近年来，中国休闲食品的市场规模不断增长，据中国产业信息经济网数据显示，2016—2018年，我国休闲食品行业市场规模增长迅速，2020年预计可达1.2万亿元，预计复合增长率12%，休闲食品行业已成为食品行业的重要市场，未来休闲食品市场发展空间和潜力巨大。

In recent years, the market size of China's snack foods has continued to grow. According to the China Industrial Information Economics, the market size of China's snack food industry is growing rapidly in 2016-2018. It is expected to reach 1.2 trillion in 2020. The compound growth rate is expected to be 12%, the snack food industry has become an important market for the food industry, and the future snack food market has great development space and potential.

随着三只松鼠的成功“敲钟”，其成为继来伊份、盐津铺子、好想你之后又一家登陆资本市场的休闲食品企业。小小的休闲食品背后蕴藏的市场再次成为焦点。同时，良品铺子、展翠食品、甘源食品、华文食品等企业陆续披露招股书。主流休闲食品企业几乎都已登陆资本市场，休闲食品竞争的下半场才刚刚开始。

With the success of The Three Squirrels, it has become the next snack food company to enter the capital market after Laiyife, Yanjin shop and Haoxiangni. The market behind the small snack foods has once again become the focus. Almost all mainstream snack food companies have landed in the capital market, and the second half of the competition for snack foods has just begun.

消费升级 电商加持

Consumption upgrade

E-commerce support

随着人们生活水平的提高，我国食品结构也由原来的温饱型格局逐渐向风味型、营养型、享受型方向转化，休闲食品越来越吃香。尤其是近些年来，我国休闲食品市场发生了翻天覆地的变化，休闲食品日渐成为主流消费食品，目前各种包装精美、食用方便、口感较好的休闲食品正成为市场上的主角。

With the improvement of people's living standards, China's food structure has gradually changed from the original subsistence pattern to the flavor, nutrition and enjoyment, and snack foods are becoming more and more popular. Especially in recent years, China's snack food market has undergone earth-shaking changes, and snack foods have become mainstream consumer foods. At present, all kinds of snack foods with exquisite packaging, convenient consumption and good taste are becoming the protagonists in the market.

商务部发布的《消费升级背景下休闲食品行业发展报告》显示，随着消费升级步伐的加快，新兴零售渠道快速兴起，休闲食品行业发展驶入快车道，呈现“快、广、多、变”的特点，成为未来快速消费品市场中最具前景、最具活力的行业。报告显示，2006—2016年的10年期间，休闲食品行业总产值从4240.36亿元增长至22156.4亿元，增长幅度达422.51%。到2020年，休闲食品行业总产业规模预计接近3万亿元。在互联网浪潮的助推下，休闲食品电商也开启了快速增长。报告称，休闲食品品类通过线上电商模式加速了市场渗透率，培育和提高了消费人群的购买习惯，休闲食品占线上食品销售近30%。

Ministry of commerce released "consumption upgrading background leisure food industry development report" shows: with the acceleration of the pace of consumption upgrading and the rapid rise of emerging retail channels, the leisure food industry has entered the fast lane of development, showing the characteristics of "fast, wide, many, change", and has became the most promising and dynamic industry in the fast-moving consumer goods market in the future. According to the report, the total output value of the leisure food industry increased from 424.036 billion to 2215.64 billion in the 10-year period from 2006 to 2016, with a growth rate of 422.51%. By 2020, the total industry size of the snack food industry is expected to be close to 3 trillion. Boosted by the Internet wave, the leisure food e-commerce has also started to grow rapidly. According to the report, the snack food category has accelerated the market penetration through the online e-commerce model, and cultivated and improved the buying habits of consumers, with the leisure food occupying nearly 30% of the online food sales.

数据显示，2016—2018年，三只松鼠分别实现营业收入44.23亿元、55.54亿元和70.01 亿元，净利润2.37亿元、3.02亿元和3.04亿元，营业收入分别同比增长116.47%、25.58%、26.05%。2019年一季度公司营收、净利润分别为28.68亿、2.49亿元，分别同比增长27.17%、6.95%。

The data show that from 2016 to 2018, The Three Squirrels achieved operating income of 4.423 billion, 5.554 billion yuan and 7.001 billion respectively, net profit of 237 million, 302 million and 304 million, and operating income increased by 116.47%, 25.58% and 26.05% respectively. In the first quarter of 2019, the company's revenue and net profit were 2.868 billion and 249 million, up 27.17% and 6.95% respectively.

