2025年头豹行业词条报告：千亿级赛道：婴幼儿配方食品市场增长图谱

Investment Rating - The report does not explicitly state an investment rating for the infant formula food industry Core Insights - The infant formula food market is experiencing significant changes due to the implementation of new national standards, which emphasize nutritional safety and production process standardization [9][10] - Domestic brands dominate the market, with approximately 80% of new formula registrations being from local companies, reflecting a shift in consumer trust towards domestic products [10][24] - The market size of the infant formula food industry has been declining, with a compound annual growth rate of -2.51% from 2019 to 2023, and projections indicate a further decline from 2024 to 2028 [27][28] Industry Definition - Infant formula food is designed for infants aged 0-3 years, aiming to meet their specific nutritional needs through a combination of dairy and plant-based ingredients [1][2] - The products are categorized based on the age of the infant, including infant formula (0-6 months), follow-up formula (6-12 months), and toddler formula (12-36 months) [3][4][6] Industry Characteristics - The industry is characterized by a unified core standard between China and Europe, with specific details varying [7] - The new national standards have ushered in a new era of balanced nutrition for infant formula, prompting companies to invest in research and development [9][10] - The market is witnessing a significant shift towards high-quality, high-value products, particularly in lower-tier cities where consumer demand is growing [26][30] Industry Development History - The infant formula food industry has evolved through several phases, including foundational development, the introduction of foreign technology, and recent innovations [11][12][13] - The industry has seen increased regulation and standardization, particularly following the melamine scandal in 2008, which led to a focus on quality and safety [15][16] Industry Chain Analysis - The industry chain consists of raw material suppliers, manufacturing enterprises, and distribution channels, forming a complete ecosystem [17][18] - Key players in the upstream supply chain include companies that ensure high-quality milk sources through controlled farming practices [18][21] - The midstream sector has seen a significant shift, with many older factories exiting the market and new entrants emerging under the new standards [19][20] Market Size and Trends - The market size for infant formula food has decreased from 195.792 billion RMB in 2019 to 176.875 billion RMB in 2023, with projections indicating a further decline [27][28] - The decline in birth rates has directly impacted the market, with fewer infants leading to reduced demand for formula [28] Competitive Landscape - The competitive landscape is increasingly concentrated, with domestic brands like Feihe and Yili gaining market share against foreign brands [34][36] - The new national standards are expected to further elevate the market entry barriers, leading to a consolidation of brands and an increase in market share for leading domestic companies [37]