Market share of leading infant milk formula companies in China 2023

As of 2023, Chinese dairy company Feihe remained the leading infant milk formula market player in China, with an about 26.3 percent market share. Yili followed with a market share of 17.5 percent.

Infant formula market

Since the “one-child policy” restrictions were lifted at the end of 2015, China saw a sudden increase in the number of newborns. While the new policy effect on the birthrate proved to be short-term, the mother and baby product market has been booming in China. Infant formula is one of the most in-demand and frequently purchased childcare-related products. The country relies heavily on imported baby food, especially after the globally reported scandal caused by the domestic product melamine contamination resulting in several infant deaths in 2008. China’s baby milk formula imports peaked in 2019, then fell back to 238 thousand metric tons in 2023. Chinese consumers reported product safety and quality to be the most important purchasing decision influencing factors when shopping for baby food in China.

China Feihe Limited

Domestic infant formula brands account for less than half of the market in China. However, they are on the rise. In 2019, the government laid out new plans aiming to increase the market share of the local baby formula producers further. China Feihe Ltd. is the leading domestic infant formula producer, listed on the Hong Kong Stock Exchange since the end of 2019. The estimated revenue of the Beijing-headquartered company reached 13.3 billion yuan that year and the market cap was the equivalent of more than 60 billion yuan.