中信证券：看好魔芋在食饮板块中稀缺的成长持续性 积极关注相关受益标的

Core Viewpoint - The konjac food industry has maintained a compound annual growth rate (CAGR) of over 20% for the past decade, but per capita consumption in China remains low, indicating significant growth potential in the market [1][3]. Company Insights - Konjac is recognized as a superfood due to its high soluble dietary fiber content, which provides excellent solubility, gelation, and thickening properties, making it versatile for various applications [2]. - The konjac industry chain consists of three segments: upstream (konjac planting), midstream (initial and deep processing), and downstream (applications in food, medicine, textiles, cosmetics, environmental protection, military, and petroleum extraction) [2]. Industry Analysis - The estimated market size for the konjac food industry is projected to reach 26.9 billion yuan in 2024, with the konjac snack sector accounting for 18.3 billion yuan [3]. - The konjac snack market can be further segmented into konjac snacks (8.5 billion yuan), konjac dried products (1.3 billion yuan), konjac jelly (4 billion yuan), and other konjac foods (4.5 billion yuan) [3]. - The growth of the konjac food industry has been driven by innovative products and effective consumer education, particularly through brands like WeLong and YanJin, which have successfully penetrated the market [3][4]. Market Dynamics - The top two companies in the konjac snack industry, WeLong and YanJin, hold a combined market share of 60-70%, indicating a concentrated market structure [4]. - Given the low penetration rate of konjac snacks and the potential for innovation, the industry is expected to see a 1-2 times increase in market size in the future [4]. Comparative Analysis - Compared to Japan, where the konjac industry is well-established, China's konjac market is still in its early stages, with significant room for growth [5]. - Current per capita consumption of konjac products in China is 16.4 yuan, which is only half of Japan's and one-third of its historical peak [5]. - The focus in Japan is primarily on initial processing products, while China is more concentrated on deep-processed konjac snacks, suggesting higher added value in the latter [5].