Xi'an and Chengdu. The company’s subsidiary has 3,500 direct-operated supermarket stores for
cooperative sales, and more than 40 supermarket systems for distribution.. Its meat business include Pig Raising,
Slaughtering and Processing activities and also maintains cold storage and logistics centers and other retail
terminals. In addition, its integrated food business produces, process, distributes frozen food, ice-cream products,
rice powder, rice flour and crabs.

Industry Profiles
Under Coffee division, the company offers pacific coffee, which is integration of Chinese and Western cultures and
has a strong book flavor, has swept north, Shanghai, Guangzhou and Shenzhen. It is radiated in more than 30 cities
with 500 global stores and more than 300 stores in China.

Industry Profiles
Table 11: China Resources Enterprise Ltd: Key Employees

Anxing Chief Information Officer Senior Management
Anxing Vice President Senior Management
Bernard Charnwut Chan Director Non Executive Board
Cheng Dayong Director Legal Senior Management
Cheng Dayong General Counsel Senior Management
Chu Zhuolun Vice President Senior Management
Eric Li Ka Cheung Director Non Executive Board
Feng Jing Vice President Senior Management
Feng Kai Vice President Senior Management
Gordon Siu Kwing Chue Director Non Executive Board
Hou Xiaohai Director Non Executive Board
Houang Tai Ninh Director Non Executive Board
Jian Yi Chief Executive Officer Executive Board
Jian Yi Director Executive Board
Lai Ni Hium Director Non Executive Board
Moses Cheng Mo Chi Director Non Executive Board
Rudolf Gijsbert Servaas van den
Director Non Executive Board
Brink
Tomakin Lai Po Sing Chief Financial Officer Executive Board
Tomakin Lai Po Sing Director Executive Board
Tomakin Lai Po Sing Vice President Executive Board
Tuen-Muk Lai Shu Director Non Executive Board

Industry Profiles
8.3. Jinmailang Beverage Corporate Limited
Jinmailang Beverage Corporate Limited (Jinmailang Beverage) is a manufacturer and marketer of non- alcoholic
beverages. The company primarily produces and sells a range of tea products such as black tea iced/rtd tea
drinks and green tea. Its other product offerings include packagedmineral water, still drinks and vegetable
juicedrinks. All these products are marketed under the brand of Jinmailang. The company operates as a joint
venture between the food companies, Uni-President China Holdings and Nissin Jinmailang Foods Co. Jinmailang
Beverage is headquartered in Beijing, China.
8.3.2. Key Facts
Table 12: Jinmailang Beverage Corporate Limited: key facts
Head office: No. 38 Technology Road Miyun Economy Development Zone, Beijing, Beijing, China
Website: www.hualong.com
Financial year-end: April

Industry Profiles
Table 13: Jinmailang Beverage Corporate Limited: Key Employees

Chih Hsien Lo Chairman Non Executive Board

Industry Profiles
8.4. Tingyi (Cayman Islands) Holding Corp
Tingyi (Cayman Islands) Holding Corp (Tingyi) manufactures and markets various instant food and beverage
products. The company’s product portfolio includes instant noodles, ready-to-drink tea, bottled water,
functional drinks, cool iced black tea, coffee drinks, probiotics, potato starch, seasoning flavours, sandwich
crackers, fruit juice, rice crackers, milk products and dehydrated vegetables. Tingyi also exclusively
manufactures, bottles, packages, distributes and sells PepsiCo's non-alcoholic beverages in China. It markets its
products under Master Kong brand name. The company caters its products to wholesalers and direct retailers.
It also offers investment holding, investment properties for rental purpose, logistics and supportive functions.
Tingyi is headquartered in Shanghai, China.
The company reported revenues of (Renminbi) CNY67,617.8 million for the fiscal year ended December 2020
(FY2020), an increase of 9.1% over FY2019. In FY2020, the company’s operating margin was 10%, compared to
an operating margin of 9% in FY2019. In FY2020, the company recorded a net margin of 6%, compared to a net
margin of 5.4% in FY2019.
8.4.2. Key Facts
Table 14: Tingyi (Cayman Islands) Holding Corp: key facts
Head office: No. 1688 Wuzhong Road, Minhang District, Minhang District, SHANGHAI,
Shanghai, China
Telephone: 862266868888
Fax: 862265298080
Number of Employees: 60654
Website: www.masterkong.com.cn
Financial year-end: December
Ticker: 322
Stock exchange: Hong Kong Stock Exchange
8.4.3. Business Description
Tingyi (Cayman Islands) Holding Corp (Tingyi) produces and distributes a wide range of instant food and beverage
products. It also involves in manufacturing, bottling, packaging, and sales and distribution of Pepsi Co non-
alcoholic drinks.
The company classifies its business operations into three reportable segments: Beverages, Instant Noodles, and
Others.
Tingyi operates 86 production centers, 365 sales offices, and 236 warehouses, that serve 47,898 wholesalers and
210,366 retailers across the world.

