You may have covered this, but yes it appears true. China has a big demographic issue, to many men versus woman and aging. Tricky to work out though, as there is still a big untapped class of people who cannot afford formula and who might purchase in the future. Maybe that growth of middle class will offset the terrible overall demographics for a formula supplier. Longer term however, 10+ years, it seems like China will be going backwards and increased wealth with lead to similar family formation (less children and later) as in the West.
"The number of newborns in China plummeted 15% in 2020 from a year earlier, according to the Ministry of Public Security, with the onset of the novel coronavirus disrupting the economy and weighing on decisions to have a family."
Reuters quote
Chart Update, page-18272
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