Pretzels are crisp, brittle, and salted baked snack foods made of flour dough. These are available in various shapes and have shiny outer surfaces. Raw materials that are used to produce pretzels are flour, yeast, leavening agents, and shortenings. Different varieties of pretzels are available in the market in terms of shape and flavor. Companies sell pretzels as on-the-go snacks in packages, and some sell freshly made pretzels at foodservice outlets. The modern production process of pretzels is completely automated. It involves multiple steps, such as mixing the dough, forming pretzels, dipping, and salting, cooking, and packaging. These steps vary depending on the type of pretzel.

Proteins produce amino acids essential for a range of bodily functions, including the building, maintaining, and repairing muscle fibers. High-protein food items include fish, chicken, nuts, lentils, beans, eggs, and soy. Pre-workout protein consumption helps in improving athletic performance, according to experts. The consumption of protein (alone or with carbs) before exercise increases muscle protein synthesis. In addition, it helps in better anabolic response or muscle growth, improved muscle recovery, increased strength and lean body mass, and increased muscle performance.

Beyond Meat, Archer Daniel’s Midland, and Kellogg’s Morningstar Farms are Market Share of Top 4 Companies in Global Plant-based Food, 2021 industry titans leading from the forefront. More conventional and established rivals, such as Nestlé, is attempting to gain a competitive advantage by expanding their plant-based product portfolios, strengthening their distribution networks, and launching various advertisements.

Specialty ingredients are used with high-quality ingredients to create specialty, highvalue food. These foods are generally in small amounts yet are more nutritious than other foods. However, these foods are comparatively more expensive than other foods. Special food ingredients are substances added to food and drink to improve the taste or boost the nutritional content of food or drink. The area of food and beverage processing relies heavily on specific food ingredients. The current population has developed a hectic lifestyle and a stressful schedule, which presents a huge opportunity to market specialty food.

餐饮烘焙作为烘焙行业的细分赛道，具有较好的成长属性。按照渠道划分，参考立高食品当前的产业结构，饼店渠道依旧占据主要份额，商超、便利店等渠道预计在 30%-40%之间，而餐饮、新零售及其他渠道占比在 10%-20%。目前占比最大的渠道仍是烘焙饼店，根据美团数据，国内烘焙品类连锁化率持续提升，在消费承压的背景下，饼店由于其可选属性、较高的加价率，导致销售额出现压力，门店数量开始逐步收缩。近年来，在饼店收缩背景下，大型连锁商超和餐饮等重要性逐步提升，餐饮等新渠道当前占比较低，但属于增量市场，细分赛道的增长速度 预计快于传统饼店等渠道；冷冻预制烘焙在消费者中具备较好的基础，为餐饮、新零售等非专业烘焙渠道的发展带来助力。

复调行业历经“大起大落”，格局更迭优化，现迎来发展拐点：2020 年，新冠疫情的爆发推动复合调味品行业 C 端迎来高速增长，复调零售端市场规模 2017-2020 年 CAGR 达 12.5%。2021 年，行业迎来阵痛期，部分中小企业承压之下逐步出清。我们认为行业回调主因：1）疫情逐稳下外出就餐恢复，分流复调居家消费需求；2）企业需减少渠道库存积压；3）行业产能过剩导致供大于求；4）渠道历经快速扩张后治理亟需调整优化；5）消费者教育有待提升。历经调整后，目前行业格局优化改善，逐步趋于稳定，竞争态势有所放缓，截至 2023 年底，调味品在业存续企业相比 2022 年下降 4.6%。头部企业的迎来调整契机，各企业开始内外兼修，重新规划组织架构、产品、渠道、产能及目标。我们认为复合调味品行业现否极泰来，迎来崭新发展拐点。