日本乳制品专题：紧握需求脉搏，日本乳制品破局之道

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [1] Core Insights - The Japanese dairy industry has entered a mature phase, with government policies playing a crucial role in supply and demand management. The industry has a solid foundation, but faces challenges such as market saturation and pricing pressures [2][5] - The report highlights the importance of internationalization and functionalization as key strategies for Japanese dairy companies to expand their market presence and product offerings [2][28] Summary by Sections Historical Development of Japanese Dairy Industry - The development of the Japanese dairy industry has been significantly influenced by government policies, starting from the post-war "student milk" program which boosted consumption [2][5] - The industry has transitioned from a focus on liquid milk to a more diverse range of products, including dry milk and functional dairy products [2][28] Challenges Faced by Japanese Dairy Companies - Japanese dairy companies are facing several challenges, including market saturation due to an aging population, stable downstream market dynamics, and difficulties in raising prices in a deflationary environment [2][28] - The report identifies four main strategies for companies to navigate these challenges: diversification of product categories, international expansion, functional product development, and internal cost reduction [2][28] Supply Chain and Pricing Dynamics - The unique "one collection, multiple sales" system in Japan allows small farmers to have a stronger bargaining position, which helps stabilize the supply chain [18][21] - The pricing of raw milk is influenced by international commodity prices and domestic policies, leading to a situation where prices are easier to increase than to decrease [24][48] Demand Trends and Market Segmentation - The demand for traditional liquid milk is declining, while there is a noticeable increase in demand for dry milk products and functional dairy items due to changing consumer preferences [28][29] - The report notes that the aging population and health consciousness are driving growth in functional dairy products, creating new market opportunities [39][42] Competitive Landscape - The Japanese dairy market is characterized by a high concentration of domestic brands, with major players like Meiji, Yakult, and Snow Brand having a long history and strong consumer recognition [32][44] - New entrants face significant barriers to entry in this mature market, making it challenging to gain market share from established brands [44]