Sugarcane syrup has been widely used as a natural sweetener in various food products and beverages by food & beverage industry. Owing to the associated health benefits, sugarcane syrup gains importance in pharmaceutical industries as well as in households. However, recent developments in sugar industries and increase in the usage of sugarcane syrup across food industries especially for bakery & confectionery products boost the growth of the sugarcane syrup market. Many developing countries in Southern Africa possess the potential to produce sugarcane syrup with benefits extending into the social and economic spheres. Despite the poor storage & transport facilities, the Southern African industries are expected to witness growth in demand in the coming years due to the proximity to European Markets. The report analyzes the sugarcane syrup market across territory such as Malawi, Southern Africa Development Community (SADC), Common Market for Eastern and Southern Africa (COMESA), Middle East and West Africa. To present a detailed market assessment, this study considers factors that influence the sugarcane syrup market, which includes the trends, drivers, restraints, and opportunities for the market while estimating the revenues from 2017 to 2023.

Skimmed milk, also called nonfat or fat free milk is the product resulting from the partial removal of fat and water from pasteurized milk. It is consumed with the intent of reducing or limiting calorie consumption. The absence of saturated fat and low-calorie content in the milk aids in weight loss and helps control cholesterol levels. Moreover, increase in use of caseins and caseinates, which are prepared from skimmed milk are widely used as food ingredients in products such as dairy desserts, milk-based beverages, confectionery for enhance the texture, stabilize the structure, and increase the nutritional value. The report provides analysis of various applications of skimmed milk, which includes bakery, confectionery, dairy, prepared mix, and others such as nutritional food, ice-cream, infant formula, soups, and sauces. The report also provides an in-depth analysis of the current market trends, distribution channels, drivers, restraints, and opportunities of the global skimmed milk market. It includes the revenue generated from sales of energy gum across North America, Europe, Asia-Pacific, and LAMEA.

Extra neutral alcohol has been widely used in the production of alcoholic beverages. However, recent developments in sugar industries and increase in the usage of extra neutral alcohol across various industries such as pharmaceutical, cosmetic & personal care industries for various applications have spurred the growth of the extra neutral market in African countries. Many developing countries in Southern Africa possess the potential to produce ENA with benefits extending into the social and economic spheres. Despite the implementation of stringent government regulations and trade policies, the Southern African industries are expected to witness growth in demand in the coming years. The report analyzes the extra neutral market across territory such as Malawi, Southern Africa Development Community (SADC), and Common Market for Eastern and Southern Africa (COMESA). To present a detailed market assessment, this study considers factors that influence the extra neutral market, which includes the trends, drivers, restraints, and opportunities for the market while estimating the revenues from 2017 to 2024.

18 年 1-6 月食品饮料板块涨幅4.7%，市场排名 2/28，其中调味品（+27.2%）、食品综合（+10.2%）、白酒（+6.4%）涨幅领先。食品板块 1-6 月 PE 较 17 年下降 18%，预计 18 年净利增长 28%，两者共同作用，年初至今股价上涨约 5%。从个股涨跌幅看，有业绩的食品细分子行业龙头成为最大赢家。从基金重仓持股情况看，1Q18 食品配置比例回落至 5.4%，达到 3Q17 水平。4 月份以来，资本市场出现不确定性，国外中美贸易战、国内金融去杠杆，使得市场风险偏好下降，资金配置以消费类防御性板块为主，食品饮料成为资金避险圣地。

中美贸易战再升级。贸易战会给中国经济带来什么，会给中国的消费结构带来怎样的变化。我们试图通过美日在过去几十年间贸易战给日本经济带来的变化，来预测贸易战可能给中国经济结构带来的变化。

