The increase in demand for healthy food and beverages is driving the growth of the market. The adoption of healthy lifestyle by the consumers will also trigger a demand for healthy food and beverages such as aloe vera-based drinks.The majority of the consumers are not aware of the benefits of consuming aloe vera-based drinks. However, they are aware of the benefits of external use of aloe vera-based products on the skin.High price of aloe vera-based drinks will prove to be a deterrent to the growth of the market during the forecast period. They are positioned as a lifestyle product and thus commands a premium price than ordinary juice products.Aloe vera-based drinks are relatively new in Western markets such as the US. It is more popular in Asia-Pacific (APAC). During the forecast period, the market for aloe vera-based drinks will continue to grow in APAC.

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.

Instant coffee is prepared by vaporizing brewed coffee beans. It is available in the form of powder and differs from freshly brewed coffee in terms of flavor and aroma. The main advantage of instant coffee is the convenience in preparing it. Also, it requires less equipment for preparation. Although fresh coffee dominates the overall coffee market, instant coffee continues to gain share, due to its greater appeal among new coffee drinkers. The convenience and versatility, in terms of flavor and aroma, of instant coffee make it an attractive drink in developing countries. On the other hand, in developed countries, instant coffee seeks to shed its commodity image to sustain consumer interest. Sales of instant coffee, the kind of coffee that dissolves in hot water and has been popularized by brands like Nescafé, have nearly tripled since 2000.

Coconut milk is a sweet, milky white liquid obtained from the grated meat of mature coconut. The rich taste and color of coconut milk can be attributed to the high oil and sugar contents in it. It has different names in different countries. In Malaysia and Indonesia, coconut milk is called santan, while in the Philippines, it is called gata. It is one of the main ingredients of Southeast Asian cuisine and is used for making curries, deserts, and sweets.

The demand for flavored milk is expected to increase during the forecast period mainly due to the fact that flavored milk is increasingly being preferred as a drink to be consumed after workout sessions. Researches have shown that chocolate milk contains the perfect ratio of carbohydrate to protein to hasten the recovery after an intense workout. Some of the famous sports personalities such as Mo Farah prefer chocolate milk after races and intense training sessions. The US Olympic swimming team also prefers chocolate milk after training sessions. There are other factors that will drive the growth of the market such as increasing investments by players, increasing milk production, and increasing mergers and acquisitions in the market.

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。

伴随着二战后昭和时代（1945 年~1988 年）经济的高速增长，日本的国力在 20 世纪 90 年代初达到顶峰，随后进入平成时代（1989 年~至今）后日本房地产泡沫的破灭引发了经济增长的停滞。本系列研究试图重现主要的消费品企业在日本经济增速见顶回落的 30 年时间里，主要的消费品企业应对低迷的经济增长和复杂多变的消费者需求而推出的战略举措及其给企业的市场地位带来的深远影响。 

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。

上游产品价格方面，仔猪价格反弹中断，再次下跌，猪肉价格降幅扩大。仔猪 价格下降 0.17 元，生猪价格下降 0.36 元，猪肉价格下降 0.42 元。奶制品价格 周内整体上涨，牛奶价格上涨 0.01 元，酸奶价格上涨 0.01 元，国外品牌婴儿 奶粉上涨 0.32 元，国内品牌婴儿奶粉上涨 0.18 元，中老年奶粉价格上涨 0.21 元。小麦价格 2628.80 元/吨，环比上涨 5.80 元/吨。玉米价格 1504.10 元/吨， 环比上涨 32.30 元/吨。黄豆价格 4174.20 元，环比上涨 29.80 元/吨。白砂糖 价格周内价格上涨 0.02 元，本周价格 11 元/公斤。

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。