A2M main product is its infant formula, and it sells it almost exclusively to the Chinese market—with the majority of sales in the ANZ region actually going to China.
Infant formula is a very specific category of food, and it is consumed only by babies in a relatively predictable quantity, which is why the number of babies is very important when it comes to determining sales. Unlike other beverages, it is impossible to sell more infant formula if there is no corresponding number of babies to consume it.
As for sales of A2M’s fresh milk and its related products, they only comprise a small proportion of group sales.
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