国投证券：银发经济叠加自我保健需求，保健食品行业市场空间广阔

Core Insights - The health food industry has significant market potential, with global market size expected to exceed $140 billion by 2025, growing at a rate of 4.62%, while China's market is projected to reach 240 billion yuan, growing at 4.30% [1][2] - The aging population in China, projected to exceed 220 million people aged 65 and above by 2024, is expected to bolster demand for health food products, alongside the younger demographic's focus on beauty, anti-aging, and mental health issues [1][2] Industry Overview - The health food industry is characterized by a dual-track registration and filing system for market entry in China, with upstream suppliers, midstream manufacturers, and downstream distributors and retailers [2] - Consumer health demands are becoming increasingly specialized, with strong needs for products targeting immune systems, bone health, and beauty [2] Market Dynamics - The introduction of cross-border e-commerce has benefited imported brands, with a structural shift in sales channels as online sales are expected to reach 63.3% by 2025, significantly surpassing traditional offline sales [2] - The regulatory environment in China is relatively lenient, leading to a trend of long-tail brand emergence, which presents opportunities for third-party manufacturers [3] Competitive Landscape - The current market concentration in China's health food industry remains low, with the top three companies holding around 21% market share, indicating potential for increased concentration driven by technological innovation and value-driven strategies [3]