China’s Infant Formula Market Faces Demographic PressureChina’s infant formula market, valued at over USD 20 billion annually, is confronting unprecedented demand contraction. The National Bureau of Statistics reported only 9.02 million births in 2023, a sharp decline from 17.86 million in 2016, marking nearly a 50% reduction in just seven years. Historical Dependence on Imported FormulaChina’s reliance on foreign formula is rooted in the 2008 melamine crisis, which affected roughly 300,000 infants and devastated confidence in domestic products. Import penetration surged from under 30% pre-crisis to over 70% by 2015, with New Zealand, the Netherlands, Ireland, and France dominating. Brands such as Aptamil, Karicare, and A2 captured premium segments.