食品饮料行业专题研究：日本保健品行业：国民健康为基，政策激发活力

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The Japanese health supplement market is primarily driven by food and beverage companies, with a significant demand from women aged 40 and above, where 60% of consumers use two or more products [2][3] - The market is expected to grow significantly in China, with a potential increase in per capita spending on health supplements by 30%-75% compared to Japan [2] - The Japanese health supplement industry is categorized into three main types: FOSHU (Foods for Specified Health Uses), FNFC (Foods with Nutritional Function Claims), and FFC (Foods with Functional Claims), with FFC being the fastest-growing category [2][12] Market Overview - The Japanese health supplement market exceeds 1 trillion yen, with stable growth expected around 1% in the coming years [16][20] - The introduction of regulatory policies for FOSHU, FNFC, and FFC corresponds with the increase in medical expenditure as a percentage of GDP, specifically at 5%, 6%, and 8% [26][27] - The aging population and rising obesity rates in Japan are significant factors driving the demand for health supplements [20][22] Competitive Landscape - The health supplement market is dominated by food and beverage companies, with few dedicated health food enterprises [61] - Major players include Yakult Honsha and Otsuka Pharmaceutical, with sales exceeding 300 billion yen in health supplements [61] Consumer Demographics - Female consumers account for 60% of the health supplement market, primarily aged 40 and above, with a notable trend of multi-product usage [2][3] - The comparison between Japan and China shows a higher proportion of younger consumers in China, indicating a broader market potential [2] Key Companies - Xianle Health is highlighted as a leading CDMO with strong technology in health gummies and a comprehensive product platform [3] - Bailong Chuangyuan is recognized as a leading enterprise in prebiotics, with growth driven by sugar substitutes and dietary fibers [3] - Tongchen Baijian is noted for its leadership in VDS (Vitamin and Dietary Supplements) with a well-established multi-brand matrix and strong channel advantages [3]