海外疫情对进口奶粉市场冲击。2019年进口奶粉约占国内婴幼儿奶粉消费市场的51%，主要进口来源国为欧盟、新西兰及澳大利亚，这些国家均爆发了较为严重的新冠疫情。海外疫情对进口奶粉市场的影响包括物流缓滞、供给紧缺、拖累部分奶粉新品上市进度、消费者对进口奶粉安全担忧等。疫情以来婴配奶粉外资品牌的整体销售不佳，多数品牌出现明显的同比下滑。以飞鹤为代表的国产品牌乘势抢占市场份额，并且这一进口替代趋势有望随着疫情在海外持续蔓延而进一步加速。

The food and beverage industry is going through enormous changes due to factors, such as changing consumer preferences, which prompt the FMCG companies to adopt new technologies and measures to offer packaging on-par with the changing trends. Modern packaging technology is being adopted by packaging vendors in order to improve the quality of packaging to serve a more extensive range of customers (FMCG companies) and to enable them to achieve product differentiation. With the rising demand for nutritional foods among consumers, the FMCG packaging companies are innovating their packaging in order to preserve the nutritional value of the products that are being packed. The transpor tation of packed goods and consumables can have adverse effects and can also lead to a reduction of the nutritional value of the packaged contents. In combination with consumers' desire to have information about the origin of the food products, more and more hyperlocal supply chains are emerging. With the recent trend of private labels, big retailers are ramping up their packaging in order to attract customers. More than half of consumers are loyal to a specific store due to its private-label brands, according to a survey conducted by Daymon.

事件：5 月阿里线上电商数据披露，我们重点对白酒、乳制品、调味品、保健食品、休闲食品及奶粉等子行业线上销售情况进行分析。4 月起疫情开始得到控制，实体经济逐渐恢复，行业增速回温，从线上渠道来看，多数子行业保持良好增长，主要品牌销售增长更为确定。

白酒：单月整体销售额同比上升157.2%。2020 年5 月白酒的淘系平台线上销售额同比上升157.2%至5.27 亿元，其中销售量同比提升100.4%至252.84 万件，销售均价同比提升28.3%至208.5 元/件。整体来看，2020 年5 月白酒呈现出量价齐升的态势。市占率角度来看，高端白酒品牌茅台市占率领先。

下半年餐饮渠道企稳复苏，餐饮通路动销加快回归正常区间，餐饮占比较高的海天和中炬有望在H2 恢复两位数增长。Q1 调味品家庭端收入增速达30%以上，明显提速，且后疫情时期家庭做饭等习惯可能延续，预期家庭消费增长仍可保持较快速度，将成为今年调味品行业增长的主要驱动力。