报告由艾媒咨询通过市场调查、行业访谈及大数据分析等方法编制，梳理了 2025-2026 年中国坚果炒货市场的发展背景、现状、消费需求及未来趋势，指出 该市场正依托消费升级与健康理念实现稳步扩容，未来发展兼具潜力与挑战。 市场发展迎来多重利好驱动，消费水平升级、健康观念转变与礼物经济崛起成为核心推力。2024 年中国居民人均消费支出与健康素养水平均稳步提升，坚 果的营养价值被广泛认可，且 65.32% 的消费者将补充营养列为购买考量因素；同时 2027 年中国礼物经济市场规模预计达 16197 亿元，39.58% 的消费者因 送礼购买坚果炒货，双重属性推动市场发展。产业链方面，上游涵盖树生坚果、草本籽类等原材料供应，中游是洽洽、三只松鼠等生产型与平台型企业，下 游则包含线上电商、线下商超等多元销售渠道。 市场规模呈持续增长态势，2024 年中国坚果炒货市场规模突破 3000 亿元，预计 2029 年将达 4283 亿元，5 年形成超千亿增量，同时其在休闲食品领域的地 位持续提升，2024 年电商平台市场份额升至 31.9%，并成为新春礼盒购买首选品类。产品端，健康化成为创新核心，头部企业纷纷布局低 GI、零添加 ...

（本文作者唐健盛为消费洞察与商业分析资深专家） 二、品牌化浪潮下的传统零食巨头制胜之路 零食量贩的颠覆性，反衬出传统巨头曾经缔造的零食品牌化的黄金时代。来伊份、三只松鼠、良品铺子 等虽切入赛道的节点与方式各异，但核心均精准抓住了品牌化的时代趋势，以品牌溢价构建行业核心壁 垒，成为不同阶段品牌化发展的标杆。 三者的成功本质高度一致：在品牌化时代，品牌是质量的担保、消费的决策捷径，更是身份的符号，消 费者愿意为这份 "品牌光环"支付 30%-50%的溢价。而这些品牌正是抓住了不同阶段的品牌化趋势，将 品牌溢价转化为核心盈利点，也让品牌溢价成为彼时零食行业最稳固的护城河。 消费市场的迭代升级，核心的溢价逻辑也随之发生根本性转变。品牌溢价的本质就是"信息差"，而智能 手机的普及与移动互联网的渗透，实现了消费端的信息平权，以00后为代表的新生代消费群体，不再被 动接受品牌的单向叙事，而是能通过多元渠道获取产品全维度信息，品牌的信息壁垒被彻底打破。与此 同时，年轻群体的理性消费习惯形成代际溢出，消费者的选择从"品牌逻辑"转向 "大单品逻辑"，消费 者不再为品牌虚名买单，只愿为遥遥领先的品质与核心技术支付溢价。 零食行业也 ...

腊月二十六，除夕将近，在武汉东西湖区金银湖良品大厦，湖北工业大学电商专业大四学生汪馨馨和她 带领的39人团队，依然在工位上忙碌着。键盘敲击声、与客户的沟通声此起彼伏，构成了一曲别样 的"新春奋斗曲"。从1月8日到2月13日，这群年轻人放弃了寒假早日回乡与家人团聚的时光，在上市公 司良品铺子的总部，开启了一段带薪实习之旅。汪馨馨的笔记本上，密密麻麻记录着从OMS系统操 作、千牛平台对接到团购客服沟通、售后纠纷调解的各类要点，对她而言，这个新年最大的礼物，并非 红包，而是这份从电商理论到职场实战的宝贵"淬炼"。 这场新春里的实战历练，不仅是学子们的成长蜕变之旅，更是湖北工业大学自2014年起推行短学期实践 教育改革的生动缩影，彰显着"校企协同、实战砺能"的育人初心，让基层实践成为高校人才培养的鲜活 课堂。 实战熔炉炼真金 "这个寒假，我们用坚守代替休憩，用实践锤炼本领，这是最有意义的新年礼物。"作为实习团队队长， 汪馨馨的话语里满是收获与坚定。从1月8日到2月13日，她带领39名同学扎根良品铺子电商岗位，开启 了一场从理论到实操的全面蜕变，这也是该校电商专业连续三年开展上市企业寒假集中带薪实践。 初入职场，挑战接 ...

