Investment Rating - The report indicates a positive investment outlook for the white peony health food industry, driven by increasing consumer health awareness and supportive government policies [1]. Core Insights - The white peony health food industry is in its early development stage, with significant growth potential due to rising demand from the aging population and the "silver economy" [1][35]. - White peony, as a traditional Chinese medicine, has diverse pharmacological effects, which enhances its application in health products [11][36]. - The market for white peony health foods is expected to grow from 5.25 billion RMB in 2023 to 6.79 billion RMB by 2028, with a compound annual growth rate (CAGR) of 4.61% [32]. Industry Definition - White peony health foods are defined as products primarily made from white peony that aim to regulate bodily functions and promote health rather than replace medical treatment [2][10]. Industry Classification - The white peony health food industry can be categorized into various forms, including capsules, tablets, oral liquids, and granules [3][4][5][6][7]. Industry Characteristics - The industry benefits from resource and policy support, strict regulation, and broad application prospects [8][9]. Development History - The Chinese health food industry has evolved significantly since 1996, with regulatory improvements and market optimization leading to increased maturity [12][13][14][15]. Supply Chain Analysis - The supply chain consists of upstream raw material provision, midstream production and sales, and downstream consumer sales [16]. - Ensuring high-quality raw material supply is crucial for market competitiveness [17]. - Midstream efficiency and quality control are key drivers for industry innovation [18]. Market Size and Growth - The market size for white peony health foods has grown from 4.34 billion RMB in 2019 to 5.25 billion RMB in 2023, with a CAGR of 4.87% [32][33]. - The increase in market size is attributed to rising raw material prices and strong consumer acceptance of high-quality health products [33][34]. Future Market Drivers - The aging population and government support for the silver economy are expected to significantly expand the market for white peony health foods [35]. - The diverse pharmacological properties of white peony contribute to its growing market demand [36]. Competitive Landscape - The industry is still in its early stages, with no significant brand effects or market concentration [41]. - Leading companies include Xianle Health and Tongrentang, which have extensive experience and product offerings in the health food sector [42]. Company Overview - Major players in the white peony health food market include Tongrentang, Xianle Health, and others, with varying revenue growth and profit margins [46][48].