Goat milk formula experiencing explosive sales growth
“We are excited to have Oli6 in store to meet the rapidly growing goat infant formula demand, and to provide our customers with a unique choice to
purchase an Australian made goat infant formula,” said Chemist Warehouse chief operating officer Mario Tascone.
“Four years ago this was a niche segment of the formula category and its popularity and growth through our pharmacy partners has been phenomenal, increasing from $3m in 2014 to $85 million in 2017. Being core ranged as the only Australian goat formula in Chemist Warehouse, the largest player in this sector, is further affirmation that the product has mainstream appeal,” said Nuchev founder and CEO, Ben Dingle.
Goat milk formula brand Oli6 has seen a significant growth in 18 months in Australia. The milk product is now stocked across more than 1,000 pharmacies such as Chemist Warehouse and Terry White Chemmart. The Australian health and nutrition solutions company was founded by Dingle who was also co-founder of the $1.4B ASX and NZX listed Synlait Milk, which he left in 2013 to set up Nuchev.
According to Nuchev, the burgeoning goat milk formula segment is worth approximately AUD $85 million in the pharmacy channel, up 2,733 per cent from its estimated value four years ago of AUD $3 million. Goat milk formula now represents 10.6 per cent of the total formula category and strong growth projections are predicted to continue. Nuchev said goat milk formula helps aid gut health and make it easier to digest for people with sensitive tummies or cow’s milk intolerances.
Oli6 has national pharmacy wholesale ranging across Symbion, Sigma and API and is currently ranged in 33 pharmacy banners including Chemist Warehouse and TerryWhite Chemmart and have also recently started selling at Metcash stores.