虎嗅APP·2025-06-21 02:57Core Viewpoint - The article discusses the recent surge in interest and competition in the sanitary napkin market, driven by various brands and celebrities entering the space, highlighting both the market potential and the challenges faced by new entrants [3][4][5]. Market Dynamics - The sanitary napkin market in China is projected to reach a scale of 703.4 billion yuan in 2023, with an expected annual growth rate of 5%-8%, potentially exceeding 1,050 billion yuan by 2025 [15][17]. - The market is characterized by a high frequency of use and a low manufacturing threshold, yet many established brands have faced quality issues, leading to consumer distrust [11][12]. Recent Developments - Notable brands like Dongfang Zhenxuan and Three squirrels have recently launched their sanitary napkin products, achieving significant sales in a short period [3][5]. - Celebrity endorsements, such as Huang Zitao's "Duo Wei," have led to rapid sales, with some products selling out within minutes [3][5]. Quality Concerns - The article highlights ongoing quality issues in the sanitary napkin industry, including problems with pH levels and material safety, which have led to consumer complaints and skepticism [9][10][11]. - The lack of stringent quality control and the prevalence of misleading product claims have contributed to a negative perception of existing brands [11][12]. Cost and Pricing Trends - The rising costs of raw materials and labor have contributed to increasing prices in the sanitary napkin market, with average prices rising from 0.49 yuan to 0.9 yuan per piece between 2009 and 2023 [19][20]. - Brand premiumization is a significant factor, with consumers willing to pay more for trusted brands, leading to increased marketing and R&D expenditures by companies [21][22]. Distribution and Sales Channels - The traditional distribution model relies heavily on offline retail, which incurs multiple layers of markups, significantly inflating consumer prices [27][29]. - The rise of e-commerce and live-streaming platforms is reshaping the market, allowing new entrants to gain market share and challenge established brands [29][30]. Future Outlook - The sanitary napkin market is expected to continue evolving, with a shift towards online sales and potential growth in instant retail channels [30]. - Companies are adapting their strategies to meet changing consumer preferences and market dynamics, indicating a competitive landscape ahead [30].