另一家同类企业良品铺子此前发布的招股书显示，其2015年、2016年、2017年、2018年上半年营收分别为31.49亿元、42.89亿元、54.24亿元和30.35亿元。2016年、2017年分别同比增长36.20%和26.45%。2015年、2016年、2017年、2018年分别实现归属于母公司所有者的净利润3232万元、6729万元、1.13亿元、1.12亿元，分别同比增长118.16%和14.66%。增长速度令众多行业难以望其项背。

According to a previous prospectus issued by Liangpin shop, another similar company, its revenue in 2015, 2016, 2017 and the first half of 2018 was 3.149 billion, 4.289 billion, 5.424 billion and 3.035 billion respectively. Year-on-year growth was 36.20% in 2016 and 26.45% in 2017. In 2015, 2016, 2017 and 2018, the net profit attributable to the parent company owners reached 32.32 million, 67.29 million yuan, 113 million and 112 million respectively, with year-on-year growth of 118.16% and 14.66% respectively. The growth rate is unmatched by many industries.

根据统计显示，近年来我国休闲食品市场规模呈几何级的速度增长，高出食品市场的平均增长率20个百分点，线上相较于线下的优势在于其从效率上缩短了商品从制造商到消费者的中间环节，节省了层层环节产生的系列费用，因而具备线下无可匹敌的价格优势。

According to statistics, the scale of snack food market in China has been growing at a geometric speed in recent years, which is 20 percentage points higher than the average growth rate of food market. The advantage of online compared with offline is that it shortens the intermediate link of goods from manufacturer to consumer in efficiency and saves the series of costs arising from various links. And it has an unrivalled price advantage offline.

以三只松鼠、百草味为代表的纯电商休闲食品高速发展的背后，除了自身创新和品类发展，更大程度上依托的是早期电商红利的爆发。但是，根据国家统计局数据，近几年网上零售额增长率呈现明显放缓趋势。其中，主要原因是接受电商部分用户已经基本饱和，其他用户基于习惯、地域、年龄等原因，很难将电商消费转化为日常消费习惯。

Behind the rapid development of pure e-commerce snack food represented by the Three Squirrels and Baicaowei, in addition to its own innovation and category development, it relies more on the outbreak of early e-commerce dividends. However, according to data from the national bureau of statistics, the growth rate of online retail sales has slowed down significantly in recent years. Among them, the main reason is that some users of e-commerce have been basically saturated, while other users find it difficult to transform e-commerce consumption into daily consumption habits based on habits, regions, ages and other reasons.

告别红利 不进则退

Say goodbye to the dividend

Not to advance is to go back

随着人口红利衰退、电商流量红利减弱，对于依旧小而散、同质化竞争严重的休闲食品电商行业来说，市场规模增速将逐渐放缓，休闲食品企业可能进入“大鱼吃小鱼”的博弈之中。根据研究院发布的《2019年上半年休闲食品市场研究报》显示，行业呈现品类繁多，过于分散等特点也造成了休闲食品品牌在市场上难以有很高的占有率，同时，口味和种类等细分市场越来越明显，差异化产品也成为企业重点布局的方向。这种情形下，上市融资或许是助推快速发展，建立行业优势的重要举措。

With the decline of population dividend and the decrease of e-commerce flow dividend, for the snack food e-commerce industry, which is still small and scattered, with serious homogeneous competition, the growth rate of market scale will gradually slow down, and snack food enterprises may enter the game of "big fish eat small fish". According to the research institute's Snack Food Market Research Daily in the first half of 2019, the characteristics of the industry, such as a wide range of categories and too dispersed, make it difficult for leisure food brands to have a high market share. At the same time, the market segments such as tastes and types are becoming more and more obvious, and the differentiated products have become the focus of enterprises. In this case, listing financing may be an important measure to promote rapid development and establish industry advantages.

灼识咨询执行董事朱悦表示：“IPO虽然是休闲食品企业孜孜以求的一个高点，但同时也是寻求下一步增长的必占高点。第一，互联网休闲食品品牌毛利和净利相差太多，运营成本较高，急需通过上市来补充现金流以帮助其运营。第二，产品同质化严重，使得在产品定价方面没有很高的议价权，而通过上市融资，使得自己的产业链向上游衍生，是许多品牌的下一步发展方向。”

Zhu yue, executive director of CIC said, "While the IPO is a high point for leisure food companies to pursue, it is also a high point for them to seek the next step of growth.First, Internet leisure food brands have too much difference in gross profit and net profit, which leads to high operating costs. Therefore, it is urgent to supplement cash flow through listing to help its operation.Secondly, due to the serious homogenization of products, there is no high bargaining power in product pricing. However, through listing financing, the industry chain will be derived upstream, which is the next development direction of many brands."

