Market Overview - The retail market size for infant formula in China was 161.9 billion yuan in 2018, with a projected decline to 136.7 billion yuan by 2024, reflecting a negative growth trend in recent years [2] - The market is expected to recover slightly in 2025, with a forecasted growth of 5.2% to reach 143.8 billion yuan [2] Market Segmentation - In 2024, the market segmentation for maternal and infant products shows that infant formula accounts for 50.4% of the total market, followed by maternal and infant cleaning products at 19.4% and infant skincare at 9.8% [2][3] Sales Channels - In the first four months of 2025, the overall sales of infant formula across all channels grew by 2.3%, with online channels experiencing a significant increase of 12.3%, while offline channels saw a decline of 1.4% [4] - Specific offline channels such as brand specialty stores and maternal and infant stores reported substantial growth rates of 49.5% and 48.7%, respectively [5] Company Performance - Companies like健合集团 (Jianhe Group) and 澳优乳业 (Aoyou Dairy) reported revenue and profit growth in their infant formula segments for the first half of 2025, with Jianhe Group's revenue increasing by 5.2% to 70.2 billion yuan and Aoyou's revenue rising by 5.6% to approximately 38.87 billion yuan [8][10] - Jianhe Group's infant nutrition business saw a 2.9% increase in revenue, while Aoyou's self-owned brand infant formula business generated approximately 28.26 billion yuan in revenue [8][10] Market Trends - The infant formula market is undergoing significant changes, with a shift towards high-end and ultra-high-end products despite overall market demand shrinking [12] - The report indicates that the market is expected to enter a new growth phase due to factors such as a rebound in birth rates and supportive government policies, with a projected growth rate of around 5% for the infant formula retail market in 2025 [13] Consumer Behavior - There is a noticeable trend of consumption upgrading in the infant formula market, with consumers willing to pay higher prices for quality products, particularly among the younger generation [14] - The proportion of consumers purchasing infant formula priced above 300 yuan increased to 26% in 2024, up from 21% in 2023 [14]
多个奶粉企业营收增长 奶粉市场释放回暖信号