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中國嬰幼兒配方奶粉市場增長放緩,高端及超高端料成為增長動力

根據弗若斯特沙利文報告,中國嬰幼兒配方奶粉市場的零售價值,在2014年至2018年的年複合增長率為11.2%,預計至2023年的複合增長率將放緩至6.9%,主要由於出生率下降,但當中高端部分由超高端及高端嬰幼兒奶粉配方組成,則有望繼續成為整個行業的增長動力。而這主要得益於加速城市化、可支配收入增加、受教育程度越來越高、注重健康的消費者及對高品質嬰幼兒的需求不斷增長。

中國高端嬰幼兒奶粉配方市場的零售價值,在2014至2018年的年複合增長率為27.3%,佔整體市場比例由22%增長至37.9%,預計至2023年複合增長率將為16.6%,佔整體市場比例將高達58.3%。當中超高端細分市場在2014年至2018年的年複合增長率為39.5%,佔整體市場比例由6.8%增長至16.9%,預計至2023年將增至26.4%,年複合增長率為16.9%。我們推介澳優(1717),其為中國進口羊奶粉市場龍頭,隨著中國消費者對於羊奶的認知逐步提升,預計澳優旗下自有品牌中的羊奶粉將繼續保持高速增長。

撰稿: 顧慧宇研究分析員
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