supermarket chains, carrying the rise of branded snacks. 3) 2010-20: The emergence of e-commerce revolutionises the market, giving consumers greater access to expanded product varieties. 4) Since 2020: O20 (online to offline) develops, with offline retail channels upgrading and snack discounters gaining strong growing momentum, satisfying the consumption downgrading trend. Long-term, we view the fragmentation and decentralisation of retail channels as a key structural change. · Channel: e-commerce booming;·Channel: discount snack retailers for-money products E.g.,Busy ForYou,ZhaoYiMing, Commerce) have been rapidly expanding and gaining shares. During 2019-25, supermarket/grocery store channel GMV expanded at 3.9%/4.4% CAGRs while GMV of specialty retail/e-commerce channels delivered 14.2%/9.6% CAGRs. F&S grocery channels set to rise at 4.9%/4.3% CAGRs and specialty retail/e-commerce GMV CAGRs of 10.0%/8.0%. As such, F&S predicts these respective shares of total GMV to Value retail, mainly snack discounters, has been the biggest market share gainer. Among all retail channels, the one that has delivered the most rapid growth in in the specialty retail channel that focuses on offering a careful selection of multi-brand, multi-category and multi-specification products, and emphasises value for money. Combining our and industry estimates, we forecast value retail to deliver a 76.3% CAGR in 2019-25 and a 23.3% CAGRin 2025-29, with its share in the snack &