Bei Ke Cai Jing·2025-07-14 08:52Group 1 - The cheese market in China is showing signs of recovery after four years of adjustment, with sales decline narrowing and penetration rates increasing by mid-2025 [1][4] - The cheese industry is innovating with two main directions: snack-oriented products for all age groups and specialized products for businesses [1][5] - The sales figures for cheese in China from 2020 to 2022 were 3.239 billion, 4.192 billion, and 4.337 billion yuan, with growth rates of 29.5%, 3.5%, and 3.5% respectively [3] Group 2 - The domestic raw milk prices and production costs are decreasing, leading more cheese companies to target the original cheese market to reduce reliance on imports [2][8] - The first quarter of 2025 saw a 6.26% revenue growth and a 114.88% net profit growth for Shanghai Miao Ke Lan Duo Food Technology Co., Ltd. (Miao Ke Lan Duo), attributed to increased cheese product revenue and decreased raw material costs [3][9] - The penetration rate of cheese in the market increased from 28.8% in March 2025 to 29.2% in June 2025, indicating growth potential compared to other dairy products [4][6] Group 3 - The cheese market is experiencing a shift towards adult snack cheese and meal cheese, with significant growth in these segments [6][7] - The number of new SKUs in the cheese sector is high, indicating rapid innovation and product iteration, with 541 existing, 264 new, and 141 discontinued SKUs reported [5] - The market for original cheese is expected to grow, with companies like Miao Ke Lan Duo and Yili investing in domestic production capabilities to meet demand [9][10] Group 4 - The import dependency for various dairy products is decreasing, with the domestic production rates for cream and butter increasing significantly from 2020 to 2024 [10][11] - The cheese market is still primarily composed of reconstituted cheese, with original cheese production relying heavily on imports, highlighting a potential area for growth in domestic production [8][9] - Major companies in the dairy sector, including Yili and Mengniu, are expanding their presence in the cream and butter markets, indicating a competitive landscape [11]