The Global Baby Food Market by product is divided into Milk Formula and Baby Food Based on product, the Milk Formula holds the largest market share of the baby food market in 2021 The milk formula sector dominates the global baby food market with a market share of 60 5 in 2021 majorly due to rising Breast feeding issues in women and increasing professional women's therefore they choose prepared milk based infant food In coming years it is expected to continue to hold the largest market share due to an increase in milk formula manufacturing facilities around the world

Agriculture is one of the leading sectors providing livelihood to many globally. Therefore, blockchain in agriculture and food market has a vast potential to revolutionize the food production industry in the future. Innovation merged with advanced technologies such as blockchain and artificial intelligence (AI) extends agricultural output results. Blockchain technology will be a revolutionary change as it offers tamper-proof, precise statistics about the farms, inventory, credit scores, and food tracking. The agriculture and food market required a lot of inconsistent paperwork and dependency on paper-based documentation. Therefore, blockchain provides a systematic digital ledger for storing land records and other data, keeping them safe during natural calamities. Using blockchain as a customized solution for farmers can promote sustainability in farming. Moreover, farmers do not have to wait for payments through blockchain as the finances are settled quickly through this system. In addition, farmers are not required to pay any intermediary or additional costs.

1）短期来看：三全产品更加toC，且当前估值水平相对较低，建议重点关注；2）长期来看：随着疫情影响逐渐消散后，行业竞争逻辑核心演变为规模效应下的低成本和强渠道，后续需重点关注行业 B 端需求恢复情况及原材料成本拐点，把握板块布局机会。首推产能、渠道、产品优势突出的安井食品及单品优势强劲，深耕B 端渠道的千味央厨；预制菜产品充分受益于此次疫情期间消费者教育加深及消费习惯的培养，建议重点关注味知香；烘焙行业具有高成长性，建议关注立高食品。

原料端：平稳增长，发展相对成熟。1）从增长空间看，烘焙面粉、烘焙油脂、奶油、酵母等原料在下游的发展已经较为成熟，过去三到五年的规模CAGR 基本在10%左右，预期未来延续平稳增长。2）从竞争格局看，烘焙面粉、油脂、低端奶油等基础性原料竞争相对激烈，酵母市场集中度高、格局牢固。未来发展的关键为继续增强规模效应，奶油等品类需把握市场需求变化、关注产品升级。