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There is provided a cobalt-based alloy product comprising: in mass %, 0.08-0.25% C; 0.1% or less B; 10-30% Cr; 5% or less Fe and 30% or less Ni, the total amount of Fe and Ni being 30% or less; W and/or Mo, the total amount of W and Mo being 5-12%; at least one of Ti, Zr, Hf, V, Nb and Ta, the total amount of Ti, Zr, Hf, V, Nb and Ta being 0.5-2%; 0.5% or less Si; 0.5% or less Mn; 0.003-0.04% N; and the balance being Co and impurities. The product is a polycrystalline body of matrix phase crystal grains. In the matrix phase crystal grains, post-segregation cells with an average size of 0.13-2 μm are formed, wherein components constituting an MC type carbide phase comprising Ti, Zr, Hf, V, Nb and/or Ta are segregated along boundary regions of the post-segregation cells.