备案中药材保健食品：中药材纳入特殊食品渠道进一步畅通，需求有望持续释放 头豹词条报告系列

Investment Rating - The report assigns a 4-star rating to the health food industry based on traditional Chinese medicine materials [22]. Core Insights - The health food industry based on traditional Chinese medicine is experiencing unprecedented growth opportunities due to rising consumer health awareness and the popularity of health products among younger generations [2][20]. - The dual-track regulatory system of registration and filing for health foods in China simplifies the entry process, with the recent inclusion of traditional Chinese medicine materials in the filing directory expected to further stimulate market potential [7][20]. Industry Definition - The health food industry based on traditional Chinese medicine materials refers to health foods that have passed the filing process and are made from traditional Chinese medicine ingredients, currently including ginseng, American ginseng, and reishi [3][4]. Industry Classification - The industry can be classified into three categories based on the type of traditional Chinese medicine materials: ginseng health foods, American ginseng health foods, and reishi health foods [3][4]. Industry Characteristics - The industry involves materials that are both medicinal and edible, with a wide range of application scenarios. The products emphasize the importance of passing the filing process, which has a more flexible entry threshold compared to registration [5][6]. Market Size - The market size of the health food industry based on traditional Chinese medicine materials grew from 18.156 billion RMB in 2021 to 56.010 billion RMB in 2023, with a compound annual growth rate (CAGR) of 75.64%. It is projected to reach 94.691 billion RMB by 2028, with a CAGR of 11.19% [20][21]. Policy Overview - The inclusion of ginseng, American ginseng, and reishi in the health food filing raw material directory, effective from May 1, 2024, marks a significant policy shift that enhances the approval process for health foods [24][25]. Competitive Landscape - The competitive landscape of the health food industry based on traditional Chinese medicine materials is characterized by distinct tiers, with leading companies such as Baihe Co., Ltd. in the first tier, followed by Shouxiangu and China Resources Sanjiu in the second tier [31]. Industry Chain Analysis - The industry chain consists of upstream raw material producers, midstream manufacturers providing product solutions, and downstream sales terminals and consumers [12][16]. The price dynamics of the three core traditional Chinese medicine materials vary, impacting the cost structure of midstream health food manufacturers [12][13]. Consumer Preferences - Consumer preferences indicate a strong inclination towards capsule forms of health foods, with 62.34% favoring capsules, followed by 46.10% for oral liquids and 37.99% for tea forms [19]. Future Outlook - The report anticipates that the health food industry will transition from rapid initial expansion to a more stable growth phase, driven by increasing consumer acceptance and regulatory support [21][22].