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Mengniu: 2023 domestic dairy consumption in China showed signs of a modest recovery

China 28.03.2024
Source: The DairyNews
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China Mengniu Dairy Company Limited (Stock Code: 2319) has unveiled its 2023 annual results, showcasing robust performance despite challenges in the dairy sector.
Mengniu: 2023 domestic dairy consumption in China showed signs of a modest recovery
The report reveals a total annual revenue of RMB 98.62 billion, marking a notable year-on-year growth of 6.5%. Operating profit surged to RMB6.17 billion, reflecting an increase of 13.8%.

Throughout 2023, Mengniu navigated a dynamic landscape characterized by a modest recovery in domestic dairy consumption, evolving consumer preferences, and intensified market competition.

"Throughout 2023, domestic dairy consumption showed signs of a modest recovery, with the growth rate of dairy product consumption experiencing a short-term slowdown and the reorganization of online and offline sales channels. These factors contributed to increased market competition. In the post-pandemic era, Chinese consumers' awareness of nutrition and health has continued to rise, showcasing the strong resilience in demand for dairy products", - company reported.

Key highlights of Mengniu's performance include:
  • Growth in the core "liquid milk" business, expanding market share continuously.
  • Strengthened market position of "Milk Deluxe," maintaining leadership in the high-end market segment.
  • Counter-trend growth and sustained market leadership in chilled yogurt business, emphasizing taste, nutrition, and functionality.
  • Outpacing industry growth in the fresh milk segment, with "Shiny Meadow" leading the high-end market with upgraded quality.
  • Successful channel transformation, leveraging offline and online retail channels to reach consumers effectively.
  • Continued dominance in online sales, with over 74 million online members in new retail channels.
  • Strengthened control over rural markets, covering extensive distribution points across townships.
  • Flagship products like "Milk Deluxe" and "Just Yoghurt" drove market innovation through product differentiation and brand enhancement.
Mengniu's commitment to nutritional innovation resulted in the successful launch of products like "Mengniu Fresh Yogurt" and "Shiny Meadow 4.0 Fresh Jersey Milk," capturing market share in the nutritious segment.

Furthermore, sub-brands like "Xiaoxianyu" targeted at young consumers achieved remarkable sales growth, solidifying Mengniu's position in the mid-to-high-end fresh milk market.

Amidst evolving consumer trends and market dynamics, Mengniu remains focused on innovation, brand-building, and meeting consumer needs across various product segments, ensuring sustained growth and market leadership in the dairy industry.
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