Overview - The demand for body powder has been increasing due to rising national income levels and health awareness, particularly among female consumers and the elderly [1][8] - In 2022, China's body powder sales reached 482 million yuan, a year-on-year increase of 1.69%, but in 2023, sales declined to 467 million yuan, a decrease of 3.01% [1][8] - The sales decline is expected to slow in 2024, with projected sales of 456 million yuan, a decrease of 2.40% year-on-year [1][8] Industry Chain - The upstream of the body powder industry includes suppliers of raw materials such as talc, corn starch, and packaging materials [4] - The midstream consists of body powder manufacturing companies, while the downstream includes sales channels like supermarkets, specialty stores, and e-commerce platforms [4] Consumer Demographics - The consumer age structure shows that infants (0-3 years) account for 50% of the market, adults (18-55 years) make up about 32%, and the elderly (55 years and above) represent around 10% [5] - Safety of ingredients is the primary concern for over 70% of consumers, with a strong preference for "talc-free" products [5] Regulatory Environment - The body powder industry is facing stricter regulations due to the "Healthy China" initiative, with various policies aimed at improving product safety and quality [6] Market Trends - The body powder market is shifting towards natural ingredients like corn starch and bamboo charcoal, with a growing demand for multifunctional products that offer additional benefits such as moisturizing and soothing [6][10] - The industry is expected to become more segmented, with customized products for different age groups and skin types [10] Competitive Landscape - The market is highly competitive, featuring both international brands like Johnson & Johnson and domestic brands such as Red Elephant and Shanghai Jahwa [9] - Shanghai Shangmei and Shanghai Jahwa are notable players, with significant revenue and product offerings in the body powder segment [9][10]

Investment Rating - The report indicates a positive outlook for the maternal and infant industry, driven by supportive policies and expected growth in consumer spending [4][6]. Core Insights - The report emphasizes the transition of China's fertility policy towards comprehensive support for childbirth, which is expected to enhance consumer confidence and spending in the maternal and infant sector [4][17]. - The maternal and infant market has shown resilience, with a compound annual growth rate (CAGR) exceeding 15% from 2018 to 2024, despite a decline in birth rates [6][32]. - The rise of domestic brands in the maternal and infant sector is notable, with significant market share gains in various sub-sectors [6][37]. Summary by Sections 1. Policy Promotion of Fertility - China's fertility policy has evolved from encouraging childbirth to comprehensive support, with various measures being implemented to boost birth rates [4][10]. - The government is focusing on creating a "fertility-friendly" society, with financial incentives and support services being rolled out across different regions [17][18]. 2. Market Growth and Consumer Trends - Despite a decline in newborn numbers, the maternal and infant market is experiencing growth due to consumption upgrades and the diversification of product offerings [6][32]. - The market size is projected to reach approximately 762.99 billion yuan by 2024, reflecting a year-on-year growth of 15% [31]. 3. Beneficiary Industries and Companies - Various sectors are expected to benefit from the growth in the maternal and infant market, including pharmaceuticals, food and beverage, apparel, and household goods [6][41]. - Key companies highlighted include: - Pharmaceuticals: Jinxin Reproductive, LIZHU Group, and BGI Genomics [6][41]. - Dairy: Yili Group and China Feihe [6][42]. - Apparel: Semir and Anta [6][49]. - Household goods: Bear Electric [6][61]. 4. Competitive Landscape - The report notes an improvement in the competitive landscape, with domestic brands gaining market share across various segments, including infant formula and baby care products [6][37]. - The concentration ratio (CR10) for domestic brands has significantly increased, indicating a shift in market dynamics favoring local players [6][37].