保健品功效化

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国泰海通|食饮:看好保健品功效化大时代——新消费视角保健品深度研究
国泰海通证券研究· 2025-07-04 08:10
Core Viewpoint - The health supplement industry is poised for transformation driven by new channels and customer segments, leading to increased demand for functional products and innovation opportunities [1][2]. Market Overview - The health supplement market in China is projected to reach 232.3 billion in 2024, with a year-on-year growth of 4%. Compared to the U.S., there is significant room for growth in penetration rates across all age groups, particularly as younger consumers develop habits and the population ages [2][3]. - The market is characterized by a fragmented landscape, with the top three companies (Tongrentang, Amway, and H&H) holding a combined market share of 22% [2]. Channel and Demand Dynamics - New channels, particularly e-commerce platforms like Douyin, are expected to drive functionalization in the health supplement industry, with Douyin's GMV for health supplements increasing by 44% year-on-year [3]. - The rise of new customer segments, including younger consumers and those seeking specific health benefits, is creating opportunities for new brands and product categories [3]. Product Category Insights - Fish Oil: Market size between 5-10 billion, with high growth potential due to its anti-inflammatory and beauty benefits [4]. - Coenzyme Q10: Market size of 4.1 billion, with a year-on-year growth of 17%, driven by demand from women and stress-related health concerns [4]. - Probiotics: Market size exceeds 10 billion, focusing on gut health and extending to weight management, with top brands achieving over 1 billion in retail sales [4]. - Oral Beauty Supplements: Market size exceeds 10 billion, with high average prices and rapid growth in innovative ingredients [4]. - Basic Nutrients: Vitamins, minerals, and proteins have market sizes of 32.9 billion, 27.1 billion, and 11.6 billion respectively, with year-on-year growth rates of 3%, 5%, and 1% [4]. Competitive Landscape - The industry is experiencing a shift towards product innovation, with traditional brands facing competition from new entrants that leverage unique ingredients and formulations [3][4].
国泰海通:看好保健品功效化大时代 鱼油等细分品类同质化高
Zhi Tong Cai Jing· 2025-07-04 04:07
2024年我国维生素及膳食补充剂VDS市场规模2323亿同比+4%,对比美国,我国各年龄段保健品渗透率 均较美国具备提升空间,后续随中青年培养保健品消费习惯及老龄化,市场具备长期成长性。保健品成 分、作用部位众多,需求较为分散,因此格局分散,2024年我国VDS市场公司口径CR3为22%,TOP3 汤臣倍健、安利、H&H零售额均超百亿。与美妆类似,保健品高毛利率、高营销费用率,功效化阶段 更早、龙头烈度更低,当下处于变革新阶段。 国泰海通主要观点如下: 千亿保健品市场,有望随新人群、新需求扩容 国泰海通发布研报称,与美妆类似,保健品高毛利率、高营销费用率,功效化阶段更早、龙头烈度更 低,当下处于变革新阶段。新渠道、新客群有望催化保健品功效性新需求,行业迎来变革新机遇,看好 产品创新能力突出叠加强运营的品牌跑出。推荐代运营转型自主品牌孵化、斐萃品牌放量的若羽臣 (003010)(003010.SZ),关注汤臣倍健(300146)(300146.SZ)的调整改善,相关标的:金达威 (002626)(002626.SZ)、H&H国际控股(01112)、仙乐健康(300791)(300791.SZ)、百合股份 (60 ...
国泰海通|化妆品:功效保健品的机遇
国泰海通证券研究· 2025-05-23 13:05
报告导读: 新渠道、新客群有望催化保健品功效性新需求,行业迎来变革新机遇,看好 产品创新能力突出叠加强运营的品牌跑出。 文章来源 本文摘自:2025年5月22日发布的 功效保健品的机遇 訾 猛 ,资格证书编号: S0880513120002 闫清徽 ,资格证书编号:S0880522120004 李艺冰 ,资格证书编号: S0880525050001 更多国泰海通研究和服务 亦可联系对口销售获取 投资建议: 新渠道、新客群有望催化保健品功效性新需求,行业迎来变革新机遇,看好产品创新能力突出 叠加强运营的品牌跑出。 千亿保健品市场,仍具成长空间。 据欧睿数据, 2024 年我国营养健康市场规模 3998 亿同比 +3% , 其中 OTC 、运动营养、维生素及膳食补充剂( VDS )、体重管理市场规模 1441 、 63 、 2323 、 172 亿同比 +1% 、 +7% 、 +4% 、 -1% 。横向对比看, 2024 年我国运动营养、 VDS 、体重管理 市场人均消费 1 、 23 、 2 美元,较发达国家仍有提升空间,其中 VDS 人均消费约为日、韩、美的 1/3 、 1/5 、 1/5 。此外,保健品行业 ...