Chinese Joint Venture Explores Meal Replacements – Market Worth $750 Million

Nov. 21, 2018

China's leading one-stop healthcare ecosystem platform, Ping An Healthcare and Technology Company Limited ("Ping An Good Doctor" ) today announced that it has entered into a strategic partnership with the Chinese Nutrition Society. Ping An Good Doctor will participate in the development of the first domestic "meal replacement food group standard" drafted by the Chinese Nutrition Society, which aims to promote the standardized development of the meal replacement food market and will be released at the end of this year.

As people pay more attention to health, keeping fit and losing weight has developed into a billion-dollar consumer market. According to authoritative data, the size of China's entire weight loss market reached RMB90 billion in 2017, and this figure is still rising. Slimming meal replacement foods that are convenient to consume, supplement nutrition, and give a full feeling meet the needs of busy white-collar workers and are widely favored by the market.

According to the In-depth Research and Investment Strategy Research Report of China's Weight Loss Industry 2017-2023 released by Zhiyan Consulting, the Chinese market mainly focuses on slimming diet substitutes and over-the-counter weight loss products, and within this slimming dietary substitutes are on the scale of $750 million dollars. At the same time of rapid development of the industry, due to the lack of a system of standards, meal replacement foods have neither a clear scientific orientation nor specific production standards.

Ping An Good Doctor's Fitness Center was officially launched at the end of September 2018. The center includes online consultations, weight management, weight loss information, weight loss community, and "weight loss mall." AI smart technology is used to assist dietitians and fitness instructors in providing customized, varied scientific weight management solutions for users. It includes its first weight loss product "HAPPY Fit", a nutritional meal replacement product with it holds the intellectual property rights to.

The first meal replacement food group standards in China will focus on improving the development pain points of this industry. This standard was drafted by the Chinese Nutrition Society, and several research institutes such as the Beijing Institute of Nutritional Sources and Ping An Good Doctor participated in the formulation to regulate the industry's healthy development.

Note:

Ping An Good Doctor is the leading one-stop healthcare ecosystem platform in China. By combining "mobile health + AI technology", the Company strives to provide every family with a family doctor, every person with an e-health profile and everyone with a healthcare management plan. Ping An Good Doctor has established a comprehensive, one-stop healthcare ecosystem covering family doctor services, consumer healthcare services, a health mall as well as health management and wellness interaction.

Marketdata Commentary

With obesity levels rising worldwide, it's only a matter of time until China's market for weight management products and programs reaches a huge figure. U.S.-based diet companies should take note and explore future opportunities here, as the opportunity is too large to ignore. Established U.S. weight loss providers should be laying the groundwork now in terms of regulations, product testing, market research about Chinese consumers, and what it takes to participate, leveraging their decades-long reputation and operating experience. This is a true ground floor opportunity.

See PR Newswire for complete article:

"Ping An Good Doctor and Chinese Nutrition Society Reach Strategic Partnership to Participate in the Development of First Domestic Meal Replacement Food Group Standard"

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