中国乳制品月报( 乳制品中国新闻202510)

Welcome to the October issue of China Dairy News

In October 2025, the global dairy industry is facing dual pressures of ample supply and trade changes. The increase in milk production in the U.S., the European Union, and New Zealand has led to a downward trend in the GDT price index, with whole milk and skim milk powder prices under pressure; the adjustment of U.S. tariff policies has added uncertainty to global trade.

China's economy is steadily advancing amidst structural adjustments, with GDP growing by 5.2% YoY in Q1–Q3, and the value-added growth rate of high-tech manufacturing reaching 9.6%, injecting momentum into dairy innovation. Despite a decline in real estate investment, the total retail sales of consumer goods continue to grow, with residents' income and GDP growth rate keeping pace, jointly supporting the basic consumption demand for dairy products.

Faced with fluctuations in milk prices and consumption upgrades, the industry is transitioning from compliant competition as demonstrated by the Mengniu case, to value innovation as defined by Feihe Dairy, echoing the inherent logic of "upholding value, breaking through dilemmas." These practices are a microcosm of the dairy industry's shift from the "era of scale" to the "era of value."