ANOs advantage comes mainly from the IP they hold. They create their zinc oxide in a certain way that allows superior UVA/UVB protection, as well as a cheaper/superior manufacturing process.
This is not simply a competition of lowest cost producer, although being low cost is just another advantage that ANO enjoy.
Also add to that some of the best management on the ASX, and they can make this stuff very cheap, yet maintain very high margins.
Has ANO won over Coppertone?, page-6
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