Key players in China’s infant formula industry have reported a drop in their gross profit margins in the first six months of this year, including the biggest local player Feihe, as well as Health and Happiness Group (H&H Group), and Ausnutria.
Saudi Arabia’s food giant Almarai has reported first quarter revenue growth of 3.8% led by rising sales in its poultry and bakery businesses, but its dairy and juice divisions fared less well.
China’s dairy giant Yili has seen its total revenue rise by 16.9% to reach RMB$79.5bn (US$11bn) last year – the greatest amount generated and highest growth rate witnessed in its 50 year history.
The world’s biggest dairy co-operative will review its stake in Chinese formula milk company Beingmate after unveiling the first ever annual loss in its 17-year history.