Hockey, I don't think it is appropriate to treat IF as commodities in our case, as I believe the brand/brand image is very important here. I tend to believe the demand for IF is inelastic as this is critical for the babies. It is not something you can just switch to another brand once the baby gets used to. Hence, I wouldn't worry about demand... and as you said, you are seeing more A2 stage 3, this is a good sign!
Will over supply be an issue in the future, page-17
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