近两周申万食品饮料指数收于11988.34点，跌幅为3.79%，在申万28个一级行业中排在第6位，跑赢沪深300指数、上证指数和深证综指。子板块层面，近两周食品饮料行业各子版均有不同程度的下跌，其中，跌幅排在前三位的子板块是葡萄酒子板块、啤酒子板块和黄酒子板块，分别下跌23.34%、13.12%及13.01%。个股方面，近两周食品饮料行业个股涨幅前五位是深深宝A、三元股份、顺鑫农业、来伊份及古井贡酒，涨幅分别为22.69%，17.05%、6.90%、6.85%及3.29%。个股跌幅前五位是中葡股份、西藏发展、通葡股份、金字火腿及维信诺，跌幅依次为45.21%、42.17%、29.87%、25.00%及24.10%。

食品饮料表现抢眼，估值有所提升。受市场风格、资金抱团、A股加入MSCI指数等因素的影响，2018年以来食品饮料板块表现抢眼。截止2018年6月22日，在申万28个行业中，食品饮料板块涨幅为3.98%，涨幅排名第二。估值方面，由于市场风格转变，市场逐步从有基本面业绩稳健的消费龙头，转向现金流较好的食品板块公司。截至到2018年6月22日，食品饮料行业市盈率为32.74X。

啤酒行业销量遇瓶颈，预计未来 10 年销量 CAGR 约为-1%。借鉴海外啤酒业发展历史，因主力人群减少（联合国预测中国 2015-2030 年 25-44岁人群占比年均下滑 0.35 个 PCT）、健康诉求提升，我国啤酒人均消费量将缓慢下降，由于人口增长缓慢，预计未来 10 年啤酒销量 GACR 约为-1%。

A股、港股在细分板块有明显结构差异，各自彰显龙头特征。食品饮料：从行业分布看，A股白酒行业占据重要地位，剔除白酒与葡萄酒，A股食品饮料与H股具有诸多相似点，具体到细分产品，两市龙头往往是可比公司。例如液态奶方面，A股伊利股份，H股蒙牛乳业；调味品方面，A股海天味业，H股阜丰集团；卤制品方面，A股绝味食品，H股周黑鸭；此外，两市在在奶粉、保健品等细分行业均有优质龙头企业。

食品饮料行业 2017 年实现营业收入 5064.97 亿元，同比增长 15.02%；实现归母净利润 767.47 亿元，同比增长 30.23%。2017 年食品综合、白酒、食品饮料、啤酒等子版块营收与净利润增长明显；行业整体业绩面仍然稳健向好。一季度行业整体上涨 7.42%，涨幅排名第三，给予行业“买入”评级。

今年年初以来（截至 6 月 28 日收盘），沪深 300 指数下跌 15.07%，食品饮料板块下跌 2.74%，跑赢大盘 12.33 个百分点，在 28 个子行业中位列第 3 名；多数子板块下跌（7/10），发酵调味品、食品综合、白酒板块上涨。从当前已公布的半年报预告来看，增长仍是主流。其中白酒板块全部预增（2/2），乳品公司超半数预增（3/5），调味品全部预增（3/3），食品综合 60%预增（6/10），肉制品 80%预增（4/5）。

90年代起，王效金主张多元化发展。先后投资亳州古井酒店、塑胶公司、矿泉水厂等 企业，上市后还涉足啤酒和葡萄酒等领域，到2000年，集团旗下公司达30多家，覆盖 近20个行业。多元化导致白酒品牌弱化，且公司白酒产品结构不合理，高档酒未能抓住消费者眼球、 中低档酒品类偏多。过度的追求扩张为古井的主业发展埋下了隐患，古井竞争力逐渐 弱化，业绩开始走下坡路，行业标杆的地位遭到了动摇

我们对白酒行业上一轮周期进行了复盘，其主要受投资驱动，周期性较强。2003-2012 年，我国经济在投资驱动下处于高速增长，经济活动较为频繁，高端白酒中政商务需求得到激发，由于政务及商务需求对高端白酒价格敏感度较低，且有部分高端白酒自饮需求叠加带动白酒产品价格不断提升，渠道库存不断累积。