Bega, one of the country’s largest dairy producers, has ridden a boom in demand for healthier and high-protein yoghurts to add $700 million to its market capitalisation in the past nine months, returning to levels last seen more than two years ago.

Yoghurt has been growing far more quickly than other dairy products, with consumers now spending $2 billion annually on the category. Demand, producers and retailers say, has been driven by healthier options that have added protein or reduced sugar.