this is from a recent Stochead articeThe infant formula market surpassed $70 billion in 2017, according to industry researcher Research and Markets.
And with the above driving factors set to continue, that figure is forecast to hit $98 billion by 2023, for a compound annual growth rate of 5.5 per cent over the coming years.
A 2017 Deloitte report also found that trust in domestic Chinese infant formula brands remains low since 2008, when six infants died and 54,000 were hospitalised due to the contamination of formula with melamine.
That has led to the growth of the daigou, a word translating to ‘buying on behalf of’. It describes people who purchase Australian dairy products and send it back to China.
A Nielsen report pointed out there are up to 200,000 daigous operating in Australia, with some estimates of sales of up to $100 billion annually across the wider retail sector.