在告别市场红利后，资本似乎也对休闲食品业冷静了许多。朱悦认为：“资本对于休闲食品行业，尤其是互联网+概念下的休闲食品品牌的热度相较于前几年已经下降很多，投资趋于理性，并且更关注公司的运营及盈利情况。同时，类似于食品安全的爆雷事件，很容易在资本市场上引起极大的反应，对这类标的选择和投资也更为冷静。”

After leaving the market dividend, capital also seems to be much calmer about the leisure food industry. Zhu yue said, "The capital for the snack food industry, especially the Internet and the concept of the leisure food brand has declined a lot compared with previous years, investment tends to be rational, and pay more attention to the company's operation and profitability. The investment tends to be rational and pays more attention to the company's operation and profit. At the same time, similar to the food safety of the mine incident, it is easy to cause a great reaction in the capital market, the choice of such objects and investment is more calm.

三大路径 突破瓶颈

Three major paths

Break through the bottleneck

全渠道已经成为休闲食品品牌发展的大趋势。三只松鼠近年来开始加大力度建设线下门店，追赶良品铺子，另外此前从线下走到线上的百草味，最近这两年又开始重新布局线下门店。他们依靠着品牌流量和互联网变革的先机得以独占鳌头，但今后势必往线下拓展。现在国内80%以上的消费品销售仍然在线下进行，整个线上的流量经营模式已经遇到了瓶颈，电商转向实体渠道寻突破，争先布局线下实体店，成为新的竞争状态。

Omni-channel has become the general trend of snack food brand development. In recent years, The Three Squirrels have begun to increase efforts to build offline stores to catch up with Liangpin shop. In addition, Baicaowei, which has gone from offline to online, has started to re-layout offline stores in the past two years. They are riding the wave of brand traffic and Internet change, but they are bound to expand offline. At present, more than 80% of domestic consumer goods sales are still conducted offline, and the entire online traffic management mode has encountered a bottleneck. E-commerce companies turn to physical channels to seek breakthroughs, and strive to be the first to set up offline physical stores, becoming a new competitive state.

如今休闲食品市场上产品同质化严重，品牌很难拉开明显的定位，各个品牌一直尝试突破。百草味、良品铺子、三只松鼠等在产品定位、创新、渠道以及策略上一直在进行博弈，以坚果起家的休闲食品品牌不断转型至全品类路线，其中在场景上布局高端市场。三只松鼠跨界布局坚果口味饮料，推出坚果咖啡饮料；百草味也开始进入饮料市场。以拓展新品类发展品牌格局，也是为吸引特定的部分群体，与其他品牌拉出品类差别。如今跨界饮料市场，寻找新的红利已经成为三强今后的发展趋势。

Now the product homogeneity in the snack food market is serious, and it is difficult for brands to clearly position themselves, so each brand has been trying to break through. Baicaowei, Liangpin shop, The Three Squirrels have been playing games in product positioning, innovation, channel and strategy. The snack food brand started with nuts is constantly transforming to the whole category route, which is the layout of high-end market in the scene. The Three Squirrels cross-border layouts of nutty-flavored drinks, introducing nutty coffee drinks and Baicaowei are beginning to enter the beverage market. To develop brand pattern by expanding new categories is also to attract some specific groups and draw out category differences from other brands. Nowadays, in the cross-boundary beverage market, the search for new dividends has become the development trend of the top three in the future.

进口食品也开始陆续分割国内市场，休闲食品市场竞争进一步加剧。良品铺子公布了其“高端休闲食品”战略，希望借高端休闲食品形成差异化竞争。许多品牌也纷纷宣布面向中高端消费者推出便携休闲食品。在国内休闲食品市场同质化竞争加剧的局势下，三强势必要开展差异化竞争才能保持如今的发展势头。

Imported food also began to divide the domestic market, snack food market competition further intensified. Liangpin shop unveiled its "high-end snack food" strategy, hoping to use high-end snack food to form differentiated competition. Many brands have also announced the launch of portable snack food for high-end consumers. Under the situation of increasing homogenization competition in domestic leisure food market, only differentiated competition is necessary to maintain the current development momentum.

来源 | 中国食品报

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Source | China food news

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