婴配粉行业趋势:高端化逆势演绎,龙头份额空间大,结构性机会仍值得挖掘。行业空间:高端价格带仍在扩容,对冲行业量减压力,补贴政策落地有望形成进一步提振。近年新生儿人口回落加剧行业压力,中国婴配粉市场规模21-23 年持续收缩,CAGR -7%,预估当前行业空间约1400 亿元。但行业高端化却仍在逆势演绎,近几年整体婴配粉高端化持续、零售价稳中有升,有力对冲行业量减压力。同时,今年起有望发放育儿补贴,...
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