Industry Profiles
Table 15: Tingyi (Cayman Islands) Holding Corp: Annual Financial Ratios
Key Ratios 2015 2016 2017 2018 2019
Growth Ratios
Sales Growth % -6.38 6.07 2.94 2.13
Operating Income Growth % -16.13 31.19 15.56 29.14
EBITDA Growth % -5.16 11.14 3.91 17.22
Net Income Growth % -30.51 56.59 35.42 35.22
EPS Growth % -27.63 56.10 37.40 5.14
Working Capital Growth % 6.50 -24.46 -40.92 -3.61
Equity Ratios
EPS (Earnings per Share) CNY 0.30 0.21 0.32 0.44 0.59
Dividend per Share CNY 0.15 0.11 0.16 0.22 0.29
Dividend Cover Absolute 1.99 1.88 1.99 1.99 2.02
Book Value per Share CNY 3.39 3.23 3.28 3.50 3.48
Profitability Ratios
Gross Margin % 31.86 31.27 29.41 30.86 31.88
Operating Margin % 5.74 5.14 6.35 7.13 9.02
Net Profit Margin % 2.82 2.09 3.09 4.06 5.37
Profit Markup % 46.76 45.49 41.66 44.63 46.80
PBT Margin (Profit Before Tax) % 5.18 4.38 5.75 6.56 8.73
Return on Equity % 8.81 6.41 9.88 12.53 17.01
Return on Capital Employed % 9.50 8.70 12.44 14.87 18.86
Return on Assets % 6.04 2.08 3.29 4.60 6.00
Operating Costs (% of Sales) % 94.26 94.86 93.65 92.87 90.98
Administration Costs (% of Sales) % 24.48 25.39 22.82 23.19 25.22
Liquidity Ratios
Current Ratio Absolute 0.68 0.72 0.79 0.88 0.90
Quick Ratio Absolute 0.57 0.61 0.69 0.76 0.78
Cash Ratio Absolute 0.34 0.43 0.43 0.58 0.61
Leverage Ratios
Debt to Equity Ratio Absolute 0.84 0.89 0.78 0.55 0.66
Net Debt to Equity Absolute 0.49 0.32 0.23 -0.15 -0.23
Debt to Capital Ratio Absolute 0.46 0.47 0.44 0.36 0.40
Efficiency Ratios
Asset Turnover Absolute 2.15 0.99 1.07 1.13 1.12
Fixed Asset Turnover Absolute 3.37 1.64 1.95 2.29 2.39
Inventory Turnover Absolute 38.08 16.58 17.06 16.62 13.85
Current Asset Turnover Absolute 8.98 3.67 3.28 3.05 2.67
Capital Employed Turnover Absolute 1.66 1.69 1.96 2.08 2.09

Industry Profiles
Table 16: Tingyi (Cayman Islands) Holding Corp: Key Employees

Frank Wang Chief Executive Officer Office Senior Management
Frank Wang Executive Vice President Senior Management
Hiromu Fukada Director Non Executive Board
Hsu Shin-Chun Director Non Executive Board
IP Pui-Sum Company Secretary Senior Management
Junichiro Ida Vice Chairman Executive Board
Koji Shinohara Director Executive Board
KuoWei Liu Chief Financial Officer Senior Management
Lee Tiong-Hock Director Non Executive Board
Executive Vice President Instant Noodles
Max Huang Senior Management
Business
Richard Chen Chief Executive Officer Senior Management
Tseng Chien Director Executive Board
Tzu-Yuan Executive Vice President Beverage Business Senior Management
Vincent Liu President Pepsi Beverage Business Senior Management
Walt Wu Chief Human Resources Officer Senior Management
Wei Hong-Chen Director Executive Board
Wei Hong-Ming Chairman Executive Board
Yuko Takahashi Director Executive Board

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 17: China size of population (million), 2015–19
Year Population (million) % Growth

2015 1,372.5 0.4%
2016 1,378.0 0.4%
2017 1,383.1 0.4%
2018 1,387.8 0.3%
2019 1,392.0 0.3%
Table 18: China gdp (constant 2005 prices, $ billion), 2015–19
Year Constant 2005 Prices, $ billion % Growth

