Industry Overview - The market size of seabuckthorn beverage in China reached 650 million yuan in 2023, with Yuhang Group generating 220 million yuan in revenue. The industry is expected to continue growing from 2024 to 2030 due to various factors including technology and environmental barriers [1] - The market for Chinese health water has rapidly grown from 10 million yuan in 2018 to 450 million yuan in 2023, with projections to exceed 10 billion yuan by 2028. The competition is divided among traditional brands, new retail platforms, and time-honored pharmaceutical companies [4][17] - The pre-prepared food market is expected to exceed 1 trillion yuan by 2026, but concerns over food safety, such as illegal additives and hygiene issues, have raised consumer worries [7] Market Trends - The sugar-free tea market is experiencing fatigue, with some channels showing negative growth. The rise of Chinese health water is taking market share from sugar-free tea, leading to adjustments in shelf space [2] - The health-conscious trend among young consumers is driving the popularity of herbal drinks, with products like red bean and coix seed water gaining traction [5] - The Z generation is pushing for healthier drinking options, leading to the rise of sugar-free and low-calorie beers, which have reached a market size of 13.8 billion yuan, with 61% of sales coming from this demographic [10] Company Dynamics - Huiyuan Juice has responded to negative rumors about its business status, emphasizing its recovery and market leadership in 100% juice sales after a successful restructuring [12] - Li Ziyuan is entering the functional beverage market with its "VitaYoung" drink, aiming to capture a share of the 140 billion yuan market, but faces intense competition [14] - Starbucks has launched a new ready-to-drink tea and coffee series, focusing on high-quality ingredients and low-sugar formulations to meet health demands [18] Consumer Insights - The demand for personalized and health-oriented products is increasing, with companies needing to address consumer preferences for transparency and quality in their offerings [6][19] - The trend of "water-based health" is gaining traction among young consumers, with a focus on using traditional Chinese medicinal ingredients in modern beverages [5][9] - The market for children's milk is projected to grow at a compound annual growth rate of 5.6%, with A2 milk emerging as a new opportunity [16]

Core Insights - The beverage industry is experiencing rapid shifts in consumer preferences, with the once-popular "sugar-free tea" category showing signs of fatigue as consumers seek healthier and more personalized options [1][4] - The rise of Chinese herbal water is becoming a significant trend, taking market share from sugar-free tea, particularly as the latter's growth slows down [1][4] Market Trends - Despite overall growth in the sugar-free tea market, certain key channels are experiencing negative growth, indicating a shift in consumer interest [1][2] - In 2023, sugar-free tea sales saw a significant increase, but by 2024, the category's popularity is declining as Chinese herbal water gains traction [1][2] Sales Performance - Data from 2024 shows that while sugar-free tea sales were higher than in 2023 for most months, the first three months of 2025 saw a 5% decrease in sales [2] - The leading brand in the sugar-free tea category, Nongfu Spring, reported a revenue of 16.75 billion RMB in 2024, marking a 32.3% year-on-year increase, although its growth rate has slowed compared to previous years [2][4] Competitive Landscape - The market for sugar-free tea is becoming increasingly consolidated, with the top eight companies holding over 95% market share by mid-2024 [2] - Major players like Nongfu Spring and Yuanqi Forest are innovating with new flavors and technologies to maintain their competitive edge in the sugar-free tea segment [4] Emerging Categories - The Chinese herbal water segment is experiencing explosive growth, with a reported sales increase of over 182% in 2024, and is projected to reach a market size of over 30 billion RMB [4] - The rapid growth of Chinese herbal water reflects a broader trend in the beverage industry towards health-oriented products, driven by consumer demand for innovative and functional beverages [4][5]

