Core Insights - The infant formula industry in China is undergoing significant changes, with traditional infant formula categories experiencing a decline in market size and growth rate, while demand for all-life-cycle nutrition products is steadily increasing [1][7] - Leading brands like Feihe, Yili, and Beingmate are expanding their product offerings beyond infant formula to include nutrition products for all age groups, indicating a shift towards a more comprehensive approach to consumer health [1][5] Group 1: Industry Trends - The birth rate in China has been declining, with the newborn rate dropping from 8.52% in 2020 to 4.98% in 2024, leading to a decrease in the infant formula market size from over 170 billion in 2021 to over 140 billion in 2023 [7] - The adult nutrition market is projected to grow significantly, with the elderly population (60 years and older) increasing from 264 million in 2020 to 310 million in 2024, creating opportunities for adult nutrition products [7][8] Group 2: Company Strategies - Feihe has been proactive in expanding its product line to include maternal and adult nutrition, launching products like maternal milk powder in 2014 and establishing the Feihe Aiben brand focused on adult nutrition in 2021 [3][4] - Yili has also entered the adult nutrition market, achieving steady growth and addressing lactose intolerance issues through innovative technologies [5] - Beingmate is focusing on the probiotics segment, recognizing its importance for foundational health, while other companies like Junlebao and Yashili are developing functional and specialized nutrition products [6] Group 3: Challenges and Opportunities - Companies face challenges in R&D and market promotion as they transition to all-life-cycle products, requiring adjustments to meet the diverse nutritional needs of different life stages [8][9] - The need for a robust compliance system that integrates R&D, evidence, and marketing is critical for companies to build consumer trust in functional nutrition products [10]
告别单一婴配粉，乳企竞逐全生命周期营养新战场