Good Earth Dairy camel milk infant formula brand seeks investment to ‘go global’
GOOD EARTH DAIRY, An innovative Australian commercial camel milk producer, has been awarded a US$2.8 million grant by the Western Australian Government to help construct the first powdered camel milk processing facility in Perth.
The US$12.7 million project will allow the brand to increase production of new products for international distribution. In order to complete this project, Good Earth Dairy is looking to conduct an initial public offering (IPO) on the Australian Securities Exchange (ASX) in 2024 and is currently conducting a crowd-funding campaign.
Good Earth Dairy wants to position for success in the global infant formula market which is set to grow by more than 30 percent to US$66.4 billion in the next five years, according to Good Earth Dairy founder and CEO, Marcel Steingiesser.
Mr Steingiesser said camel milk was a premium alternative to cow’s milk, retailing in Australia at US$8-$13 per litre, with low allergens and high nutritional value. According to Good Earth Dairy’s research, camel’s milk is globally regarded as the closest substitute for human milk.
“Australia is in a unique position to be a global leader in camel milk production,” Mr Steingiesser said. “If we were to rely on breeding we would be very limited but we have access to a huge supply of camels in outback WA.
“We have the livestock, the technology, the climate and the opportunity; now we have the government backing to move to the next level and begin growing on an international scale.”
The company sees camel milk as poised to become a disruptor in the alternative milk space, particularly in the infant formula industry as it is the only animal milk to not hard coagulate in the gut, making it arguably the best milk for infants to digest.
A tech-first company, Good Earth Dairy has invested more than US$5m in its intellectual property (IP) to be a price leader in this future commodity, sourced from the world’s largest feral camel population in the Australian outback.
Set to be completed for operation in 2026, Good Earth Dairy’s purpose-built facility will allow the company to increase production capacity to 60,000 litres per day (60kL/day equates to about 21.9 million litres a year), and enter the infant formula market.
The grant includes increasing the farm capability and primary production, which will create more than 90 new jobs once the assets are fully utilised. Already an established operation, Good Earth Dairy operates on a 800-hectare property with a herd of 160 camels with 200 on order, and distributes a range of products through leading and independent stores across Western Australia.
Launched in 2016, Good Earth Dairy is one of Australia’s leading camel milk producers and is set to capitalise on the US$944 billion dairy market, "particularly as more people seek out dairy alternatives" according to Mr Steingiesser. The company has turned over US$1.5m in revenue since distribution began, growing 200 percent over the last year.
Ahead of the planned IPO in 2024, Good Earth Dairy is launching a bridging round through an equity crowdfunding campaign via OnMarket. The capital will enable the company to increase current capabilities while the new facility remains under construction.
Good Earth Dairy’s equity crowdfunding campaign is now live via OnMarket.