From a fundamental pov - Daigou students will slowly return next year as borders open up... hopefully. In fact Chinese parents may start considering Australia/NZ rather than US/Canada for their kids' education in 2021. The figures look horrible for some countries at the moment, and knowing the Chinese (being paranoid about health and still wearing masks 24/7 with literally 0 cases in most provinces), they will never risk their kids' health for perceived better education. Again, average Chinese universities are not in a position to beat Melb/Syd/ANU/Go8, yet.
There is also a trend where Chinese parents prefer Daigou because they want products that are produced for domestic consumers and not for export purposes. However, I am unsure as to whether this trend is declining - as China develops, food safety is becoming less of a problem; premium local brands made with imported ingredients are growing, claiming that their formulas target the nutritional needs of Asian babies - exactly what parents want to hear. On the flip side, as GDP per capita rises more people are able to afford imported goods (when given the perception that these are of better quality), so demand may not necessarily stagnate. I also don't think baby formulas are very price elastic to the Chinese, esp when A2's discounted price tag already filters out the less wealthy (consider China's average income and ppp).
However, these are assumptions based on the view that A2M to a significant degree relies and will rely on the Chinese economy and Chinese parents. You never know what will happen in the future's future.
I don't know much about A2M, not a parent yet...
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