Abstract: At present, the dairy market, milk source surplus, milk prices continue to fall, and dairy consumption is weak, which is a typical feature of the down cycle. In the down cycle, involution has become the main theme of market competition, and the industry is welcoming a new round of reshuffle, which will pose a severe test for SMEs. This paper analyzes the dairy market in the first quarter from the perspective of the third party, in order to provide some reference value for dairy enterprises to understand the current industry situation. The main contents include: industry fundamentals in the first quarter, interpretation of industry data in 2023, overview of some listed dairy enterprises' annual reports in 2023, dynamic analysis of industries/enterprises in the first quarter, and evaluation of key new products in the first quarter.Innovation is particularly important for the survival and development of enterprises in the economic downturn, but the success rate of innovation is bound to be lower than that in the economic upswing. Only by conforming to the law of consumer cognition, doing a good job in category innovation and creating a large single product to establish brand cognition can dairy enterprises cross the cycle and grow into excellent brands.

Key words: dairy marketing, dairy research, dairy market, dairy market insight