In 2018, milk powder imports surpassed the gross domestic product for the first time. In 2019, import volume further increased, with a YoY growth of 20.8%, further widening the gap between domestic output and import volume.
In 2019, the market share of the top ten milk powder enterprises kept rising, growing by 2.9% and accounting for 75.4% of the market. The share of the top 3 companies was 36.9%, and the share of the top 5 was 49.6%.
Although the revenue of China’s milk powder industry decreased in 2018, the total profit still maintained a 7% YoY growth, and the asset scale of the whole industry also expanded.
Import Volume Increasing
Since 2016, China's milk powder domestic output has been on a downward trend. Although China's milk powder output reached 1.052 million tons in 2019 , ending the continuous decrease, the year-on-year increase was only 2.4%.
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