中国和东南亚的价值危机

Challenges are intensifying for multinationals in the consumer products sector. Authors and acknowledgments Bruno Lannesis an advisory partner with Bain & Company’s Consumer Products practice based in Praneeth Yendamuriis a partner who leads Bain & Company’s Consumer Products practice inthe Southeast Asia region and is based in Singapore. You can contact him at David Zehneris a senior partner who leads Bain & Company’s Consumer Products practice in theAsia-Pacific region and is based in Sydney. You can contact him at David.Zehner@Bain.com. The authors extend gratitude to all those who contributed to this report, including Charlotte Apps,Miya Wang, Yifei Gao, and the Bain Capability Network. This work is based on secondary market research, analysis of financial information available or provided to Bain & Company and a range ofinterviews with industry participants. Bain & Company has not independently verified any such information provided or available to Bain andmakes no representation or warranty, express or implied, that such information is accurate or complete. Projected market and financial information,analyses and conclusions contained herein are based on the information described above and on Bain & Company’s judgment, and should not be A Crisis of Value in China and Southeast Asia At a Glance Emerging markets such as China and Southeast Asia are critical for consumer products However, many MNCs have lost critical ground as the “halo effect” they once enjoyed in thepremium segment diminishes, the mass segment outpaces growth for many categories, and These challenges reflect Bain’s Elements of Value® framework, as local players have elevated To stay competitive, MNCs should clarify their target segments, enhance value differentiation inthe premium segment, and explore innovative strategies to accelerate growth in the mass Emerging markets are critical battlegrounds for consumer products companies that are chasingsustainable, volume-driven growth in today’s post-globalization world, according to Bain’sConsumer Products Report 2025. In the report, executives identified two major global challenges—increased competition forshoppers and decreased consumer spending—that are particularly acute in China and SoutheastAsia. For decades, multinational corporations (MNCs) have prioritized and thrived in emerging The crisis of value for MNCs in China and Southeast Asia In China, the fast-moving consumer goods (FMCG) market has slowed significantly since theCOVID-19 pandemic, primarily driven by price deflation. Foreign brands have struggled againstdomestic competitors, losing two percentage points of market share in 26 categories1between 2019 A Crisis of Value in China and Southeast Asia Even traditionally strong MNCs have encountered setbacks. Only a few consumer goods MNCs,such as Danone and HEINEKEN, grew in China in the first three quarters of 2024. In SoutheastAsia, the top 35 non-Asia-Pacific FMCG companies2have lost market share in the past five years, MNCs’ challenges in China and Southeast Asia can be linked to the diminishing “halo effect” theyonce enjoyed in the premium segment and shifting category dynamics. MNCs are typically lesscompetitive in the mass segment, which has been growing faster than the overall market for many The diminishing “halo effect” in the premium segment Historically, MNCs led the premium segment, supported by the perception that foreign brands weresuperior, aspirational, and symbolized trendiness and quality. However, in recent years, that “haloeffect” has waned and local brands have substantially increased their quality and competitiveness. Disadvantages in mass segments Category dynamics in Southeast Asia and China are becoming unfavorable for MNCs. Mass segment Local incumbent players also have several advantages over MNCs, which are often restrained byhigher cost structures, steeper margin requirements, and complex decision-making processes. Compared to MNCs, local giants are more willing and able to employ low-cost, low-marginstrategies or absorb prolonged losses to achieve scale. Local players also capitalize on proprietary In Indonesia, food and beverage incumbent Mayora leveraged an extensive, proprietary distributionnetwork and large-scale advertising to win market share. By offering affordable, “good-enough”products, it achieved 6% annual revenue growth and doubled net income between 2016 and 2023. The continued rise of insurgents Insurgents in the Asia-Pacific region are also leapfrogging competitors by offering trendy products,tailored to address the unmet needs of local consumers. They often adopt digital-first marketing Chinese beauty insurgents, such as Skintific and O.TWO.O, have leveraged original designmanufacturer/original equipment manufacturer (ODM/OEM) capabilities and expertise ine-commerce platforms like TikTok Shop to scale at an impressive pace in Southeast Asia. In Elements of Value in consumer products These challenges are