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Meiji stops sales of milk formula in China
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Japan's Meiji said today it will no longer sell dairy formula in China due to intense competition and rising raw material costs.
"The company thinks it's hard to see stable profits under the current situation and we'll focus on the product development of milk powder in order to return to the market," the company said in a statement.
The company will no longer offer products to Chinese consumers after the current batch in stock is sold out, it said.
Three of the four products Meiji's going to stop selling in China are for infants while another one is for women in pregnancy or lactation.
China is seeking to protect its home-grown dairy companies and that's part of the reason why Meiji is retreating from the market, said Song Liang, a senior analyst at market research firm China Commercial Distribution Promotion Center.
Meiji has less than 3 percent share in Chinese dairy formula market whose leading players include Nestle's S26, Danone's Dumex and Mead Johnson Nutrition's Enfamil. Meiji was not included in the top 10 milk formula brands in terms of sales volume last year tracked by market research firm Euromonitor International.
Meiji was among several other domestic and foreign milk powder makers to slash prices after it was being investigated by the National Development and Reform Commission's Price Supervision and Anti-Monopoly Bureau.
It was later exempted from punishment due to their collaboration with the investigation and active self-rectification measures, the NDRC said in early August.
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