国泰海通｜化妆品：功效保健品的机遇

Core Viewpoint - The health supplement industry is poised for transformation and new opportunities driven by new channels and customer segments, with a focus on brands that excel in product innovation and operational strength [1][2]. Market Overview - The nutrition and health market in China is projected to reach CNY 399.8 billion in 2024, reflecting a year-on-year growth of 3%. Key segments include OTC, sports nutrition, vitamins, and dietary supplements, with market sizes of CNY 144.1 billion, CNY 6.3 billion, CNY 232.3 billion, and CNY 17.2 billion respectively, showing growth rates of 1%, 7%, 4%, and a decline of 1% [2]. - Per capita consumption in the sports nutrition, dietary supplements, and weight management markets is significantly lower than in developed countries, indicating room for growth [2]. Segment Analysis - Fish Oil: Expected market size of CNY 5.6 billion in 2024, with a CAGR of 16% from 2020 to 2024, driven by demand from younger demographics and applications in anti-inflammation and beauty [3]. - Coenzyme Q10: Anticipated market size of CNY 4.1 billion in 2024, with a CAGR of 45% from 2020 to 2024, fueled by increased heart health awareness post-pandemic and women's health needs [3]. - Probiotics: Projected market size of CNY 13.8 billion in 2024, with a CAGR of 21% from 2020 to 2024, focusing on gut health and weight management [3]. - Oral Beauty Ingredients: The collagen market is thriving, with new anti-aging ingredients like ergothioneine, NR, and PQQ gaining traction, emphasizing the importance of ingredient innovation for brand differentiation [3]. - Basic Nutrients: Market sizes for vitamins, minerals, and proteins are expected to be CNY 32.9 billion, CNY 27.1 billion, and CNY 11.6 billion in 2024, with growth rates of 3%, 5%, and 1% respectively [3]. Industry Trends - The rise of new channels, particularly Douyin, is expected to drive functional demand in the health supplement industry, with a reported GMV growth of 44% in 2024. This shift is likely to attract younger consumers and create opportunities for new brands and product categories [4]. - The industry is undergoing a transformation with new customer education and demand for functional ingredients, supported by cross-border e-commerce and advancements in synthetic biology [4].