Industry background: a2's advantage is that its milk and baby-formula products contain only the A2 beta casein protein type, which is reported to have greater digestive benefits. It is the market leader in the category, but others have caught on and also launched in this space.

The Kiwi company's premium products command a premium price and it now sells products in Australia/NZ, China/Asia and the US (fresh milk only). It recently exited the milk category in Britain. It also has a 17.4 per cent stake in Synlait, its contract manufacturer, and has a strategic relationship with Fonterra.