This study examines the price structure of milk powders targeting Chinese older adults, with special emphasis on the assessment of front-of-pack (FOP) voluntary well-being messaging (VWM), using a hedonic price model. Data of 456 sets of product prices and attributes were collected from official stores at online shops, TMALL.com and JD.com, in China. Prices were recorded 10 d before, during and 10 d after a major online promotion event (11th November 2021). A hedonic price model was employed to decompose explicit market prices into individual product attributes implicit prices, including essential attributes, milk source, brand origin, package material, nutritional composition, and non-essential attributes conveyed by FOP VWM, regarding nutrition, ingredient, health, sensory and certificate attributes. Results showed that above and beyond essential product attributes, non-essential attributes conveyed by FOP VWM were significantly associated with price. Specifically, significant price premiums were associated with dietary fiber claims (+12.7%), 'no added sugar' (+19.0%) and potential health benefits (+19.3%), as nutrition, ingredient and health-related FOP VWM respectively. However, nutrition claims regarding calcium and fat were negatively associated with price (-21.2% and -8.0%, respectively, when they were presented). Additionally, nutrition claims for protein and vitamin D, introducing farm environment, referring to imported ingredients, declaring specific ingredients added, describing sensory characterizes and providing certificates on FOP were not significantly associated with price in this market. These findings provide manufacturers with information to better differentiate their products by producing and advertising attributes most valued by consumers.