"这个寒假，我们用坚守代替休憩，用实践锤炼本领，这是最有意义的新年礼物。"作为实习团队队长，汪馨馨的 话语里满是收获与坚定。从1月8日到2月13日，她带领39名同学扎根良品铺子电商岗位，开启了一场从理论到实操 的全面蜕变，这也是该校电商专业连续三年开展上市企业寒假集中带薪实践。 初入职场，挑战接踵而至。对汪馨馨而言，不仅要快速跨越电商理论与OMS、千牛系统实操的鸿沟，应对团购客 服密集咨询、天猫平台业务对接的高强度工作，还要统筹39人的实习节奏，成为团队的"主心骨"。实习初期，不 少同学因应对顾客刁难受挫而情绪低落，有的因系统操作不熟练陷入焦虑，汪馨馨也因协调排班、对接企业带教 老师倍感压力。 幸运的是，企业提供的"一对一带教"模式为学子们保驾护航。汪馨馨跟着带教导师学习实操技巧与团队协调方 法，还经常与企业员工沟通，为队友们争取细致指导和情绪疏导。通勤路上，她主动分享"先处理情绪，再解决问 题"的服务技巧，同学们在相互交流中褪去青涩、找准节奏。 短学期实践的淬炼，让学子们收获满满。汪馨馨已能熟练掌握商品报价、售后处理、天猫团购运营等核心技能， 沟通表达、应急应变能力大幅提升，更懂得了团队统筹的责任与担当。团 ...

陈文博 中金公司食品饮料分析师: 位投资人，大家上午好。那也祝大家新年好，以及开工大吉。那今天上午，是中金组织的 大众食品的春节的情况跟踪电话会。我是中金的食品饮料组陈文博。那今天上午，我们请 到了两位综合的食品的专家与大家分享春节的情况。那第一位专家，主要负责华东、华中 以及华西地区的包括饮料，还有零食等大大的一些品类的运营。专家您好，能听到我说话 吗？ 华东华中华西食品综合专家: 你好，可以，没问题。 陈文博 中金公司食品饮料分析师: 对，那我们就开始。那第一个，首先我想问问，就是您代理的这个品类也比较多，那想问 一下春节期间，比如说这个几个大的品类，像乳制品、饮料、零食、速冻。包括调味品， 这几个品类分别的增速情况，和景气度。然后就综合来看的话，有没有什么地方比咱们之 前预期的要好，或者是要差的？ 华东华中华西食品综合专家: 我们先按照您刚才说的那个品类来说，我们今年的这个总体的品类分成像修石，修石我们 今年的整体性，春节的一二月份，这二月份我们是截止到 2 月 10 号左右。节前的这个数 据，那我们整体的出货比去年同期我们是增长了 10%左右，这所有的修饰，这里面主要是 以礼盒为主，这个品相。那从整个 ...

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The 2026 Spring Festival consumption exceeded expectations, with service consumption leading the growth, driven by a significant increase in dining and travel demand [2][7] - The report highlights a notable recovery in the travel sector, with an expected total of 9.5 billion people traveling during the Spring Festival, marking a historical high [10][12] - The report emphasizes the importance of quality and experience in consumer spending, with a shift towards premium products and services [7][19] Summary by Sections 1. Spring Festival Consumption Trends - The Spring Festival holiday from February 15 to 23, 2026, saw a "good start" in consumption, with key retail and dining enterprises reporting a 10.6% increase in average daily sales compared to the same period in 2025 [10][22] - The first four days of the holiday recorded an 8.6% increase in average daily sales for key retail and dining enterprises compared to the previous year [10][19] - Government initiatives, including a 20.5 billion yuan fund for consumer subsidies, significantly boosted consumer spending [11][10] 2. Baijiu (Chinese Liquor) Market - The Baijiu market showed signs of improvement, with a narrowing decline compared to previous major holidays, although brand differentiation became more pronounced [27][30] - High-end Baijiu brands like Moutai and Wuliangye continued to lead the market, with a focus on price elasticity and rational consumer behavior [27][30] - The report identifies three key changes in the Baijiu market: increased importance of personal consumption, a more relaxed approach from manufacturers regarding sales targets, and improved channel sentiment [30][31] 3. Snack and Food Market - The snack market is expected to benefit from an extended peak season, with a longer preparation and sales cycle compared to 2025 [33][34] - Offline channels, particularly membership-based supermarkets and discount stores, are performing better than online channels, with significant growth in sales during the holiday period [34][35] - The report notes a diversification in snack offerings, with strong performance in high-quality nut gift boxes and innovative packaging strategies enhancing brand visibility [35][36]

