A new wave of consumers, especially millennials (aged between 20 and 34 years),prefer vegan foods owing to their concern toward animal welfare and environmentfriendly food products.In the US in 2015, for more than 25% of millennials, a vegan claim was an important attribute while purchasing any food and drink. As per Technavio analysis,more than 30% of people in the US are now eating vegan or vegetarian meals more often.During the last 10 years, the number of vegans in the UK rose by more than 360%.The UK accounts for roughly 20% of all vegan food and drink products that were launched in Europe in 2015.Packaged vegan food manufacturers over the globe such as Plamil Foods and WhiteWave Foods are formulating new vegan food and beverage products according to evolving customer taste and dietary requirements. This aids in product versatility and differentiation in the global marketplace.

Geographically, Europe accounted for the largest share, 34%, of the global natural colorant and flavor market in 2015. The market in Europe is expected to reach $2.62 billion by 2020. Mature economy and stable governments in Europe are the key reasons for the growth of the market.Consumer preference toward natural food products generates the demand for natural colorant and flavor. Stringent regulations and guidelines suppress the use of artificial food ingredients in food processing, which supports the growth of the global natural colorant and flavor market.In 2015, the natural flavor segment accounted for 83% of the global natural colorant and flavor market. On the basis of product, essential oils/natural extract led the natural flavor market with a share of 44% in 2015.Food application is the major application of natural colorant. The food industry accounted for a share of 66% of the market in 2015. Among the food applications, application for savory snacks is the major application area of natural colorant and flavor.

Chocolate is made from cocoa liquor, sugar, cocoa butter, milk, and an emulsifier (such as lecithin) and is available in different varieties and flavors. Vendors are launching innovative products with unique flavors using ingredients like alcohol, ginger, hibiscus, and lavender. Products that use organic ingredients are also finding high demand in the market despite their premium positioning. The total number of products launched with organic claims increased from 351 in 2012 to 705 in 2015.

The food industry is the largest industry in the world and plays a key role in the economy of any country. The bakery sector holds a large share in the global food packaging market, accounting for around 10% of the market. Bakery products need to be packed in durable materials to reach customers fresh. Containers such as boxes, bags, and tubs are used to package these products. Vendors in the global bakery packaging market are continuously introducing packaging materials that can prevent contamination and better ensure the safety of bakery products. Packaging designs also have a significant influence on the purchase decisions of customers.

Commercial blast chillers use blast chilling process of cooling food to a low temperature in a short period of time to eliminate the chances of bacterial proliferation. The ideal temperature for bacteria to multiply is between 114°F and 309°C. Cooked foods, when cooled from 158°F to 37°F in a short span of time (90 minutes), are made safe for storage and later consumption. This resolves concerns affecting food quality such as temperature, time, and humidity.

Enzymes are complex proteins that help accelerate reactions and catalyze biochemical reactions. They increase the reaction rates by lowering the activation energy of the reactants. Small quantities of enzymes are enough to increase the reaction rates up to a million times on account of their specific mode of action. Most of the enzymes are found to function in a narrow set of conditions related to factors such as acidity and temperature. About 2,500 enzymes have been identified that aid more than 3,000 biochemical processes, including assisting metabolism and other vital processes, in humans. Enzymes are primarily classified on the type of reaction they are involved in and the substrate they act upon. Enzymes are commercially obtained from microorganisms, plant, and animal tissues. They are classified as digestive enzymes, food enzymes, and metabolic enzymes on the basis of their function. Food enzymes are enzymes that are used in the food industry. Based on the type, food enzymes are categorized into carbohydrases, proteases, lipases, and others based on the substrate acted upon. They are used in confectioneries, bakery products, beverages, dairy products, convenience foods, and meat and poultry products.

The food and beverage industry is the largest consumer of in-mold labels, dominating the market with a share of 75.1% in 2015. The remnant share was held by the chemical and household industry. In-mold label production reduces manual labor as most of the processes are automated. The labeling process is done in one step, eliminating the need for secondary operations such as the application of labels on containers.

Fresh foods, especially fruits and vegetables, usually have a shelf life of a few days, after which they are unfit for consumption. The canning process enables storage of such foods for longer periods. It involves heating food packed in containers to high temperatures to destroy the microbes that cause deterioration. This also locks in the nutrients and prolongs shelf life. Canned fruits can be transported to different regions where they are not grown. Consumers thus have the option of trying a wide assortment of fruits, which would not be possible if not for canning. Canned fruits are therefore gaining popularity despite being a more expensive alternative to fresh fruit.

Extruded snacks are products produced by either direct or indirect extrusion. The extrusion technology can produce a wide array of products, and the process is time effective, simple, and offers flexible designing with the product.

