Consumer How have infant formula prices in China held up?

Infant milk formula prices declined in Q1 2020 amid the COVID-19 pandemic. The degree of price changes varied among producers.

08 Apr 2020
  • Nestle and Feihe reduced like-for-like prices vs. a year earlier. A2's prices were stable y /y in March after declining in January and February. Danone's like-for-like price increases slowed.
  • Prices in the mainstream segment fell the most y /y, while premium prices softened slightly.
  • Imported brand prices held up better than domestic brands.

Change in Like-for-Like Price by Company, % y/y

Source: UBS Evidence Lab