Core Insights - The retail market for leisure food and beverages in China is evolving from a traditional "snack" category to a high-frequency necessity, driven by rising consumer income and changing consumption patterns [1][3][5] - By 2025, the market size of China's leisure food and beverage retail industry is projected to reach 39,653 billion yuan, with a year-on-year growth of 6.1% [1][5] - The market is characterized by a fragmented competitive landscape, with a CR5 market share of only 6% in 2024, indicating a large number of small to medium-sized enterprises [6][7] Industry Overview - Leisure food and beverage retail focuses on convenience and entertainment, catering to individual and family consumers through both offline and online channels [2] - The industry can be categorized into leisure food retail and leisure beverage retail, with further segmentation based on retail channels [2] Development Background - Rising national income and consumption levels are foundational for the growth of the leisure food and beverage retail industry, with per capita consumption expenditure expected to reach 29,476 yuan in 2025, a nominal increase of 4.4% [3][4] - There is a shift in consumer demand from mere indulgence to a combination of health and indulgence, with health-oriented products becoming mainstream [3][5] Industry Chain - The industry chain includes upstream manufacturers of various leisure foods and beverages, midstream retail channels such as supermarkets and e-commerce, and downstream consumers across all age groups [5] Current Market Status - The retail industry has expanded its scope to cover various consumption scenarios, becoming a key part of daily life, with significant growth in consumption frequency and penetration [1][5] - The distribution of market channels by 2025 is projected to be approximately 44.8% for supermarkets, 22.6% for grocery stores, 14.1% for e-commerce, and 12.2% for specialty stores [1][5] Competitive Landscape - The market is highly fragmented, with major players including Hunan Mingming Hen Mang Commercial Chain Co., Ltd., Walmart (China), Yonghui Supermarket, and others [6][7] - Hunan Mingming Hen Mang reported a total revenue of 463.71 billion yuan for the first nine months of 2025, with its two brands contributing significantly to this figure [7] Development Trends - The industry is expected to focus on health and functionality as core competitive advantages, with consumers increasingly favoring products with natural ingredients and minimal additives [8][9] - There is a growing emphasis on quality-price ratio and emotional value in consumer demand, with products serving not just as snacks but also as means for emotional comfort and social interaction [9] - The retail landscape is moving towards a multi-channel approach, integrating online and offline strategies to enhance consumer convenience and engagement [10][11]

Core Viewpoint - The article discusses the rising trend of high-end snack stores, particularly nut shops, which have become increasingly popular despite their high prices, leading to a unique market dynamic in the snack industry [6][10][36]. Group 1: Pricing and Consumer Behavior - The prices of snacks in high-end stores like Xueji Snack have surged, with items like cashews costing around 100 yuan per pound and various dried fruits and nuts exceeding 200 yuan per pound, making them more expensive than pork [6][15][22]. - Consumers express frustration over the high prices, with comments likening the cost of snacks to luxury goods and questioning the snack industry's direction [10][11][16]. - Despite the high prices, consumers are willing to spend, driven by the perception of quality and the influence of social media marketing [23][25][36]. Group 2: Store Characteristics and Marketing Strategies - New-style nut shops are strategically located in shopping centers, utilizing bright displays and free samples to attract customers [19][21]. - The marketing strategy heavily relies on social media influencers and KOLs to promote products, creating a trendy image around snacks [24][28]. - Product innovation is crucial, with brands frequently updating their offerings to maintain consumer interest and cater to changing tastes [30][32][36]. Group 3: Industry Dynamics and Competition - The snack industry is experiencing a split, with traditional brands facing declining sales while discount snack supermarkets are thriving [39][40]. - New entrants like Xueji Snack are capitalizing on the trend for high-end snacks, appealing to a demographic that values quality and novelty [41][46]. - The competitive landscape is intense, with established brands struggling to adapt to changing consumer preferences, while new brands find opportunities in the market [39][47].

Core Viewpoint - The report highlights the growth and development prospects of the agricultural and sideline food processing industry in China, indicating a slight increase in the number of enterprises in this sector from the previous year [1] Industry Summary - As of January to December 2025, the number of enterprises in the agricultural and sideline food processing industry reached 26,875, an increase of 367 enterprises compared to the same period last year, representing a year-on-year growth of 1.38% [1] - This sector accounts for 5.11% of the total industrial enterprises in China [1] Company Summary - The report mentions several listed companies in the food processing sector, including Hezhimian (000716), Shuanghui Development (000895), Qianwei Yangchun (001215), and others, indicating a diverse range of players in the market [1] - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research reports and tailored consulting services [1]

Core Viewpoint - The leisure food sector in A-shares experienced mixed performance in the Year of the Snake, with 50% of the 20 stocks in the sector declining during the period from February 5, 2025, to February 13, 2026, and only two companies seeing stock price increases on the last trading day [1]. Group 1: Stock Performance - Wancheng Group (300972) led the sector with a remarkable increase of 103.03%, becoming the only "double" stock in the sector [3]. - Ziyan Food (603057) followed with a rise of 71.67%, while Huang Shang Huang (002695) and Hao Xiang Ni (002582) both saw increases around 40% [3]. - Conversely, Three Squirrels (300783) experienced a significant decline of 30.94%, and Liangpin Shop (603719) fell by 23.36% [3][4]. - Ganyuan Food (002991) also faced a decline exceeding 30% [3]. Group 2: Company Performance and Financials - Wancheng Group reported a strong performance, projecting a net profit of 1.23 billion to 1.4 billion yuan for 2025, representing a year-on-year growth of 222.38% to 266.94% compared to 2024 [3]. - The company's growth is attributed to its deep engagement in the snack retail sector, with significant increases in sales scale and profit margins [3]. - In contrast, Three Squirrels expects a net profit of 135 million to 175 million yuan for the previous year, a decline of 57.08% to 66.89% year-on-year [5]. - Liangpin Shop anticipates a net loss of 120 million to 160 million yuan for 2025, impacted by store optimization and a decrease in sales revenue [5].