国泰海通｜食饮：高潜赛道，龙头启航

Core Viewpoint - The cheese industry in China is still in a growth phase, with significant potential for per capita consumption to rise compared to developed countries [1][2]. Group 1: Industry Overview - The cheese penetration rate in China is low, indicating a large industry space for growth. The per capita cheese consumption in China is only 0.2 kg, compared to Japan's 1.8 kg, highlighting substantial room for improvement [2][3]. - The domestic market is primarily focused on children's cheese products, but there is a trend towards diversifying product offerings to cater to all age groups. This shift is expected to drive growth in both consumer (C-end) and business (B-end) segments [2][3]. Group 2: Market Dynamics - The supply side shows limited new entrants, leading to a more stable competitive landscape. Regulatory policies are anticipated to enhance industry concentration further [2]. - The demand side is evolving, with a gradual extension from children's cheese consumption to a broader demographic, including restaurant and snack consumption scenarios [2]. Group 3: Comparative Analysis - Drawing parallels with Japan's cheese industry, the article suggests that market opportunities can be seized through continuous consumer education and international cooperation. Japan's cheese consumption surged after significant cultural events and the introduction of affordable Western dining options [3]. - In Japan, by 2000, cheese products accounted for 70% of total dairy sales in supermarkets, with 74% of consumers eating cheese at least once a month, indicating a successful market penetration strategy [3].