Peter Barraket, who heads a chain of supplement outlets, shows a tin of baby milk formula in Sydney, Australia. — AFP
Asian consumers determined to improve their lifestyle are boosting the fortunes of Australian producers of premium baby milk formula, vitamins and honey, as the region’s burgeoning middle class jumps on the health food bandwagon.
With their expanding wallets, middle class consumers are fuelling a sharp increase in sales of high-quality products from Down Under, sending the profits and share prices of health foods companies — particularly producers of infant milk formula — into unprecedented territory. They are led by Chinese consumers fearful of lax food safety standards at home, where cost-cutting by producers have resulted in deaths and health scares.
The growth is being described as a shift from “mining to dining” as Aus-tralia transitions away from supplying China with key metals such as iron ore and coal towards feeding Asia’s consumption boom. While much of the focus has been on soft commodities like beef and dairy, smaller firms that produce infant milk powder, vitamin supplements and honey are also benefiting from the increased appetite.
Supplements maker Blackmores last year had the Australian stock market’s highest share price, jumping 534.03 per cent to Aus$217.98.
