Nint任拓：2025年纸品卫生巾行业报告

Market Overview - The paper and sanitary napkin industry is experiencing multidimensional growth, with the household paper market reaching a size of 157.1 billion yuan in 2022, growing at a CAGR of 8.1% from 2015 to 2022, indicating room for growth as per capita consumption is lower than in developed countries [2][7] - The sanitary napkin market reached a size of 99.1 billion yuan in 2022, with a CAGR of 5.9% from 2012 to 2022, suggesting a relatively stable growth with potential for increased per capita consumption [2][7] E-commerce Performance - E-commerce is a significant driver of industry growth, with the paper/wet wipes sector expected to achieve a CAGR of 16% from 2021 to 2024, reaching over 35 billion yuan by 2024; the sanitary napkin sector is projected to grow at a CAGR of 17%, exceeding 18 billion yuan by 2024 [2][16] - In Q1 2025, sales in the paper/wet wipes category are expected to surpass 29 billion yuan, with sanitary napkin sales experiencing a dramatic increase of 38% [2][23] Industry Structure - The household paper segment is the largest, while wet wipes are the fastest-growing category, with a relatively stable CR10 [2][28] - The sanitary napkin market shows a significant share for traditional napkins, while tampons are underperforming, driven by high prices [3][28] Consumer Trends - Consumers are increasingly seeking specialized products, with notable growth in cleaning paper products, female hygiene products, and swim diapers for infants [3][31] - There is a marked difference in demand for paper products across regions, with brand influence being significant during purchase decisions, and repurchase rates being closely tied to user experience [3][31] Challenges and Opportunities - The industry faces challenges related to trust and quality issues, but the implementation of new national standards in July 2025 is expected to drive quality upgrades and market reshuffling [3][12] - The potential for quality upgrades remains, as both paper and sanitary napkin segments have not fully transitioned to higher quality products, indicating further growth opportunities [10][12]