Abbott to Exit Mainland Chinese Baby Formula Market by 2023

What’s new: U.S. health-care giant Abbott Laboratories will stop selling baby formula and children’s nutritional products in the Chinese mainland by next year amid stiff competition, the Chicago-based company’s Shanghai trading arm said Wednesday.

Consumer demand for babies’ and children’s nutritional products is changing, and there are already a number of other companies well positioned to provide such products and services in the Chinese mainland, Abbott said.