Jack Ma, the founder of Alibaba, has entered the food business with his latest endeavor, “Ma’s Kitchen,” a startup based in his hometown of Hangzhou, China. The company, officially registered last week, will primarily engage in the sale of pre-packaged food, imports and exports, and the distribution of “edible agricultural products,” according to Chinese corporate records. With a registered capital of 10 million yuan ($1.4 million), the venture is fully owned by Hangzhou Dajingtou No. 22 Arts and Culture, in which Jack Ma holds a 99.9% ownership stake.
While specific details about the business model and food offerings remain undisclosed, industry observers speculate that Jack Ma may be tapping into the thriving market for ready-made meals in China. The Chinese ready meals market, valued at approximately 71.1 billion yuan ($9.9 billion) last year, witnessed a 28% increase from 2018, according to Euromonitor International. Demand for other pre-packaged food, including meal kits requiring simple assembly or cooking, has also surged, nearly tripling from 10.6 billion yuan ($1.5 billion) in 2018 to 29.1 billion yuan ($4 billion) in 2022.
Ben Cavender, managing director of China Market Research Group, noted the potential for innovation in this space, emphasizing that while the specific focus of Ma’s venture is not yet clear, the ready-made meals sector offers significant opportunities for creative approaches. As of now, there has been no public disclosure from “Ma’s Kitchen” regarding its specific offerings or business strategy.
