Western Australia’s Good Earth Dairy has received a $4.4 million grant from the WA government to construct a fresh and powdered camel milk processing facility in Perth.
The purpose-built facility will increase production capacity to 60kL per day (21.9 million litres per annum), and allow the producer to enter the infant formula market. The grant, awarded by the Department of Jobs, Tourism, Science and Innovation, includes increasing the farm capability and primary production, creating over 90 new jobs once assets are fully utilised.
To execute the project, Good Earth Dairy will IPO on the ASX in Q2 of 2024, with the facility set to be completed for operation in 2026.
Good Earth Dairy currently operates on a 800-hectare property with a herd of 160 camels and distributes a range of products through stores across Western Australia.
Good Earth Dairy founder and CEO Marcel Steingiesser said Western Australia was in a position to be a global leader in camel milk production.
The company has 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 entire dairy market.
“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,” said Steingiesser.
Launched in 2016, Good Earth Dairy is now set to capitalise on the $840 billion dairy market as more consumers seek out dairy alternatives.
With its operations solely in Western Australia, the company has turned over $2.4m in revenue since distribution began.
Camel milk retails in Australia at A$13-20/litre, with low allergens and high nutritional value, and is significantly lower in saturated fat than cow derived products, making it easier for infants and adults to digest.
Good Earth Dairy sells fresh camel milk through various supermarkets in Western Australia, and has 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 its planned IPO, Good Earth Dairy is launching a bridging round through an equity crowdfunding campaign via OnMarket. The capital will enable the company to complete increase their current capabilities and increase volume while the new facility remains under construction.
Expressions of interest for Good Earth Dairy’s equity crowdfunding campaign opens 24 October via OnMarket.
