今天分享的是：2025食品饮料行业深度研究报告：功能食品行业正重塑，新需求扩容，垂类新机频出 功能食品行业迎变革：新需求扩容催生市场新机，全年龄段渗透加速 在消费升级与健康意识觉醒的双重驱动下，中国功能食品行业正经历一场深刻的重塑。从传统中老年保健品主导的市场格局， 到如今覆盖全年龄段、融合"保健+悦己"需求的多元化生态，行业不仅保持着高于基础消费品类的增长速度，更在产品形态、消 费场景和渠道模式上不断突破，为消费者带来全新体验，也为市场注入持续活力。 从行业增长动力来看，多重因素正共同推动功能食品加速渗透。经济稳增长带动居民人均可支配收入提升，当前我国城镇居民 人均可支配收入已迈过7000美元门槛，参考全球经验，这一阶段国民健康意识进入加速提升期，为功能食品消费奠定了经济基 础。与此同时，老龄化进程持续深化，65岁以上人口占比逐年提高，中老年群体对心血管养护、关节健康、基础免疫等功能的 需求日益旺盛，成为功能食品的重度消费人群。而年轻消费群体的崛起则带来了新的消费逻辑，Z世代主导的"悦己型养生"趋势 明显，他们不再将功能食品视为"药品替代品"，而是将其融入日常休闲场景，追求健康与口感、情绪价值的多重满足。数 ...

Core Viewpoint - The functional food market in China is experiencing accelerated penetration driven by economic stability, aging population, and the rise of Generation Z, with a compound annual growth rate (CAGR) of 6.3% over the past five years, significantly higher than other basic consumer goods categories [1][2] Group 1: Market Dynamics - Economic growth is enhancing disposable income, entering a phase that catalyzes the demand for health products [2] - The aging trend is increasing daily proactive health care needs, expanding the consumer base for functional foods [2] - The shift from high-speed to moderate economic growth is amplifying the "self-care" consumption habits among younger consumers, leading to increased penetration across all age groups [2] Group 2: New Demand and Channels - New consumer demands are emerging, combining health and self-care, with a broadening of consumption scenarios towards leisure [3] - Traditional health products are now appealing to a wider demographic, including women, youth, infants, and pets, with new product forms like functional gummies and flavored drinks gaining traction [3] - Online channels, particularly platforms like Douyin and cross-border e-commerce, are experiencing rapid growth, with private domain models enhancing consumer loyalty [4] Group 3: Industry Opportunities - The health supplement industry is characterized by a dual structure of leading brands and emerging players, with a clear trend towards niche market segmentation [5] - C-end brands must focus on precise positioning in niche efficacy and consumer segments to capitalize on growth opportunities [5] - B-end supply chain companies are undergoing significant changes, with larger clients demanding high standards and customization, while smaller clients require flexibility and rapid response [5] Group 4: Investment Recommendations - Companies like Xianle Health (300791.SZ) are recommended for their global layout and operational turnaround, while H&H International (01112) is highlighted for its strong growth potential in the infant formula and health supplement sectors [6][7] - Attention is also drawn to online retail brands like RuYuchen (003010.SZ) and established players like汤臣倍健 (300146.SZ) for their strategic positioning in the market [6][7]