The global market scale of adult incontinence products industry continues to grow, and China's adult incontinence products industry is in the introduction period. In 2020, the global market scale of adult incontinence products will be 90.5 billion yuan. According to imarc group, the market scale will reach US $26.1 billion (about 165 billion yuan) in 2027, with a CAGR of 7.5% from 2022 to 2027. Among them, the Asia Pacific region, North America and Western Europe account for nearly 90% of the global market share of adult incontinence products. China's adult incontinence products industry is in the introduction period, and the market penetration is only 3%, lower than the world average of 12%; However, due to the deepening aging and other factors, China's adult incontinence products industry has developed rapidly. According to Euromonitor International data statistics, the market scale increased from 1.23 billion yuan to 6.12 billion yuan from 2013 to 2020, with a compound annual growth rate of 25.76%.
Japan has a high degree of aging, a perfect pension system, and the adult incontinence products industry is very mature. Japan has entered a severely aging society. In 2020, the proportion of people over 65 years old in Japan has reached 28.9%. Japan's pension system promotes the development of adult incontinence products industry, improves the development of care system, and provides cost subsidies for incontinence patients. Under the condition of meeting the deduction of medical expenses, the expenses of adult incontinence products can be deducted at the time of tax declaration. According to the statistics of Euromonitor International, the market scale of adult incontinence products in Japan in 2020 was 195.7 billion yen (about 10.9 billion yuan), and the market penetration reached 80%. The competition is highly concentrated and the pattern is stable. The market share of Cr5 exceeds 90%, of which the industry leader exceeds 50%. The retail channels of adult incontinence products in Japan are mainly physical stores, supplemented by non physical stores.
China's aging trend is deepening, the long-term insurance policy has been developed, and the adult incontinence products industry has broad prospects for development in the future. The aging process and policy support will help the rapid development of China's adult incontinence industry. China's aging trend is becoming more and more obvious. In 2020, the number of people aged 65 and over in China was 168 million, accounting for 11.97% of the total population. According to the data of China development foundation, in 2025, 2035 and 2050, the proportion of people aged 65 and over will reach 15% / 22.3% / 27.9% respectively. In order to actively respond to the development trend of population aging, China has formulated a long-term care insurance system. At present, there are 49 pilot cities for the long-term care insurance system. At present, the market concentration of China's adult incontinence products industry is low, there are many market participants, and the production and sales of products are relatively scattered. The development of emerging retail channels in the future will change the competition pattern of the industry. Chinese adult incontinence products are mainly sold in offline physical stores, and the proportion of online channels is increasing.
Risk tip: the effect of long-term insurance policy does not meet expectations, the risk of repeated epidemic and the risk of price fluctuation of raw materials
