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China’s infant formula giant Feihe says group profit was down 33.5 per cent in FY23, as the country struggles with raising its birth rate despite introducing a three-child policy three years ago.
An official UK investigation found manufacturers have hiked prices more than their costs increased – and enjoyed high profit margins.
This move follows similar initiatives by Sainsbury's and Iceland to address concerns about the vulnerability of formula products to price shocks.
Meiji is providing further investment for Danone’s tablet infant-formula production at the French dairy giant’s plant in Ireland.
Danone, which accounts for 71% of the baby formula market, raised their prices by 25% in two years, the Competition and Markets Authority (CMA) found.