Core Viewpoint - The trend of miniaturization in thermos cups reflects a shift towards personalized consumer demands, driven by diverse usage scenarios and the need for convenience among younger consumers [3][4]. Group 1: Industry Trends - The popularity of pocket-sized and mini thermos cups is a typical manifestation of the personalized consumption trend in the cup and kettle industry [3]. - The design of thermos cups is increasingly tailored to specific scenarios such as travel and work, enhancing product diversity [3]. - Mini thermos cups are particularly favored for their convenience in carrying and suitability for brewing health supplements like cordyceps and bird's nest [3]. Group 2: Pricing and Cost Structure - Despite the smaller size, thermos cups have not seen a decrease in price due to several factors: technological advancements that increase hidden costs, changing usage scenarios that elevate demand value, and design differences that raise supply chain costs [4]. - The pricing of industrial products is more influenced by marginal costs and marketing strategies rather than just physical size [4]. Group 3: Internationalization and Brand Development - Approximately 80% of thermos cups are produced in China, with 96.8% of imported cups in the U.S. coming from China, indicating a strong manufacturing base but low brand value [4][5]. - The path to internationalization and premium branding for domestic thermos cup brands should focus on user-centered design and strong brand marketing [5]. - The rise of the Internet of Things (IoT) is leading to the smart development of thermos cups, transitioning them from mere tools to symbols of identity [5]. Group 4: Consumer Education - Misconceptions about thermos cups, such as the belief that removing a sticker from the bottom will affect insulation, are addressed by industry experts, clarifying that modern manufacturing techniques ensure insulation integrity [6]. - Concerns regarding the safety of brewing certain health teas in thermos cups are also dispelled, emphasizing that proper materials and hygiene considerations are taken into account during production [7].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights a significant shift in consumer behavior towards personalized and experiential consumption, driven by a desire for quality and emotional value [6][12][18] - The government is implementing measures to boost consumption and improve the consumption environment, indicating a strategic focus on expanding domestic demand [5][8] - The report identifies three key drivers for the new consumption era: demand-side linkage, supply-side collaboration, and supply chain integration [25][33] Summary by Sections 1. Introduction - The report discusses the government's focus on boosting consumption and expanding domestic demand as a strategic initiative for 2025 [5] 2. Portrait of New Consumerism - Personalized and quality consumption is becoming mainstream, with consumers seeking unique products that meet their individual needs [14][16] - The "first-release economy" is driving market growth through limited supply and exclusive designs, creating a sense of scarcity [15] - Consumers are increasingly concerned about product quality and sustainability, reflecting a shift from basic functionality to a focus on high-quality, eco-friendly products [16][17] 3. Keys to Unlocking a New Era of Consumption - Demand-side linkage is crucial, as consumer behavior is influenced by travel experiences that trigger luxury purchases [26][28] - Supply-side collaboration is evident as luxury brands invest in tourism infrastructure to enhance consumer experiences [29][30] - Supply chain integration allows luxury brands to control the entire service process, enhancing quality and brand loyalty [32] 4. Implications for Enterprises and Investors - Enterprises face opportunities and challenges as consumer preferences shift towards high-quality, personalized, and sustainable products [36] - Investors should focus on the luxury goods sector, high-end tourism, and cultural entertainment industries, which are poised for growth [39][40] 5. Conclusion - The report concludes that the evolving consumer landscape requires brands to create meaningful experiences and emotional connections with consumers, moving beyond mere material growth [42]

在全球化浪潮下，食品饮料行业正经历着深刻变革与创新发展。消费者需求日益多元，市场格局不断重塑，从传 统美味到健康潮流，从本土特色到国际融合，食品行业正站在新的历史交汇点，亟待探索新的发展方向与增长机 遇。 第112届全国糖酒商品交易会主论坛——CFDF食饮产业发展大会，于2025年3月25日在成都举行。全国糖酒会始于 1955年，是中国食品酒类行业历史悠久、规模庞大、影响深远的综合性展会。 本次会议以"探索产业创新 引领行业发展"为题，通过主题演讲和圆桌对话等方式，共同探讨中国食品和饮料行业 所面临的新挑战，推动食品饮料行业高质量发展。 科尔尼全球合伙人刘晓龙受邀参与演讲环节，分享科尔尼重磅行业洞见——《全球食品饮料行业趋势洞察报 告》，以下为报告主要内容。 站在2025年的窗口，食品饮料行业正经历供需关系的深层重构——消费需求的碎片化、生产技术的 颠覆性、资源分配的不确定性交织碰撞。 纵观全球食品饮料行业的近几年发展趋势，我们可以将其划分为三个发展阶段：部分趋势已进入成 熟阶段，如0糖/低糖产品、中央厨房模式等；部分技术正处于快速商业化进程中，如本文重点分析的 15个趋势；此外还存在一些尚处萌芽阶段的前沿技 ...