The scope of the study is intended to discuss the upcoming and present market trends of the alcoholic beverages market. In addition, this report details current market trends, drivers, restraints, and opportunities of the global alcoholic beverages market and determines the future growth potential of the market. Different types of alcoholic beverages such as beers, distilled spirits, wine, and others (cider, sake, aurum, and Tia Maria) are included in the report. The market report also covers the overall net value of different types of the alcoholic beverages available in the market. From distribution channel perspective, alcoholic beverages are sold through different distribution channels such as convenience stores, on premises, liquor stores, grocery shops, internet retailing, and supermarkets. These are also included under the scope of the study. Furthermore, it includes the revenue generated from the sales of alcoholic beverages across North America, Europe, Asia- Pacific, and LAMEA.

前3 季度，食品饮料行业（CS）完成营业收入4815.98 亿元，同比增长13.43%；归母净利润808.82 亿元，同比增长22.78%。3Q 单季度食品饮料板块营业收入同比增长8.89%，增速环比下降6.09 pct；归母净利润同比增长8.74%，增速环比下降20.39 pct；单季增速分别位居全部29 个行业中的第20 位，和第10 位。

整体看，白酒行业 Q3 收入利润分别同比+14.1%/+11.7%，大部分公司都出现增速环比回落的情况，叠加之前大家对宏观经济和消费板块的潜在担忧，迅速放大了市场的悲观情绪，导致板块大幅回调。市场思维习惯线性外推，甚至开始担忧明年板块出现负增长。

2018Q3 食品饮料重点必选消费子行业中，肉制品和啤酒的收入同比增速环比略有加速、乳制品和调味品虽然环比小幅下降，但是仍保持相对稳健的增速。而且去年同期食品饮料必选消费各子行业的收入增速基本属于年内高点，在相对较高的基数以及整体消费回落的大背景下，食品必选消费彰显出一定的需求韧性。2018Q3 重点公司的收入表现相对稳健，海天、伊利等龙头企业的单季度收入增速基本维持二季度的水平，其他细分行业龙头表现有分化。

1-9 月食品饮料板块收入和净利润分别同比增长 14%和 24%，收入增速在 A 股各行业中处中游水平，Q3 食品饮料板块收入和净利润同比增长 9%、9%，白酒板块收入增速放缓，大众品表现较稳健。分子行业来看，Q3 软饮料和调味品最为优秀，营收分别同比增长 22%、16%；白酒板块增速明显放缓。食品股相对受经济周期影响则较小，Q3 食品综合类营收同比增长 16%；乳制品板块三季度收入增速有所放缓。整体来看，Q3 板块利润端与收入变化幅度较为一致。 

3 季报收官，龙头延续稳健表现。乳品，龙头收割市场份额态势延续，行业竞争环比略有改善。调味品，海天延续稳健表现，中炬值得期待。肉类加工，非洲猪瘟影响超预期，猪价降幅环比收窄，上市公司净利增速有所放缓。其他食品 ， 3 季度收入较快增长，利润增速环比改善。投资建议，重点关注伊利股份，同时建议适当关注中炬高新、双汇发展。

2018 年市场“潜意识”认为白酒机会不大，一是由于简单类比 2012-2013 的调整时期，二是认为白酒板块前期领涨 2 年，累积上涨时间已长。市场对白酒行业景气度向下的判断得到茅台三季报显著“低于预期”的响应，从而引发大跌。

2018Q3 食品饮料行业营收和净利润同比增长 8.67%和 9%，增速较上半年放缓。受到经济增速放缓影响，白酒 2018Q3 营收、净利润增速放缓至 12.64%、11.92%，但主要的高端、次高端以及区域龙头收入普遍保持着高于行业整体的增速。

2018 年 1-10 月销售额达 158.7 亿元，同比提升 37.7%，其中销量增24.9%，均价增 10.2%，实现量价齐升。其中单 10 月 18 亿同增 50.9%，环比 9月持续提升。从品牌及公司层面，汤臣倍健表现亮眼，持续量价齐升，2018 年10 月汤臣倍健完成销售 1.29 亿（+63%），Swisse 完成销售 0.93 亿元（+61%）， Muscletech 完成销售 0.35 亿元（+44%）。

One of the world’s top 10 food producers, Turkey has a developed food and beverage industry, which both supplies a population of over 80mn and exports. The food and beverage processing sector accounts for 12.7% of Turkey’s total manufacturing industry, according to data published by the United States Department of Agriculture (USDA). Turkish households spent TRY 467bn on food, drinks and tobacco in 2017, which represented 24.4% of their annual budget. Solid GDP and disposable income growth, alongside rising urbanisation rates and a young population, is fuelling consumption and thus supporting the development of the sector. However, persistent high inflation and a depreciating local currency are eroding the purchasing power of the population, implying challenges for the consumer outlook.