$3 is coming, page-534

That is one of the reasons why they are going off shore mate. The margins for organic formula are 35% and if WHA start getting market share on the back of these penned Chinese sales, then A2m might have their own margins to worry about. I think the global market is plenty big enough for all the listed players.
I liken non organic milk powder to Forescue selling 58% iron at a discount where as Organic is like RIO selling 62% iron at a premium. It will always command a higher margin.