The protein alternatives market is witnessing a shift in consumer demand from animal protein to plant protein. This inclination toward plant-based diet is associated with different factors, such as sustainability issue, health awareness, ethical or religious views, and environmental and animal rights. Meat proteins provide the required amino acid content to the body but are associated with high cholesterol levels and other related issues, as a result of which, people are shifting to a vegan source of protein. Moreover, dairy proteins are also associated with the required amino acid content for the body, but according to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), lactose intolerance (inability to digest lactose) affects 30-50 million Americans, and over 90% of the adults in east Asia. Consumers around the world are inclining toward plant-based protein diets. Around 33% of Canadians and around 17% of Australians have turned into flexitarians.

Consumers have started opting for meat-based breakfast options, including bacon, over other breakfast options, such as pancakes, due to the changing palates and willingness to try new products. A significant portion of the population in the United States consumes bacon in breakfast, paving the way for more foodservice outlets to introduce bacon-based breakfasts. Globally, the consumers have also started opting for breakfast from foodservice outlets, such as quick-service restaurants (QSRs) to eat on-the-go. This factor paves the way for the outlets to include more bacon-based breakfast options. Fast-food chains, such as Burger King, Carl's Jr., and McDonald’s, have introduced more bacon options in different flavor profiles to their food menus, in order to cater to consumers’ demand. With breakfast appearing on more menus across restaurants, the foodservice outlets are incorporating more items, such as bacon, and creating meals in different flavor profiles, such as maple bacon, to satisfy the breakfast cravings of consumers who are willing to try new products. This, in turn, is expected to help the outlets to expand their customer bases, with dynamic product offerings. 

短期估值推动股价，个股屡创新高：从2 月3 日至今，SW 食品饮料板块涨幅27.51%，其中饮料制造板块涨幅8.84%，食品加工板块涨幅41.60%，食品加工板块超额收益明显。分区间来看，一季度业绩推动食品加工板块跑赢大盘；而从5 月份以来，二季度业绩尚未完全明朗，食品饮料板块整体涨幅达到13.61%，主要受益于估值修复。其中饮料制造板块实现14.51%的增幅，食品加工板块继续延续强势，5 月份以来期间上涨幅度达到11.38%。这期间共有24 只个股创历史新高，其中白酒6 只、啤酒1 只、乳制品1 只、肉制品1 只、调味品6 只、食品综合9 只。其中食品综合板块里，创新高个股皆为必选宅产品，受益于疫情宅家的趋势，均实现较好的动销。

白酒板块：白酒整体已恢复至6成以上，低线级城市恢复明显好于一二线城市，两头好于中间，高端强品牌增长坚挺，区域龙头发展弹性充足，行业高质量集中化发展趋势加速。建议增持：贵州茅台、五粮液、山西汾酒、今世缘、顺鑫农业、泸州老窖、古井贡酒等，黑马股建议增持：迎驾贡酒、酒鬼酒。

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。

伊利Q1报表收入滞后于渠道跟踪数据，4-5月报表端预计实现20%+的增长，动销增速逐步恢复，报表与动销将再次匹配；蒙牛继一季度可能抹平两强实际收入差距，到再次拉开差距，两强差距预计保持。伊利估值溢价通道再次打开。