Abstract: The fundamentals of the dairy industry in the third quarter mainly showed as follows: the growth of dairy production slowed down from January to August， with a year-on-year growth of only 2.1%.The purchase price of fresh milk entered a downward channel and stopped falling for the first time in August，but in the long run，the milk price will rebound from the bottom; However，the import volume of dairy products declined significantly，with a year-on-year decrease of 19.8%，a record high. Affected by the epidemic，the overall growth of the dairy industry slowed down in the third quarter. According to the semi annual report data of listed companies，the sales and profits of dairy giants and characteristic dairy enterprises increased simultaneously，while the overall growth of most medium-sized dairy enterprises declined. At present，the development of China's dairy industry has improved from scale to quality，which will play a huge role in promoting dairy consumption， promoting the healthy development of the industry，and expanding the scale of industry development. In terms of new product development，Yili launched the characteristic dairy camel milk，and the category breakdown is becoming a new growth point for dairy enterprises. Weigang Dairy Co.，Ltd.，introduced fresh milk to prepare raw coconut pineapple milk. It is becoming a new trend to break through a single taste in the category of low-temperature dairy products. The high calcium cheese stick launched by Guangming fully shows that cheese consumption is attracting more people's attention. Chobani's first sale of Greek style fermented milk in the Chinese market reflects its optimism for the prospect of high-end yogurt in the Chinese market.

Key words: dairy industry, slow growth, price war, change, acquisition, fresh milk