A2 Milk is hoping to join rival infant formula maker Bubs Australia in the race to patch up the shortage of infant formula in the US.
The $412.4 million listed company is coming first in the race of international infant formula companies vying for exposure in the US after the 40 per cent hole left by Abbott Laboratories. The US is the world’s second-biggest infant formula market after China.
The strong share price performance for Bubs and A2 Milk comes as the ASX unveils a new benchmark index tracking food producers and agribusiness companies. ASX capital markets head of strategic delivery Ken Chapman said the new index would “shine a spotlight” on Australian agribusiness and primary producers that are now playing a more significant role amid “megatrends” of food security crises, geopolitical tensions and supply chain impacts, greater demand for higher-quality produce from Asia, concerns over climate risk, and emerging technologies disrupting the sector.
“During times of market stress, the agribusiness index is a much steadier, better-performing sector. It stands to reason – everyone keeps needing to eat,” Chapman said.
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