零食｜顺应渠道变迁，享受成长红利

Core Viewpoint - The development history of the snack industry is fundamentally a series of channel transformation processes, with significant growth opportunities arising from the expansion of old channels and the exploration of new ones [1][2][3] Channel Transformation - The snack industry, characterized by weak brand attributes, is highly influenced by channel changes, necessitating adjustments from companies to capture growth opportunities [2] - Each channel transformation imposes higher demands on snack companies, requiring them to adapt to new market conditions to sustain growth [2] - Traditional distribution channels favored strong brand power, while modern supermarkets required effective shelf management and terminal marketing [2] - The rise of e-commerce and live-streaming sales has introduced new players focused on marketing and supply chain efficiency [2] - The emergence of bulk snack stores has redefined the value distribution chain in offline channels, benefiting companies that prioritize product quality and supply chain strength [2] Industry Growth and Company Performance - The current channel transformation has raised industry entry barriers, with listed companies benefiting from this shift due to their strong product, brand, and channel capabilities [3][4] - From 2022 to 2024, listed snack companies are expected to achieve an average revenue CAGR of 15% to 20%, significantly outpacing the stagnant growth of the industry [4] Future Channel Opportunities - New channels such as WeChat stores, traditional supermarket reforms, and instant retail are emerging, presenting potential growth opportunities for listed snack companies [5] - Although these new channels currently have smaller market sizes, they hold significant growth potential and will require companies to further enhance their product offerings [5] Market Outlook for 2025 - The channel dividends are expected to continue driving growth in the snack sector, with bulk snack stores and membership supermarkets contributing significantly to business growth [7] - The market will also see trends in overseas expansion and the popularity of Chinese snacks, with Southeast Asia being a key area for growth [7]