食品饮料：以邻为鉴，看日本休闲食品行业及折扣零售龙头唐吉诃德

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - The Japanese snack food market is vast, with a leading global consumption level, having experienced stable volume and price growth over the past two decades [9][11] - The maturity of the Japanese snack food industry is high, characterized by a rich variety of products and rapid iteration, with domestic leaders dominating the market [19][23] - Japan's offline retail is well-developed, with a low e-commerce penetration rate, adapting to changing consumer behaviors and market dynamics [25][36] Summary by Sections 1. Market Overview - The Japanese snack food market has entered a mature development stage, with retail value CAGR of 0.8% and production value CAGR of 0.7% from 2003 to 2023, indicating that price growth has contributed more to industry growth than volume [9][10] - Japan's per capita snack consumption is significantly higher than that of other countries, being 2.4 times that of the US and 27 times that of China [11][19] 2. Industry Maturity and Product Diversity - The Japanese snack food industry has a rich variety of products, with both traditional and Western-style snacks coexisting and evolving rapidly [19][23] - Japanese snack manufacturers demonstrate strong innovation capabilities, with over 1,000 new products launched annually, although many are discontinued within a year [17][19] 3. Retail Channel Development - Japan's offline retail channels are predominant, with e-commerce accounting for less than 10% of physical sales as of 2021, which is lower than in the US and China [25][36] - The retail landscape has evolved through three phases: from department stores in the post-war era to supermarkets and finally to convenience stores, which have become the second-largest retail format in Japan [40][41] 4. Case Study: Don Quijote - Don Quijote, established in 1978, has become a leading discount retailer in Japan, known for its unique shopping experience and diverse product offerings [48][52] - The company's growth strategy focuses on convenience, discount pricing, and entertainment, allowing it to thrive in various economic conditions [48][52]