Chan Ye Xin Xi Wang·2025-04-01 01:38Core Viewpoint - The demand for pasteurized milk in China is declining due to macroeconomic slowdown and consumer confidence issues, with projected consumption dropping to 1.7818 million tons and market size to 35.889 billion yuan in 2024 [1][8]. Overview - Pasteurized milk, also known as pasteurized milk or fresh milk, is produced from raw cow (or sheep) milk through pasteurization, retaining its nutritional value and natural flavor, making it popular among consumers [2]. - It requires refrigeration at around 4°C and has a short shelf life of 2-7 days. It can be categorized into whole, low-fat, and skimmed pasteurized milk based on fat content, and pure or flavored based on added ingredients [2]. Industry Policies - A series of policies have been implemented to support the dairy industry in China, including the "14th Five-Year Plan" for enhancing dairy competitiveness and various initiatives aimed at rural revitalization and high-quality development of the dairy sector [4][5]. Industry Chain - The upstream of the pasteurized milk industry includes milk sources (dairy cattle and sheep farming), production equipment, and packaging materials, while the downstream encompasses sales channels such as supermarkets, convenience stores, and e-commerce platforms [6][7]. Competitive Landscape - The market concentration of the pasteurized milk industry in China has increased, with leading companies like Bright Dairy, Mengniu Dairy, and New Hope Dairy holding over 70% of the market share. Bright Dairy has the largest share at 18.5%, followed by Mengniu Dairy at 12.6% [10]. - Bright Dairy's revenue for the first half of 2024 reached 12.71 billion yuan, with liquid milk accounting for 61.16% of sales [12]. - Mengniu Dairy reported a revenue of 44.67 billion yuan in the first half of 2024, with a gross profit of 17.98 billion yuan and a gross margin of 40.26% [14]. Development Trends - The competition in the pasteurized milk market is expected to intensify, leading companies to focus on product differentiation. Brands will likely introduce unique products such as functional and organic pasteurized milk, along with innovative forms and flavors to cater to younger consumers [16].