2015 5,597.6 7.1%
2016 5,987.8 7.0%
2017 6,390.7 6.7%
2018 6,805.2 6.5%
2019 7,230.2 6.2%
Table 19: China gdp (current prices, $ billion), 2015–19
Year Current Prices, $ billion % Growth

2015 11,072.8 10.4%
2016 12,241.0 10.5%
2017 13,438.5 9.8%
2018 14,639.6 8.9%
2019 16,057.4 9.7%
Table 20: China inflation, 2015–19

Industry Profiles
Year Inflation Rate (%)

2015 2.9%
2016 3.1%
2017 3.3%
2018 3.4%
2019 3.4%
Table 21: China consumer price index (absolute), 2015–19
Year Consumer Price Index (2005 = 100)

2015 134.9
2016 139.1
2017 143.7
2018 148.5
2019 153.6
Table 22: China exchange rate, 2015–19
Year Exchange rate ($/CNY) Exchange rate (€/CNY)

2015 6.2288 6.9109
2016 6.6441 7.3513
2017 6.7514 7.6363
2018 6.6199 7.8098
2019 6.9098 7.7355

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.2. Industry associations
9.2.1. Industry Profile
Packaged Water in Asia-Pacific
Global Packaged Water
Packaged Water in the United States
9.3. Related MarketLine research
Packaged Water in Asia-Pacific

Global Packaged Water
Packaged Water in the United States

Industry Profiles
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MarketLine Industry Profile

Packaged Water in China

Reference Code: 0099-2908

Publication Date: June 2021

Primary NAICS: 312112

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

1.1. Market value

1.2. Market value forecast

1.3. Market volume

1.4. Market volume forecast

1.5. Geography segmentation

1.6. Market share

1.7. Market rivalry

1.8. Competitive Landscape

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

1.1. Market value ................................................................................................................................................ 2

1.2. Market value forecast .................................................................................................................................. 2

1.3. Market volume ............................................................................................................................................. 2

1.4. Market volume forecast ............................................................................................................................... 2

1.5. Geography segmentation............................................................................................................................. 2

1.6. Market share ................................................................................................................................................ 2

1.7. Market rivalry ............................................................................................................................................... 2

1.8. Competitive Landscape ................................................................................................................................ 2

2.1. Market definition ......................................................................................................................................... 8

2.2. Market analysis ............................................................................................................................................ 8

3.1. Market value .............................................................................................................................................. 10

3.2. Market volume ........................................................................................................................................... 11

4.1. Geography segmentation........................................................................................................................... 12

4.2. Market distribution .................................................................................................................................... 13

5.1. Market value forecast ................................................................................................................................ 14

5.2. Market volume forecast ............................................................................................................................. 15

6. Five Forces Analysis 16

6.1. Summary .................................................................................................................................................... 16

6.2. Buyer power ............................................................................................................................................... 17

6.3. Supplier power ........................................................................................................................................... 18

6.4. New entrants.............................................................................................................................................. 19

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

6.5. Threat of substitutes .................................................................................................................................. 20

6.6. Degree of rivalry ......................................................................................................................................... 21

7.1. Market share .............................................................................................................................................. 22

7.2. Who are the leading players? .................................................................................................................... 22

8.1. Zhejiang Nongfushanquan Water Co. Ltd. ................................................................................................. 24

8.2. China Resources Enterprise Ltd ................................................................................................................. 26

8.3. Jinmailang Beverage Corporate Limited .................................................................................................... 29

8.4. Tingyi (Cayman Islands) Holding Corp ........................................................................................................ 31

9.1. Country data .............................................................................................................................................. 34

9.2. Industry associations .................................................................................................................................. 37

9.3. Related MarketLine research ..................................................................................................................... 37

About MarketLine .................................................................................................................................................... 38

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 5

Table 2: China packaged water market volume: million liters, 2015–19 11

Table 3: China packaged water market geography segmentation: $ million, 2019 12

Table 4: China packaged water market distribution: % share, by value, 2019 13

Table 5: China packaged water market value forecast: $ million, 2019–24 14

Table 7: China packaged water market share: % share, by value, 2019 22

Table 8: Zhejiang Nongfushanquan Water Co. Ltd.: key facts 24

Table 9: Zhejiang Nongfushanquan Water Co. Ltd.: Key Employees 25

Table 10: China Resources Enterprise Ltd: key facts 26

Table 11: China Resources Enterprise Ltd: Key Employees 28