Ghana's food processing industry is highly fragmented with few companies counting as major producers with widespread national reach. Among the multinational contingent, fast-moving consumer goods firms Cadbury, Nestlé and Unilever are well established with strong brand heritage; however, robust economic growth and rising disposable incomes are likely to lay the groundwork for more domestic companies to emerge over the coming years. Dairy company Fan Milk is the largest Ghana-based food company with a market capitalisation close to USD100mn. In 2013 Dubaibased private equity firm The Abraaj Group and dairy giant Danone acquired Fan Milk in a deal thought to be worth around USD350mn. According to Abraaj, this is the largest ever private equity deal involving Africa's fast-moving consumer goods sector (excluding those in South Africa). The purchase of Fan Milk indicated that Abraaj and Danone hold a positive view on the growth potential of West Africa's fresh dairy sector. As incomes increase so does the consumption of fresh dairy. This is helped by increasing ownership of refrigeration appliances. In 2017 Abraaj and Danone decided to invest an additional USD25mn in Fan Milk in order to help the company meet the rapidly rising demand.

Thailand boasts a well-developed food processing sector, making it one of the world’s leading agricultural suppliers. Segments such as fruit and vegetables, fishery products, and cassava starch are mainly export-oriented, while meat products, animal feed, vegetable oil and dairy products mostly focus on the domestic market. However, the country is one of Asia’s leading fresh milk exporters. Thailand ranked as the second-largest sugar and rice exporter globally in 2017. It exports some 90% of its fish and seafood production, and was also the world’s fourth-largest broiler chicken exporter in 2017. Thus, Thailand’s food and beverage industry is truly a global player, reflecting the government’s vision, launched in 2003, that Thailand should become the “Kitchen of the World” and boost food exports.

The global dairy alternatives market has been segmented based on product, formulation, application, and region. Based on product, the market has been segmented into almond milk, soy milk, rice milk, and others such as coconut milk and cashew milk. In terms of formulation, the market has been segmented as plain and flavored dairy alternatives. Each of these segments is sub-segmented into sweetened and unsweetened formulations. Based on application, the market has been segmented as food and beverages. Food application segment has been further segmented into cheese, desserts, and snacks. Lastly, the market has been segmented based on region as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Market estimates and forecasts are represented in terms of volume (kilotons) and revenue (USD million) for a period ranging from 2014 to 2025, with the base year as 2017 and a forecast period from 2018 to 2025.

Tea is the most widespread beverage across the world, consumed by almost all age groups. Tea contains antioxidants which prevents diseases and promotes good health. Furthermore, it helps in weight loss and keeps the bones strong. Lately green tea has gained popularity due its anti aging properties for skin Tea market has been categorized into leaf tea and CTC tea (Crush, Tear, and Curl). While in the CTC method, the tea leaves are processed through machines and is less time consuming, leaf tea process comprises of harvesting & processing by hand. As a result, leaf tea result is more expensive and is considered to be of superior quality

卤制是传统烹饪工艺，卤制品具有“色、香、味、型”俱全的特点，满足现代人“尚滋味，好辛香”的饮食偏好。卤制品行业长青：1)代代相承的秘方使行业内产品生命周期相对更长；2)卤制品滋味重、多辛辣使其消费成瘾性强；3)适宜规模化经营。 

双十一促销活动使上月电商销售数据大幅走高，本月酒类、乳制品、调味品、休闲食品销售额环比下降 25.89%、40.9%、14.04%、4.21%，食品饮料行业回归节后正常销售。

18Q4 食品饮料公募基金持仓环比分别下降 2.77 个 PCT 至 11.11%，食品饮料在公募基金持仓行业中排名第二，仅次于医药行业。分二级行业来看，Q4 饮料制造板块持仓占比 6.87%，环比下降 2.92 个 PCT；Q4 食品制造板块持仓占比 4.23%，环比提升 0.15 个 PCT。分三级行业来看，Q4白酒持仓环比大幅下降 3.14 个 PCT 达 6.44%，我们认为主要由于资本市场担心宏观经济增速放缓会对 18Q4 和 19 年白酒企业业绩产生影响；Q4乳品持仓下降 0.31 个 PCT 至 1.61%；调味品、肉制品和啤酒持仓分别1.04%、0.50%、0.38%，环比提升 0.22、0.15 和 0.25 个 PCT。