Kefir products is a fermented milk probiotic drink that originated in Russia. It is uniquely cultured with the help of kefir grains or starter culture produced in labs.Kefir is rich in vitamin B12, calcium, biotin, folate, vitamin K2, magnesium, and enzymes. Kefir is associated with health benefits and that drives the market.To calculate the market size, the report considers the revenue generated through the sales of kefir products sold to individual customers through various retail outlets,which include but not limited to hypermarkets,supermarkets, convenience stores,independent retailers, discount stores, warehouse clubs, online channel, and others.

The flavored powder drinks are processed beverage products in powdered form.These flavored powders are used to prepare various beverages like flavored milk beverages, fruit-based flavored drinks, and energy drinks. Flavored powders can be mixed with both milk and water. Water-based drinks are usually cold beverages including energy drinks, flavor-based soft drinks, and fruit mix drinks.There are many drivers contributing to the growth of the global flavored powder drinks market. The primary factor contributing to the growth of the market is the increasing awareness about the health benefits of flavored powder drinks. The growth in the organized retail also increases the product availability for the consumers, which will, in turn, drive the market.

Alcohol beverages can be classified into five market segments: beer, cider, ready-todrink(RTD), wine, and spirits. Beer has the least alcohol content among all the alcohol drinks. The consumption of beer is the highest when compared to the rest in terms of volume. It is made using barley and wheat and is sprouted and roasted into malt. After this, it is cooked, fermented, and then flavored with hops.The global alcohol beverages market is expected to grow steadily at a CAGR of 4.10% during the forecast period. The volume consumption has declined slightly over the last few years due to stringent government regulations and increasing death toll due to alcohol-induced diseases. However, the market showcased a decent growth in terms of revenue. Factors such as the introduction of new flavored drinks, increasing consumption among millennials, and in increasing alcohol consumption in developing countries are likely to push the market during the forecast period.

Low-alcohol beverages is one of the emerging trends in the global alcohol drinks market, which is expected to increase during the forecast period, as consumers are currently opting for a healthier lifestyle, which includes the consumption of healthy alcoholic drinks with a low-alcohol content.Many consumers are shifting from hard drinks to light drinks, which can be treated as a substitute. More number of consumers are now reading the nutritional labels and are demanding products which contain lower alcohol content. However, with these growing opportunities, the market is increasingly facing a challenge due to the perceptions of their inferior taste in lowalcohol beverages as compared to the conventional alcohol. Thus, many players are launching low-alcohol beverages in a wide range of flavors. It is expected that players in the market should not only focus on the low-alcohol content but should also communicate more about their complex production process, unique ingredients or added flavors, to justify that these drinks can be a substitute for the standard alcohol drinks.

今年上半年白酒板块实现 36.8%的绝对正收益，跑赢大盘 26 个百分点，在食品饮料各子板块中涨幅位列第一。高端白酒受益于资金脱虚向实后激活的投资品需求，2017Q1涨幅 22.73%，Q2涨幅 25.51%，H1涨幅 54.10%。

根据尼尔森的数据，2017H1液态类乳品销售额增长率为 7.3%，而 2016 年增速为 3.8%；2017H1 婴幼儿奶粉零售额增长率为 9.4%，而 2016 年增速为-1.5%。再根据上市乳企的半年报，我们可以看出自 2016 年 Q3 之后，乳企的收入增速逐步改善，尤其是2017 年 Q2 增速明显提升，行业改善趋势清晰。

本周受到茅台 9 月投放量翻番信息带来的影响，茅台一批价由 1450 回落至 1390，市场情绪波动较大，股价周跌幅达 4.2%，并波及到整个白酒板块。我们认为此次发生在淡季的茅台一批价下降，可以理解为公司意志的集中体现，近期公司采取了包括增大投放量、要求经销商按比例投放零售市场和改变产品结构等一系列措施，意在打击渠道囤货和由此引发的一批价过快上涨，本次一批价的短期下降与 2012 年时一批价的下滑存在本质性区别。