Investment Rating - The report assigns a 4-star rating to the dairy industry, indicating a positive outlook for investment opportunities in this sector [41]. Core Insights - The dairy industry is experiencing continuous growth driven by increasing health awareness among consumers and the expansion of retail in lower-tier markets. The market size is projected to grow from 682.22 billion RMB in 2024 to 820.46 billion RMB by 2027, with a compound annual growth rate (CAGR) of 6.34% [39][41]. - The industry is characterized by significant regulatory impacts, a stable competitive landscape, and a high dependency on supply chain maturity. Major players like Yili and Mengniu dominate the market, while smaller regional and local companies also play a role [13][14][15]. Industry Definition - The dairy industry primarily involves the processing of fresh cow and goat milk into a variety of products, including liquid milk, powdered milk, and cheese. It excludes the production of plant-based beverages [4][6]. Industry Classification - The dairy industry can be classified based on product form, processing technology, and target consumer groups. Key categories include liquid milk, milk powder, condensed milk, dairy fats, cheese, and ice cream [6][8]. Industry Characteristics - The industry is heavily influenced by policies and regulations, which have significantly improved safety standards and rebuilt consumer trust post the melamine scandal in 2008. The government has implemented various policies to modernize and internationalize the industry [13][14]. - The competitive landscape is stable, with a duopoly led by Yili and Mengniu, while smaller companies adapt to market demands and improve technology to capture market share [14]. - Supply chain management is crucial, with raw milk prices constituting about 60% of production costs. Major companies are focusing on securing high-quality milk sources through strategic partnerships and acquisitions [15][16]. Industry Development History - The dairy industry in China has evolved through five stages: initial development, innovation, rapid growth, quality improvement, and maturity. The current phase is characterized by technological advancements and increased international expansion [17][22][23]. Industry Chain Analysis - The dairy industry supply chain consists of three main segments: upstream (dairy farming), midstream (processing), and downstream (sales and marketing). Each segment plays a critical role in ensuring product quality and market reach [25][33]. - Upstream efficiency is being enhanced through smart management systems that utilize IoT and AI technologies to monitor livestock health and optimize production [31]. - Midstream processing companies enjoy high profit margins, with Mengniu reporting a gross margin of 37.2%. These companies leverage advanced processing technologies to enhance product quality and variety [26][34]. - Downstream, consumer preferences are shifting towards health-oriented products, with younger demographics driving demand for nutritious dairy options [36][37]. Market Size and Growth - The dairy market size has grown from 443.31 billion RMB in 2018 to 642.41 billion RMB in 2023, with a CAGR of 7.70%. The increasing health consciousness among consumers is a key driver of this growth [39][40]. - The potential for further growth is significant, as per capita dairy consumption in China remains below international levels, indicating room for expansion as health awareness and purchasing power increase [41].
乳制品：品质之选，引领健康饮食新风尚 头豹词条报告系列
Tou Bao Yan Jiu Yuan·2024-12-13 11:57