Goat milk formula is coming into its own both locally and in China. We spoke to Nuchev founder and CEO Ben Dingle about how the health and nutrition solutions company is tapping into lucrative markets.
Ben Dingle has found his niche via a category that, in his words, is “growing absolute gangbusters”.
The total goat’s milk infant formula market in Australia is now worth $105 million annually, up from about $3 million just four years ago.
Dingle’s company, Nuchev, now generates about half its sales in Australia and half in China. It’s stocked in about 1000 pharmacy outlets locally, including Chemist Warehouse and Terry White Chemmart, and also just entered the independent supermarket sector through Ritchies Supa IGA.
The goat’s milk formula segment has secured about 10 per cent of the total infant formula market in Australia, up from a 1.7 per cent share three years ago. This growth has come from parents embracing the idea that this relatively new variety could help their babies’ gut health and digestion.
Dingle pursued a deliberate strategy of expanding in pharmacy chains first and establishing credibility in Australia before branching out offshore.
Goat’s milk is currently estimated to hold about five per cent of the overall infant formula market in China.
