Investment Rating - The report indicates a positive investment outlook for the snack food industry, particularly in the e-commerce segment, with a projected growth rate of 10.9% for 2024 [8]. Core Insights - The e-commerce platform Douyin has shown significant growth, increasing its market share from 22.2% in 2022 to 42.8% in 2024, while traditional platforms like Taobao and JD.com have seen a decline in their market shares [8]. - The overall sales of puffed snacks in e-commerce reached 78.26 billion in 2022, with a steady increase projected for the following years [9]. - The report highlights specific categories within the puffed snack segment that are experiencing varied growth rates, with some categories like digestive biscuits and compressed biscuits showing substantial increases [11][12]. E-commerce Trends - Douyin's sales growth for puffed snacks is at 29.9%, with key categories such as potato chips and cookies leading the growth [16]. - Taobao has seen a decline of 5.3% in the puffed snack category, with notable growth in specific subcategories like soda biscuits and digestive biscuits [10]. - JD.com has experienced a 20.1% decline overall, but certain categories like wafer biscuits have shown remarkable growth of 158.8% [13][14]. Category Performance - The report details the sales and growth rates for various subcategories of puffed snacks for 2024, indicating that: - Compressed biscuits have a growth rate of 74.3% with sales of 0.90 billion - Digestive biscuits are growing at 45.0% with sales of 1.57 billion - Other categories like wafer biscuits and soda biscuits also show significant growth [12][14]. Brand Rankings - The leading brands in the puffed snack category for 2024 include Lay's with sales of 3.60 billion, despite a decline of 13.9%, and other brands like Wantwant and Oreo showing varied performance [19][21]. - The report lists specific brand performances across different platforms, highlighting brands like 脆升升 with a growth rate of 295.4% and 江中食疗 with 88.0% growth [19][22].