BAINOWorldpanel&COMPANYaCTRserviceinChinaAdapting toChannel Evolution:Opportunities and Challengesfor FMCGChina Shopper Report 2025. vol. 2
Authors and acknowledgmentsBruno Lannes is a senior partner with Bain & Company 's Consumer Products and Retail practicesand is based in Shanghai You can contact him by erail at bruno. lannes @abain com.Derek Dengisasenior partner with Bain & Companv'sConsumer Products and Retail practices in Greater China and is based in Shanghai. You can contact him by enailat derek. deng@bain.com.RachelLee is the general manager of Worldpanel China. You can contact her by email atRachel.lee@ctrchina.cn.This report is a joint effort between Bain & Company and Worldpanel.The authors extend gratiu de to allwho contributed to it especialy Monica Li, Ranqi Liu, Kelly Wong, Yi Zhang.Joanne Xie, Louise Lu. andHayden Lee from Bain; as well as Tina Oin and Sallian He from Worldpanel.
Worldpanel|Bain&Company,InoAdaotinatoChannelEvolution:Opportunitiesand ChallenaesforFMCGContentsExecutivesummarv.....3Categoryupdate:Packagedfood,homecare, and personal care sustain arowth while beverage downturn deepen.s....6Pricingupdate:Deflationary trend continued but showed signs of slowingafter an acceleration in 2024......11Decoding emerging channel dynamic...14.25
Worldpanel|Bain&Company,InoAdaotinatoChannelEvolution:Opportunitiesand ChallenaesforFMCGExecutivesummaryThis is the 14th consecutive vear we have tracked the shopping behaviors of Chinese consumers.our ongoing research povides a long-term perspective on 27 ceategories ofast-moving consumergoods(FMCG) purchased for home consumption in China. These categoriesspan the fourmajorsectors ofpackaged food, bevwerage, personal care, and home care, reflecting the evolving dynamics of China's,FMCGmarket.In this year's Volume 2 report, we provide upd ates on the fllowing two topics, followed by the implicationsfor brands:Topic t:Overal FIMCG market performance, categories, and pricing in China for the frst threequarters of 2025 (year-to-date |YTD)Q3Topic2:In-depth channe dynamics shaping near-term growth trajectoriesAfter a weak 2024. China's FMCG market showedsigns of stabilization in 2025. TotalFNMCGspending7+1.3% YTD 03. supported by-+3.8% olume growthand a-2.4%, decline in average selling price(ASP)After astrong O1(+2.7% vear over vear). FMCG growth moderated to +0.7% in O2 and +0.4%in 03urbanization, deeper brand penetration, and greater access to emerging channels such as snack collectionstores and online to ofline (020) These markets also benefit from relatively lower living costs comparedwith high-tier cities further supporting consumption growth Meanwhile, Tier 1-2 cities remained latamid slower macro recovery and consumption downgrading.Acrosssectors.packagedfood(+3.4%)and homeca(+33%> led market growth while personal care(+1.1%saw modest gains and beverages (-1.1%)turned negative in O2 and O3 amid rising price competition andincreasing subsitution by treshy ...
