零食板块投资专题：如何看待中国零食出海机会？

Investment Rating - The report suggests a positive outlook for the snack industry, particularly focusing on the overseas expansion of Chinese snack brands, with specific recommendations for companies like Salted Fish Pouch (29x), Ganyuan Food (16x), Three Squirrels (22x), and Wei Long Delicious (29x) [3]. Core Insights - The report emphasizes the "outbound expansion of the snack industry chain" as a significant growth opportunity, addressing three main questions: incremental space, market selection, and strategy selection [3]. - Southeast Asia is identified as a $150 billion growth market, approximately one-third the size of China, with a higher growth rate than China, providing a natural battleground for Chinese snacks [3][8]. - The report forecasts that Chinese snacks could capture a market share of 15-20$20.83 billion in 2024, one-third the size of China's $65.83 billion market, with a compound annual growth rate (CAGR) of 2.1% over the past five years, outpacing China's 0.5% [8][10]. - Vietnam shows the highest growth rate at a CAGR of 5.8%, while Indonesia has the largest market size [8][10]. 2. Chinese Snack Brands Going Global - The report identifies Vietnam, Malaysia, and Indonesia as primary markets for outbound expansion, with Thailand and the Philippines as secondary targets [3][77]. - The report highlights the need for Chinese brands to adapt to local standards and overcome shelf space barriers in these markets [74][75]. - The competitive landscape in Southeast Asia is characterized by a high degree of fragmentation, with local brands dominating but opportunities for international brands to penetrate the market [24][56].