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保健品行业专题报告:解构:迈入科学消费新阶段的保健品行业投资框架
Sou Hu Cai Jing· 2025-09-10 06:42
Core Viewpoint - The health supplement industry in China is entering a new phase of scientific consumption, marking an upward turning point with significant changes in consumer demographics, channel distribution, product iteration, and niche markets [1][10]. Industry Overview - The total market size of China's nutrition and health food market is projected to reach 522.3 billion yuan in 2024, with nutritional functional foods accounting for 289.1 billion yuan and health foods for 233.1 billion yuan. The compound annual growth rates (CAGR) from 2019 to 2024 for these segments are 6.6% and 5.0%, respectively, with expected increases to 8.5% and 5.1% from 2024 to 2029 [1][11]. - In 2024, the per capita expenditure on nutrition and health foods in mainland China is estimated to be 355 yuan, indicating significant room for growth compared to developed countries [1][11]. Consumer Trends - The younger demographic, particularly women aged 25-35, is becoming a significant consumer force, driven by increased health awareness post-pandemic. This group views health supplements as part of their daily diet, influenced by social media and a growing understanding of scientific consumption [1][10][11]. Channel Dynamics - The online sales of health supplements in China surged from 107.4 billion yuan in 2022 to 142.1 billion yuan in 2023, with platforms like Douyin (TikTok) emerging as major sales channels. Douyin's sales growth reached 37% in 2024 and 38% in the first half of 2025, surpassing Tmall to become the leading online platform [2][32][31]. - The cross-border e-commerce channel is gaining traction due to its relaxed regulatory requirements, allowing for a wider variety of products to enter the market without lengthy registration processes [22][23]. Product and Market Segmentation - The industry is experiencing accelerated product iteration, with shorter product life cycles demanding higher R&D and operational capabilities from companies. Key high-growth segments include anti-aging, sports health, cardiovascular health, liver protection, and probiotics [3][10][37]. - Specific product trends include the use of ingredients like ergothioneine, PQQ, and NAD+ in anti-aging products, glucosamine and calcium in sports health, and various types of fish oil in cardiovascular health [3][10]. Regulatory Environment - The regulatory framework for health supplements is positioned between functional foods and special foods, with stricter requirements for offline products compared to more lenient online sales [13][19]. - The approval process for offline health supplements is rigorous, requiring registration or filing, while online products can bypass some of these hurdles, leading to a more diverse product offering [19][22].