1、调味品行业报告：调味品行业报告：东南亚市场是红海还是蓝海？东南亚市场是红海还是蓝海？闻宏伟闻宏伟 Wen Hongwei,2025年年6月月本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Pleasesee appendix for English translation of the disclaimer)Equity Asia Research2Fo

2、r full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 2For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full repo

3、rt on our website at I.东南亚综述东南亚综述II.国别表现国别表现III.投资机会投资机会目录目录1PART东南亚综述For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 4For full disclosure of risks,valuation methodologies and target pric

4、e formation on all HTI rated stocks,please refer to the latest full report on our website at 4东南亚调味品：仍处于成长期东南亚调味品：仍处于成长期For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 根据statistia数据2024年东

5、南亚调味品市场200亿美元，预计未来5年（2025-2030）增速为6.8%，行业仍处成长期。资料来源：statistia、HTI从人均消费量来看，2024年东南亚人均调味品消费额为28.8美元，低于中国的31.9美元的水平。资料来源：statistia、HTI5For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 5东南亚调味品

6、：仍处于成长期东南亚调味品：仍处于成长期For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 从人均消费量来看，2024年东南亚调味品人均消耗量为8.2kg，高于中国的5.3kg的水平。资料来源：statistia、HTI从产品平均价格来看，2024年东南亚调味品平均单价为3.5美元，低于中国的6美元的水平。资料来源：statis