食品饮料深度报告：国产威士忌方兴未艾，崃州蒸馏厂有望脱颖而出

Investment Rating - The industry investment rating is "Outperform" [9] Core Insights - The domestic whiskey industry is still in its early development stage, with foreign brands dominating the market. The market size is approximately 55 billion yuan, primarily driven by imported whiskey, which has seen a compound annual growth rate (CAGR) of 24.03% from 2015 to 2023 [19][20] - The concentration ratio (CR5) of the whiskey industry has reached 67.30%, indicating a high level of market concentration with major players being foreign brands [29] - The rapid growth in whiskey demand is attracting significant capital investment, leading to the establishment of production capacities and regional clusters in China [50] Summary by Sections 1. Whiskey Industry Overview - The domestic whiskey market is approximately 55 billion yuan, with imported whiskey accounting for a significant portion. The import value increased from 737 million yuan in 2015 to 4.126 billion yuan in 2023, with a CAGR of 24.03% [19] - The CR5 of the whiskey industry is 67.30%, with major players including Pernod Ricard (24.20% market share) and Diageo (24.10% market share) [29] 2. Industry Chain and Consumer Trends - The whiskey industry is dominated by distilleries and foreign liquor groups, with a growing share of non-immediate consumption channels [36] - The consumer demographic is primarily young, with 76% of consumers under 40 years old, and the main consumption scenarios are at home and in bars [41][47] 3. Capital and Regional Development - Capital is rapidly flowing into the domestic whiskey market, with current production capacity around 100,000 tons and an additional 160,000 tons planned [50] - Major whiskey production regions are emerging in provinces such as Sichuan, Fujian, and Zhejiang, with significant investments from both domestic and international players [51][54] 4. Market Consumption Trends - The current market trend favors affordable blended whiskeys, which are popular among consumers for mixed drinks, while domestic brands focus on high-cost performance single malt whiskeys [55]