The Ukrainian Institute of Agrarian Economics stated in November 2017 that year-on-year (y-o-y) growth in exports of meat increased by 38.2% in January to September 2017 compared to the same period of 2016. This represented an increase in value from USD294.8mn to USD397mn. In a display of the diversification in export markets since the conflict with Russian-backed separatists emerged, Egypt has become the primary export destination for Ukrainian meat, buying 17.1% of the total, followed by the Netherlands (14.3%) and Iraq (8.8%). Ukraine's exports of agricultural and food products to the EU increased by 30.8% to USD8.1bn during 2017, according to the Deputy Agrarian Policy and Food Minister of Ukraine on European Integration Olga Trofimtseva (Ukinform.net).

上周食品饮料板块下跌1.9%，跑输沪深300，其中调味品（1.5%）领涨，乳品（-5.4%）跌幅较大。季季报收官，白酒如期高增。白酒继续领跑行业，其它酒类总体平淡，伊利收入符合预期、净利略低于预期，调味品分化较大，肉制品行业受益于猪价下降，其它食品公司中，好想你、涪陵榨菜、桃李面包、养元饮品业绩超市场预期，后续可重点跟踪。白酒重点推荐山西汾酒、顺鑫农业、五粮液、贵州茅台，食品重点推荐中炬高新、伊利股份。

2017年白酒板块收入1,690亿/同比+27.7%，净利润523亿/同比+43.3%。18Q1板块收入629亿/同比+27.9%，净利润218亿/同比+37.5%。我们对白酒板块态度仍然乐观，主要在于我们认为：白酒板块前期两大隐忧——（1）市场风格向成长转换、（2）高位下业绩难超预期，正在被市场走势打破。首先是高风险偏好的成长板块近期受中美贸易战持续发酵影响表现有所反复,；其次伴随白酒板块业绩预期下行，多家企业一季报均给予超预期回应，板块情绪显著回暖。我们认为18年白酒板块基本面确定性趋势向上仍是主旋律，继续维持对白酒板块的乐观判断不变。

目前软饮料行业中果汁行业产量同比增速最低，在 2013 年行业更是出现了负增长的局面；主要原因是需求端发生了巨大变化，占据大量份额的低端果汁不再受青睐，2016年我国果汁市场出现销量、销售额双下滑。低浓度果汁近年销量与销售额持续下跌；中果汁表现则接近果汁整体，加价减量销售额增长幅度进一步放缓；纯果因为其营养价值高，消费基数小，近年呈量价齐升趋势，成为果汁消费升级的方向。正如我们题目所说，健康化的需求来带高端化的需求，纯果汁增长空间广阔。 

百威英博发展至今已是一家 2100 亿美元市值的公司，目前公司占有全球销量 30%的市场份额，EBITDA 利润占比更是高达 55%。公司是 21 世纪并购做的最成功的典范，它的成功值得国内啤酒乃至整个消费品领域学习。本文详细分析了百威的管理以及激励制度的独特之处、管理成本的手法、整合效果差异的原因以及公司的竞争优势，以便于投资者更好的了解公司乃至啤酒行业。

Although South Africa's wider food industry is comfortably Africa's most advanced, the market remains some way behind most developed states when it comes to organics. Food production is a major manufacturing sector, accounting for about 15% of overall domestic production. The sector is highly competitive, with more than 1,800 food production companies. However, 10 large players dominate the industry, accounting for 68% of total turnover.

Global food companies such as Nestlé and Unilever have expanded their production facilities in the country in recent years. Confectionary imports are only within the reach of the wealthy minority, leaving the mass market to domestic competition. An estimated 88% of the country's population is Muslim, thus the demand for halal-certified products is high. The government continues to invest in agriculture and has set a target of becoming self-sufficient in maize production in 2018. Around 3mn new hectares of maize plantations were established in 2017.

Agriculture remains the most significant sector of the economy, accounting for about half of GDP and a significant chunk of export inflows. The Ghanaian agriculture sector is dominated by cocoa and the industry is attempting to significantly increase domestic production and consumption. The agricultural sector is benefiting from overseas funding support. The United States Agency for International Development has attracted USD156mn in support for smallholder farmers in Ghana through the Financing Ghanaian Agriculture Programme. Ghana is working towards reducing food exports. Despite significant agricultural potential, Ghana imports roughly two-thirds of staple products (such as wheat and rice). An investment programme aims to support 1mn farmers by 2021, in the hopes of reducing reliance on imports.

The manufacturing industry in the Philippines is the top contributor to the country’s economic growth, while the food and beverage (F&B) sector is among the largest contributors within the manufacturing industry. The F&B sector accounted for 10% of GDP and for 51.2% of the nominal gross value added (GVA) of the Philippine manufacturing industry in 2017, according to official data from the Philippine Statistics Authority (PSA). The performance of the F&B sector is shaped by food manufacturing, with beverage production accounting for just 4.2% of the total value added of manufacturing.