Good Earth Dairy, Western Australia’s first commercial camel milk dairy producer, has been awarded a $4.4 million grant by the WA State Government to construct a fresh and powdered camel milk processing facility in Perth.
The $20 million project will allow Good Earth Dairy to dramatically increase production of new products for international distribution. In order to execute this project Good Earth Dairy is looking to IPO on the ASX in Q2 of 2024.
Set to be completed for operation in 2026, the purpose-built facility will allow Good Earth Dairy to increase their production capacity to 60kL per day (21.9 million litres per annum), and enter the infant formula market.
The grant includes increasing the farm capability and primary production, which will create over 90 new jobs once the assets are fully utilised. Already an established operation, Good Earth Dairy operates on a 800-hectare property with a herd of 160 camels with 200 on order, and distributes a range of products through leading and independent stores across Western Australia.
“My Government is committed to securing the State’s economic prosperity now, and for generations of Western Australians to come,” said Premier Roger Cook.
“We’re backing local companies to manufacture here in WA, to value-add, and to take on the world in developing high-tech products for the future.”
“Australia – particularly Western Australia – is in a unique position to be a global leader in camel milk production,” said founder and CEO of Good Earth Dairy, Marcel Steingiesser.
“If we were to rely on breeding we would be very limited but we have access to a huge supply of camels in outback WA.. We have the livestock, the technology, the climate and the opportunity; now we have the backing to take everything to the next level and begin growing on an international scale.”
Launched in 2016, Good Earth Dairy is one of Australia’s leading camel milk producers, and is set to capitalise on the $840B dairy market, particularly as more people seek out dairy alternatives. Despite only operating in Western Australia, the company has turned over $2.4m in revenue since distribution began, growing 200 per cent over the last year.
Camel milk is a premium alternative to cow’s milk, retailing in Australia at A$13-20/litre, with low allergens and high nutritional value, and is the closest substitute for human milk.
The product is significantly lower saturated fat than cow derived products and does not hard coagulate, making it easier for infants and adults to digest. Good Earth Dairy sells fresh camel milk through various supermarkets in Western Australia.
With growing demand locally and internationally, Good Earth Dairy has already developed new products to diversify its product range, and is planning on releasing a range of camel milk based products, including beverages, ice cream, cheese, and more.
Ahead of their planned IPO in 2024, Good Earth Dairy is launching a bridging round through an equity crowdfunding campaign via OnMarket, set to launch on 24 October. The capital will enable the company to complete increase their current capabilities and increase volume while the new facility remains under construction.
Steingiesser continued: “We’ve spent seven years and $9 million developing IP for camel domestication, husbandry, farm design and processing with a focus on maximising yield and the aim of becoming the lowest cost producer of camel milk globally.
“As we bring the cost of camel milk lower and lower, we stand a good chance of being able to compete with the $840 billion dairy market.”
Expressions of interest for Good Earth Dairy’s equity crowdfunding campaign kicks off on 24 October via OnMarket, and investments are open to anyone internationally over the age of 18.