China Consumer Staples Infant Formula Market Update

The report highlights a continued 10% contraction in China's offline infant formula market for late 2025, offset by a marginal 1% online growth in early 2026. Domestic brands like Feihe and Yili are navigating channel shifts as volume remains the primary drag on industry performance.

Key Takeaways

• 1.The offline infant formula market declined 10% yoy in Nov-Dec 2025, primarily dragged down by an 11.2% volume decline.
• 2.Online sales showed slight recovery in Jan 2026, growing 1% yoy, driven by a 12% increase on Tmall/Taobao despite a 7% decline on JD.
• 3.Brand performance was mixed; Feihe saw significant offline sales declines (-19%) but gained market share, while Yili outperformed the market run-rate.

Table of Contents

• Tracking Consumer Sentiment
• Offline Market: softer market on volume weakness; Feihe gained share
• Online Market: Domestic brands sequentially improved on Tmall/Taobao; Top MNC brands outperformed
• Feihe (Neutral): offline market share recovered; online still weak
• Yili (Buy): strong online (Tmall/Taobao); offline remained weak
• Other players updates: A2/Aptamil/Biostime outperformed the online market
• Disclosure Appendix

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