Growth in infant milk formula sales to dip
Print Edition
CHINA’S infant milk formula market will grow by half the double-digit pace posted in the past decade due to lower economic growth and the relatively high raw material cost, according to a study.
The market will expand by a compound rate of 7 to 8 percent for the next five years, much lower than the annual growth of over 16 percent between 2000 and 2013, Rabobank said in a report released yesterday.
“The easy money in the infant formula (market) has already been made and domestic and foreign companies are shifting strategically to tackle challenges,” Sandy Chen, senior industry analyst at Rabobank, told a press briefing in Shanghai yesterday.
High-end products will enjoy relatively better growth opportunities in the future as more families are willing to pay for them.
China has been encouraging industry consolidation to ensure the top 10 biggest infant formula makers have 65 percent of the market by the end of this year.
But Chen sees the target hard to achieve because of the relatively strong foothold by foreign firms which are also beefing up local tie-ups to gain market access and defend their share.
Chinese dairy firms will add about 410,000 tons of new infant formula production capacity by 2016, according to Chen.
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