Food & DrinkMulti-region
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JOURNEY · DETAIL
Want Want Group: The Panoramic Journey from Senbei Comeback to the 2026 Crisis Transformation
Founded: Tsai Eng-meng · Want Want Group
JOURNEY
Key Fields
FIELD STAMPSIndustryFood & Drink
RegionMulti-region
ScaleGiant
ChannelB2C
Origin
In 1990, 19-year-old Tsai Eng-meng took over Want Want after his father passed away. Family assets were nearly exhausted, cash flow was broken, and the company was once on the verge of bankruptcy. He decided to introduce Japanese senbei (rice cracker) technology to tap into the children's snack niche. In 1992, he launched Want-Want Senbei, setting a sales record for children's snacks across the Taiwan Strait. This choice of exchanging technology for a new track laid the product and profit foundation for Want Want's subsequent self-built factories, cross-strait layout, and omni-channel snack empire.
Milestones
1976
Early Succession Turning Point
In 1976, 19-year-old Tsai Eng-meng entered the family's Yilan Food Factory to participate in management (based on public disclosure, unverified by independent review). Family assets were nearly exhausted, cash flow was broken, and operations were sustained solely by short-term loans, pushing the company to the brink of bankruptcy. This capital-tight succession period prompted the subsequent introduction of Japanese senbei technology to enter the children's snack track.
1992
Product Innovation Turning Point
After introducing Japanese senbei technology, Want Want launched 'Want-Want Senbei' in 1992. First-year sales exceeded 5 million bags, setting a sales record for children's snacks across the Taiwan Strait and opening up rapid profit growth space for the company.
1999
Cross-Border Expansion Turning Point
Established a joint venture with a Japanese partner and set up its first production base in Beijing with an annual capacity of 20,000 tons. This marked Want Want's first cross-strait industrial chain layout, laying the foundation for a subsequent surge in mainland market share. The combination of joint ventures and self-built capacity enabled the localized mass production of Want-Want Senbei in the mainland, providing capacity support for subsequent market share growth.
2001
Capital Operation Growth
Successfully listed on the Taiwan Stock Exchange with an issue price of 20 New Taiwan Dollars, raising about 3 billion New Taiwan Dollars, and pushing market capitalization past 20 billion New Taiwan Dollars for the first time, providing sufficient capital for subsequent acquisitions and R&D. The capital platform formed by the listing became the funding source for subsequent acquisitions of Taiwan Wei-Chuan and mainland Fulinmen.
2015
M&A Integration Growth
Through the acquisition of Taiwan Wei-Chuan and mainland Fulinmen, Want Want Group's revenue exceeded 30 billion RMB, and its snack category coverage rose to 70%, consolidating its position as a snack leader across the Taiwan Strait. M&A integration also expanded its business from a single rice cracker category into broader food territories such as dairy, beverages, grain, and oil.
2022
Industry Peak Growth
In 2022, Want Want Group achieved revenue of approximately 42 billion RMB, net profit of 13.6 billion RMB, and a market capitalization of about 680 billion RMB, becoming one of the most influential snack brands across the Taiwan Strait.
2025
Operational Crisis Failure
Financial reports for 2025 showed a 38% decline in net profit to about 8.4 billion RMB, with market capitalization evaporating by approximately 130 billion RMB. An internal memo disclosed a 'major operational crisis,' pointing out that stagnant product innovation and channel aging were the main reasons.
Turning Points
- Decided to introduce Japanese senbei technology, opening up a new blue ocean for children's snacks
- Accelerated mainland factory layout after public listing and financing, forming a cross-strait supply chain
- Internal crisis memo exposed in 2025, initiating omni-channel digital transformation
Failures & Pitfalls
- Early blind expansion led to a tight capital chain and near bankruptcy
- Venture into the carbonated beverage business in 2010 failed, resulting in hundreds of millions of RMB in losses
- Poor integration of snack brands acquired in 2023 led to rising costs
关键成功要素
- Precise positioning in the children's snack market
- Highly efficient proprietary factories and supply chain
- Cross-strait brand marketing and localization strategy
- Product iteration that rapidly responds to consumption trends
Lessons
- Innovation must match consumption upgrading needs; blindly launching new products easily leads to a loss of core competitiveness
- Diversification strategies need to synergize with the core business to prevent resource dispersion
- Transparent communication during crises helps rebuild trust among shareholders and employees
- Digital channels and new retail are key to subsequent growth for traditional food enterprises
Core Data
- revenue_2022：42 billion RMB
- net_profit_2022：13.6 billion RMB
- market_cap_2022：680 billion RMB
- revenue_2025：About 38 billion RMB
- net_profit_2025：8.4 billion RMB
- employee_count：About 12,000
Competitors / Peers
In the similar snack niche market, Three Squirrels achieves annual revenue of about 25 billion RMB relying on online channels, Bestore maintains a scale of 20 billion RMB through channel diversification, and Baicaowei maintains growth at 18 billion RMB relying on new product R&D. In contrast, Want Want Group possesses a stronger cross-strait channel network and proprietary production capabilities, but has lagged behind these emerging competitors in digital transformation and new product speed.