China’s $1.6 trillion food industry is growing at a double-digit pace, making it ripe pickings for investment. Where the opportunities, and what are the mega trends? CCTV America’s Cheng Lei finds out how the industry is trying to satisfy the ever-changing tastes of the Chinese foodies.

Chefs at Pepsico’s Asia R&D center cook up new flavors, like wok fried chicken with pickled peppers as potato chips, and test them on Chinese focus groups.

As the world’s second largest food and beverage company localizes, a growing legion of online sellers are tempting Chinese consumers’ globalized taste buds.

China’s second largest food website, Douguo, has three millions active users per day. The company is so bullish on the food business, that its CEO has coined a term, kitchen economy.

Tiantu capital, an investment fund focused on consumption plays, makes 50 percent annual returns. Duck necks, chili pickles and steamed buns are some of the successful ventures backed by its chief investment officer, Feng Weidong.

Beyond national expansion, Chinese companies are also hungry for overseas food acquisition, like Bright Dairy’s Weetabix deal or Shuanghui’s Smithfield buy. But Feng says Chinese companies are still at the paying dues stage.

The one constant in the Chinese food industry is change. Whether it’s a penchant for imports, the craving for regional delicacies, or the online food buying trend, the world’s biggest food market has plenty of appetite, for spicy duck necks, French yoghurt, or pepper chicken potato chips.>