Good Earth Dairy, a leading Australian commercial camel milk producer, has been awarded a US$2.8 million ($4.8m)grant to construct the first powdered camel milk processing facility in Perth.
The USD$12.7 million project will allow the brand to increase production of new products for international distribution.
In order to execute this project, Good Earth Dairy is looking to IPO on the ASX in 2024 – positioning it for success within the global infant formula market, which is set to grow by over 30% to US$66.4 billion in the next five years.
Camel milk is a premium alternative to cow’s milk, retailing in Australia at USD$8-13/litre, with low allergens and high nutritional value.
The closest substitute for human milk, the product is 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 over US$5m in its 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 its production capacity to 60kL per day (21.9 million litres per annum), and enter the infant formula market.
“Australia is in a unique position to be a global leader in camel milk production,” said founder and CEO of Good Earth Dairy Marcel Steingiesser.
“If we were to rely on breeding we would be very limited but we have access to a huge supply of camels in outback Western Australia. 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.”
Launched in 2016, Good Earth Dairy is one of Australia’s leading camel milk producers, and is set to capitalise on the US$944bn dairy market, particularly as more people seek out dairy alternatives. The company has turned over US$1.5m in revenue since distribution began, growing 200% over the last year.
Ahead of its 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 their current capabilities while the new facility remains under construction.
Expressions of interest for Good Earth Dairy’s equity crowdfunding campaign are live via OnMarket, and investments are open to anyone internationally over the age of 18.