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Articles by 刘颖
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Major Shakeup in China's Dairy Industry: Farms Dumping Milk and Culling Cows, Yili and Mengniu Slow Down, the Golden Era Is Over
Over the past year, China's dairy industry has sent a clear signal: transformation is imperative. On the demand side, the performance of the two dairy giants has sounded the alarm. Domestic leader Yili experienced its first revenue decline in nearly 20 years in 2024, while Mengniu also saw a double-digit drop. The core issue lies in the liquid milk business, with statistics showing that Yili and Mengniu each saw sales in this category decrease by about 10 billion yuan—a figure nearly equivalent to the annual revenue of a second-tier dairy company. Meanwhile, the supply side is also under pressure. Since 2023, farms have frequently reported incidents of dumping milk and culling cows, directly due to raw milk prices falling to a 15-year low, severely impacting farm operations. Weak demand and oversupply are forcing rapid structural transformation across the entire dairy industry.
刘颖China's Beverage Market Shake-up: Cola Falls from Grace as Ready-to-Drink Tea and Energy Drinks Rise
In 2020, among China's seven major beverage categories, only carbonated drinks saw growth, while all others declined. By 2023, the situation reversed: carbonated drinks were the only category in decline, while the other six grew significantly. China's market has ultimately turned its back on carbonated beverages, with market share shifting from cola to ready-to-drink tea and energy drinks.
刘颖