India’s food and beverage sector features a medium-to-high level of competition, with a total of 39,318 active factories at the end of FY2016, most of them small-scale industrial units. At around 60% in FY2016, the share of the organised sector in food processing is relatively high, although there are significant variations across segments, according to IBEF. Nevertheless, the unorganised sector still has considerable influence, which intensifies competition. Liberalisation of the FDI rules for the sector in recent years has attracted several large foreign investors willing to tap the growth potential of the domestic market.

The feed additives are a vital component of animal nutrition, which improve the feed quality, yield, and quality of food from animal origin. The global animal feed additives market is expected to witness significant growth during the forecast period due to surge in consumption of meat products, increase in concerns over meat quality, and rise in safety concerns associated with the outbreak of livestock diseases. Moreover, global industrialization of meat products boosts the market growth.

Furniture are objects used to support various human activities such as seating, eating, sleeping, and others. They are made from various material such as wood, plastic, and metals, and are also used to hold and position an object at certain required height either to store things or for aesthetic appeal. In addition, the recent trend of modular furniture in urban cities has provided the consumer with various options to decorate the residential apartment. The scope of the study is intended to discuss the upcoming and present market trends of furniture. In addition, this report details current market trends, drivers, restraints, and opportunities and determines the future growth potential of the global furniture market.

在上篇报告《在迷雾中穿行—90 年代日本食品饮料的变与不变》中，我们着重分析了日本90 年代经济泡沫破裂后食品饮料行业的发展情况，即经济波动导致部分可选消费减少，但不改由社会结构及饮食文化演变带来的方便化、健康化、西式化趋势。进入21 世纪之后，日本多数食品饮料行业已进入成熟阶段，增长放缓甚至下滑，企业发展需要寻求新的增长动力。在本篇报告里，我们拉长时间维度，并从行业视角切换到公司视角，试图总结成熟市场中日本食品饮料龙头公司的发展情况。

江苏白酒市场规模大，据江苏省酒业协会，2018 年全省规模以上白酒企业实现325 亿元营收，另据立鼎产业网等调研数据，江苏白酒市场规模约375 亿元，我们取中间值预计18 年江苏白酒市场规模达350 亿元左右。江苏居民人均可支配收入高出全国平均水平35%，消费升级领先全国，民间消费逐渐向300 元以上价位段升级。在两大苏酒龙头的引导下，次高端行业（终端成交价300-600 元/瓶）迅速扩容，18 年规模达80 亿元以上（据酒类流通协会、洋河股份官网，梦之蓝18 年省内规模约47 亿元；据今世缘公司财报，按照特A+类产品收入估算国缘次高端约18亿元，另外据微酒、酒业家等调研数据，其他全国次高端酒企中剑南春约10 亿元，郎酒、水井坊等规模仍较低，预计合计不到20 亿元）。16-18 年江苏次高端收入CAGR 约30%左右（16 年次高端规模采用同样口径估算），受益江苏民间消费升级，我们预计未来3 年江苏次高端收入CAGR 略放缓至25%左右。