从“喝好奶”到“喝开心”！乳业复苏背后 情绪价值正在逆袭

Core Insights - The eighth China International Import Expo (CIIE) showcased major foreign dairy companies, highlighting China's significance as a key overseas market for the dairy industry [1][2] - Danone aims to make China its largest global market within five years, reflecting confidence in the country's market potential [1] - The Chinese dairy industry is transitioning from scale expansion to high-quality development, with a focus on higher-value and premium dairy products [1][7] Industry Recovery - After three consecutive years of decline, China's dairy product imports have shown positive growth this year, with a 3.3% increase in volume and a 15.8% increase in import value to $9.546 billion from January to September 2025 [4][2] - The price of raw milk has stabilized, with a reported price of 3.03 yuan per kilogram in September, reflecting a 0.3% month-on-month increase [4][5] - Despite overall recovery, liquid milk imports decreased by 6.1% in the first three quarters, indicating uneven recovery across dairy product categories [6][7] Industry Transformation - The Chinese dairy industry is undergoing a transformation, focusing on high-quality development and addressing challenges such as market structure optimization and intensified competition [7][8] - There is a shift towards high-end and value-added products to meet evolving consumer demands, with low-temperature fresh milk being a notable growth category [8] - Cheese products are gaining traction, particularly through the restaurant channel, with a reported 36% year-on-year revenue growth for cheese products from a leading company [8][9] Consumer Trends - Consumers are increasingly seeking dairy products with functional benefits and emotional value, moving beyond basic consumption to products that meet specific needs [10] - The importance of emotional value in consumer choices has risen significantly, now ranking second in consumer priorities, indicating a shift in purchasing behavior [10]