The high prevalence of diseases such as heart diseases, obesity, diabetes, and stroke has become a major threat to individuals around the world. With fast-moving lifestyles, individuals have become more conscious about their health and are opting for healthier diets in their daily lives. Consumers prefer dairy products that contain a large amount of nutrients including proteins, minerals such as calcium, and vitamins as a part of a balanced diet. However, several consumers across the world have been unable to incorporate milk and other dairy products due to many reasons including personal preferences, dietary restrictions, lactose intolerance, allergies, and others.

The food and beverage sector is highly competitive and dominated by local companies. It is generally open to foreign investors but the government favours local producers. In 2014, Indonesia limited the number of franchise outlets established by one company to a maximum of 250. The franchisor or franchisee is obliged to use at least 80% of business equipment and raw materials that are domestically produced. Global food companies present in the Indonesian food and beverage market include Nestle, Coca Cola, Unilever and Carrefour. According to BMI Research, Coca Cola has a 90% share of the Indonesian carbonates sub-sector, a 39% share of the Indonesian juice market and a 15% share of the RTD tea market.

香精通常直接用于增加各类终端产品的香气和香味，具有独特和不可替代的作用。随着全球经济的不断发展以及消费水平的不断提高，使得居民对于食品以及日用品品质的要求愈来愈高，香精香料行业得以快速增长。

本周上证综指收于 3246.57 点，周涨幅 5.04%；深证 A 收于 1861.65点，周涨幅 5.01%；创业板收于 1777.26 点，周涨幅 4.94%。重要股指方面，沪深 300 收于 4062.23，周涨幅 4.90%；上证 180 收于 8957.27，周涨幅 4.96%；深证成指收于 10415.80，周涨幅 5.14%。 

本月食品饮料各子板块均呈现出明显的增长，酒类、乳制品、调味品、休闲食品同比分别上升 49.29%、99.24%、45.80%、22.84%，行业整体上行趋势稳健。经历了 2 月份电商传统销售淡季各子板块销售数据开始回暖，其中白酒、休闲食品受季节因素影响较大，与旺季销量仍然存在明显差距；乳制品销量则回升至春节备货期间水平，与去年同期相比实现突破式增长。

名酒经营日趋稳健，行业景气度仍可延续。春糖期间五粮液正式发布第八代产品， 19 年普五整体配额 1.5 万吨，第七代（出厂价 789 元）已完成配额 56%，收藏版（出厂价 859 元）占配额 9%，第八代（出厂价 879-889 元）占配额 35%，我们预计普五出厂价将提升 4%-5%。酒鬼酒举行内参酒 2019 年品牌策略发布会，公司提出短/中/长期目标 30、50、100 亿。山西汾酒举办投资者交流会，公司 18年保持较快增长，提出过长江、占上海、拓全国，通过华东来带动全国市场。

我国啤酒长期陷于盈利水平低、厂商相互制衡的囚徒困境，本篇报告通过复盘主流啤酒消费大国盈利提升路径，提出竞争格局和结构升级将是两大中长期净利率提升主因，短期增值税率下调亦将贡献弹性。