At the start of 2020, the National Bureau of Statistics announced a slowing in the decrease in China’s birth rate in 2019. Total births still fell by 580,000 from 2018 numbers to 14.65 million. The main reason for the decline is that China’s primary childbearing demographic (20 – 29 year olds) fell by more than 6 million. Declining birth rates, increasingly fierce market competition and regulatory compliance obstacles made China’s infant formula market a challenge to operate in. During 2019 we saw greater category differentiation, accelerated product innovation, and trends towards segmentation, all driven by higher demands for premium and ultra-premium products.