（来源：研报虎） 食品、饮料和酒类目整体趋势：25年Q2速冻食品类目销售额同比增长超1%，成为唯一的增长类目，其 中火锅丸料、速冻肠领涨；方便速食大类中，方便面表现最好 马上赢价格指数(WPI)：方便面从24年8月开始超过100，价格指数同比增长，最终带动方便速食整体价 格指数在24年10月超过100；速冻肠和披萨一直低于100，价格持续同比下滑 方便速食：方便面、常温火腿肠和低温香肠均处于明星和成熟象限交界处，销售额同比下滑约8%；螺 蛳粉是明星象限中表现最好的品类，同比下滑3% 速冻食品：火锅丸料位于明星象限，占比第二，是前6大品类中唯一增长的，同比增长20%；速冻肠销 售额同比增长30%，已进入明星象限；披萨销售额同比增长最高，超过50%，位于潜力象限 ...

Core Insights - The convenience food market is experiencing a stable structure but facing growth pressure, with instant noodles maintaining a dominant market share of nearly 50% in Q2 2025, showing a year-on-year increase of 0.68% [4][5][6] - The overall market share of key categories such as instant noodles, regular ham sausages, and low-temperature sausages exceeds 86%, indicating a concentration of market power among leading products [5][6] - Price indices for convenience foods have shown a steady upward trend, with the overall price index surpassing 100 in late 2024, indicating a shift towards price growth and product upgrades [8][10] Convenience Food Category Overview - The convenience food category includes various subcategories such as instant noodles, canned foods, and pre-prepared meals, totaling 19 subcategories [2] - Instant noodles remain the most significant category, while low-temperature sausages and regular ham sausages are also growing but at a slower pace [4][5] Market Share and Sales Analysis - In Q2 2025, instant noodles accounted for 46.74% of the market share, with a sales decline of 8.85%, indicating pricing or sales pressure despite share growth [5][6] - Regular ham sausages and low-temperature sausages also saw slight increases in market share but experienced sales declines of around 9% [5][6] - The overall trend indicates that while leading categories are gaining market share, they are simultaneously facing significant sales challenges [5][6] Price Index Trends - The price index for convenience foods has shown a consistent increase, with the index reaching a peak of 100.65 in June 2025, reflecting ongoing price growth and product upgrades [8][10] - Instant noodles have maintained a price index above the baseline, indicating strong pricing power in this category [10] New Product Launches - The number of new SKUs in the convenience food category has varied significantly, with instant noodles showing the highest activity in new product launches [12] - Regular ham sausages and low-temperature sausages have seen stable new product introductions, while other categories like instant porridge and spicy noodles have had fewer new launches [12] Key Category Performance - The CR5 market share for instant noodles is 83.03%, indicating a high concentration of market power among leading brands [14] - In the regular ham sausage category, the CR5 market share is 93.19%, with Double Happiness holding over 60% of the market [23] - Low-temperature sausages have a CR5 market share of 72.29%, with Double Happiness and Jinluo as the leading brands [31] SKU Performance - In the instant noodle category, top-performing SKUs include products from White Elephant and Unification, reflecting strong brand positioning [19][21] - For regular ham sausages, Double Happiness dominates the market with multiple products in the top rankings [26][29] - In the low-temperature sausage category, Double Happiness also leads with a diverse product range [38][39] Conclusion - The convenience food market is characterized by a stable structure with leading categories gaining market share but facing sales pressures. The price index trends indicate a shift towards higher pricing, and new product launches remain concentrated in the instant noodle segment, reflecting ongoing competition and consumer demand dynamics [4][5][6][8][10][12]