Core Insights - The price of badminton has surged significantly over the past three years, with an overall increase of over 50% for branded shuttlecocks, and a projected increase nearing 70% for competition-grade shuttlecocks by 2025 [1][34] - The badminton industry in Liu'an, Anhui, has developed into a billion-dollar industry, driven by the local production of shuttlecocks and a complete supply chain [1][4] Industry Overview - As of July 2024, there are approximately 13,000 badminton-related enterprises in China, with Anhui province ranking fourth in terms of enterprise count [2] - Liu'an stands out as a major hub for feather and down production, with an annual output value exceeding 10 billion yuan and exports surpassing 200 million USD [4][5] Regional Development - Liu'an has a complete feather (down) industry chain, including 24 trading markets and 142 collection stations [4] - The town of Ganchahhe is a key production area, generating over 1.5 billion yuan in annual output value and producing over 8 million dozen shuttlecocks annually [7][10] Historical Context - The feather industry in Liu'an has evolved over 40 years, transitioning from small-scale barter trade to a robust industrial sector [13][21] - The establishment of farmer enterprise groups has helped local businesses withstand market pressures and expand their reach [21][22] Market Dynamics - China is the largest producer of badminton equipment, with Liu'an aiming to compete with established production areas like Zhejiang Jiangshan [30][41] - The demand for badminton products is growing rapidly, with the market expected to reach 32 billion yuan by 2025, driven by a significant increase in consumer spending [32][41] Challenges and Opportunities - The shortage of raw materials has led to a doubling of prices for duck and goose feathers, impacting production costs [34][37] - Liu'an's manufacturers are adapting by introducing cost-effective production methods while also focusing on high-end markets, leveraging the region's reputation for quality goose feathers [40][42][44]