本篇报告集合我们糖酒会密集深入调研的核心观点及一季报预览分析，干货满满。白酒行业复苏范围扩大，持续性更强，格局上强者恒强、份额集中，企业对全年信心更高，未来 2-3 年更长逻辑已经清晰。目前短期目标价已提前实现，但未来估值切换带来的空间很确定，我们建议坚定持有享受行业持续向好的空间。当前价位稳健配置茅台、五粮液、洋河、老窖，弹性配置古井、沱牌、水井坊、汾酒。

本轮通胀为非食品 CPI 上涨拉动，多数食饮子行业原材料上涨压力有限，行业普遍压力来自包材与运费上涨。2016 年我们观察到商超和餐饮两大食品饮料核心销售渠道的需求弱复苏，商超渠道复苏在 2H16 尤为明显。我们建议投资人在需求弱复苏的环境下配臵成本轻度上涨时具备直接和间接提价能力的子行业（调味品和乳制品）；以及无成本上涨压力的子行业（肉制品）。

2017 年全国 1-2 月白酒累计产量 221.10 万千升，累计同比增长 2.6%。京东和一号店部分名优白酒2017 年 3 月 24 日价格环比 2 月 24 日价格：京东 52 度五粮液维持价格为899 元/瓶；53 度飞天茅台价格降低 100 元至 1,299 元/瓶； 52 度剑南春维持价格 359 元/瓶；52 度水井坊维持价格 469 元/瓶。一号店 52 度五粮液上升 30 元至 888 元/瓶；53 度飞天茅台上升 20 元至 1,299 元/瓶；52 度水井坊维持价格 469 元/瓶；52 度剑南春维持价格 345 元/瓶。

本周一年一度的春季糖酒会在成都召开，获得空间关注，从参会的厂商人数和资本市场的人数看，都远超去年水平。我们全程参加本次春糖，并组织了多场公司高管和经销商交流。总体上，我们认为本次春糖的意义更多是强化了投资者对白酒行业未来 3 年趋势的判断和信心，厂家和终端反馈的信息基本符合此前预期。

味精是常见的调味品，现代的味精生产主要以粮食为原材料，经过微生物发酵提纯制得。2014 年全球味精产能 75%集中在中国。下游需求结构：食品加工业、餐饮业和家庭消费占比分别为 50%、30%和 20%。 

上周市场表现：上周食品饮料板块指数上涨 1.79%（上一周为下跌 0.87%），涨幅在排名第 3 名（共 28 个一级子行业），领先上证综指 1.96pct，领先沪深 300 指数 1.79pct，板块日均成交额 153.71 亿元 （上周为 120.00 亿元）。从估值来看，截至上周五，食品饮料板块 市盈率（TTM）为 31.23，同期上证综指和沪深 300 市盈率（TTM）分 别为 16.43 和 13.43。在重点关注公司中，涨幅排名前面的为沱牌舍 得（5.29%）、古井贡酒（3.88%）和贵州茅台（3.73%）；跌幅排名前 面的为上海梅林（-3.06%）、洽洽食品（ -2.39%）和顺鑫农业（-0.91%）。

春糖会期间，我们参加了众多上市公司如茅台、五粮液、汾酒等经销商大会，也访问了众多销售人员和经销商，整体反馈正面，强化我们中线继续看好白酒板块的信心。综合调研反馈，白酒行业逐步复苏得到业内人士普遍认同，对“优势企业重新走向增长提升份额“共识度高。

今年以来，白酒行业龙头上市公司纷纷掀起了新一轮的提价高潮，洋河、五粮液、山西汾酒、泸州老窖、红花郎纷纷对公司主打产品提价，我们预判淡季会有更多企业采取直接提价、减少补贴、取消配赠政策等手段对公司核心产品进行提价。我们认为，高档白酒价格上涨并非 “孤立事件”，有经济复苏的推动作用，但同时市场内部也存在着涨价的动力。

本届春糖现象三大现象：一是从布展数量、规模及经销商座谈会、媒体论坛热度看，本届关注度显著高于过往数年；二是白酒龙头招商势头充足、新品投放力度大大加强；三是现场涌现一大批意向经销商，显示行业底部回暖、复苏态势。相比以往，本届龙头控量稳价措施更为严厉、底线坚定：茅台：明确未来将贯彻河南讲话精神、确保批价不高于 1300 元，并指出断货、缺货将成新常态。五粮液：经销商大会上亦有控量稳价严厉措辞、并未提及涨价事项，渠道反映五粮液为保批价站稳，2 月份处于关仓消化渠道状态，3 月份开仓不足三周、渠道库存极低。