4 月，食品三大子行业工业增加值增速较上月呈“两 食品制造业工业增加值同比增长 5.6%，农副食品降一升”态势。食品制造业工业增加值同比增长 5.6%，农副食品加 工业增加值同比增长 3.4%，酒、饮料和精制茶制造业工业增加值同 比增长 3.9%。食品工业主要产品中，乳制品产量增长大幅放缓，鲜、 冷藏肉产量跌幅有所收窄。行业固定资产投资增速与 1～3 月相比呈 “两升一降”态势，其中，酒、饮料和精制茶制造业固定资产同比 增长 5.4%；农副食品加工业固定资产投资同比减少 6.3%；食品制造 业固定资产投资同比增长 0.2%。 

The global specialty food ingredient market was valued at USD 54,067.1 million in 2018, and is projected to reach USD 72,459.4 million by 2024, registering a CAGR of 5.10% during the forecast period 2019 to 2024. The industry for specialty food ingredients essentially thrives on the wider technological and functional benefits that these ingredients confer, in terms of high quality, safety, affordability, nutrition, and deliciousness of the processed food products. The preference for certain types of food products is now core to some consumers’ identities, especially in developed economies, which is driving the demand of specialty food ingredients.

Spirulina consists of a diverse group of plant containing chloroplast eukaryotes, which can grow in the sea and also in fresh water. Various factors are considered while cultivating spirulina, as different species of spirulina constitute of different composition of essential molecules and this species of spirulina are selected depending upon end application requirement. Spirulina is a source of various essential ingredients, such as omega3 fatty acid, fibers, flavonoid, polyunsaturated fatty acids, minerals, and others. The subspecies of spirulina such as Arthrospira platensis and Arthrospira maxima are used as an ingredient or formulated product. Whereas, beta carotene, astaxanthin, and others are present in the form of molecules in parent species. The scope of the study is intended to discuss the upcoming and present market trends of spirulina products. In addition, this report details current market trends, drivers, restraints, and opportunities and determines the future growth potential of the global spirulina products market.

The global tea tree oil market is analyzed based on its prospect and future growth rate. The report highlights numerous factors that influence the growth of the global tea tree oil market. These include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. The report is analyzed across cosmetic & toiletries application, therapeutic application, and industrial application. Furthermore, it includes the revenue generated from the sales of tea tree oil across North America, Europe, Asia-Pacific, and LAMEA.

Lactoferrin is a whey protein peptide, and is a milk protein that has antimicrobial, anti-inflammatory, and immune enhancing properties. It is extensively used for a wide range of nutritional applications, including infant formulae, yogurt, nutritional powders, and breath fresheners. • The report on the global lactoferrin market offers key insights on various end-user applications, such as food and beverage, infant nutrition, sports and functional supplements, pharmaceutical industry, animal feed, and personal care and cosmetics. • It analyzes the recent trends, drivers and challenges affecting the market space in North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

The global specialty food ingredient market was valued at USD 54,067.1 million in 2018, and is projected to reach USD 72,459.4 million by 2024, registering a CAGR of 5.10% during the forecast period 2019 to 2024. The industry for specialty food ingredients essentially thrives on the wider technological and functional benefits that these ingredients confer, in terms of high quality, safety, affordability, nutrition, and deliciousness of the processed food products. The preference for certain types of food products is now core to some consumers’ identities, especially in developed economies, which is driving the demand of specialty food ingredients.

The global meat substitutes market comprises tofu and tofu-based products, textured vegetable protein, tempeh, seitan, and quorn.

Xylitol is widely approved for use in food around the world. It is also extensively approved for use in oral hygiene products, pharmaceuticals, cosmetics, and toiletries. The interest in xylitol has increased considerably in recent years, due to many commercial applications in different industrial sectors, like food, dental products, and pharmaceuticals. As xylitol is costly, it currently represents a small fraction of the market share.

The global matcha market was valued at USD 2,260.19 million in 2018, and is estimated to reach USD 3866.34 million by 2024. It is expected to witness a CAGR of 9.44% during the forecast period (2019-2024). Rising occurrence of chronic diseases has fuelled the demand for healthy and nutrition food and beverage products. The antioxidant properties and vitamin composition of matcha have further fuelled the matcha demand, across the world. Additionally, the rising number of health-conscious consumers, along with the consumer awareness about the health benefits of matcha ingredient, is expected to fuel the market growth during the forecast period.

受 6/18 大促影响，2019 年 6月食品饮料淘系平台线上销售额环比增长 10.26%、同比增长 8.01%至274.86 亿元。总体来看，食品饮料销售呈“量跌价升”态势，销售均价大幅提升拉动了销售额增长。6 月销量同比下降 12.36%；销售均价环比上升 7.46%、同比上升 23.25%至 27.16 元/件。 

实际养宠人群增加和有效支付能力提升是宠物食品行业发展的核心驱动力，对标成熟市场，我们认为当前国内人均养宠量和平均消费水平仍有较大空间。根据核心驱动力作用程度的差异可将行业发展分为三个阶段：数量增长期、质量提升期和加速发展期。我们认为宠物行业下一个增长爆发期来自于实际养宠人群+有效支付能力双重驱动的加速发展期。

截至 7 月 10 日，2019 年中信食品饮料指数上涨 60.90%，收益率位居榜首，行业稳健性可见一斑。从市场一致预期来看，当前已进入中报预报期，基本面验证即将开启。

此前我们外发两篇中日国际对比报告《在迷雾中穿行—90 年代日本食品饮料的变与不变》及《再看日本：物换星移几度秋，几家欢喜几家愁》，引起市场广泛关注。近期我们前往东京调研了日本酒精饮料、乳制品、饮料、方便食品、调味品等多个行业及龙头企业，对日本食品饮料行业有了更深入理解，因此推出了“他山之石”系列调研报告。

此前我们外发两篇中日国际对比报告《在迷雾中穿行—90 年代日本食品饮料的变与不变 》及《再看日本：物换星移几度秋，几家欢喜几家愁》，引起市场广泛关注。近期我们前往东京调研了日本酒精饮料、乳制品、饮料、方便食品、调味品等多个行业及龙头企业，对日本食品饮料行业有了更深入理解，因此推出了“他山之石”系列调研报告。前三篇报告分别讲述了日本啤酒、乳品、调味品及速冻食品行业概况，以下为第四篇《他山之石—日清食品：怎么看方便面这门生意？》。

前瞻 2019 年中报，白酒企业维持稳健增长，高端龙头趋势最强、确定性高；大众品细分行业表现各异，龙头均体现出更为稳健的发展趋势。在不考虑 VAT影响下，我们梳理了重点公司中报收入/净利润预判，并给予 VAT 弹性预判。

警惕行业基本面不达预期。宏观经济已经持续放缓，绝大多数消费行业跟随减速。白酒上市公司增速与真实消费偏离难持续，警惕三、四季度行业或个股的走弱信号。