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Else Nutrition
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==== Product offering ==== Edison illustrates Else’s product offering on Amazon.com in Exhibit 1 and compare it to other infant and toddler formula available. For completeness, Edison includes some standard (non-hypoallergenic) formula. Edison notes that the largest infant formula brands by market share in the United States are Enfamil (owned by Mead Johnson, which was bought by Reckitt in 2017), Similac (owned by Abbott) and Gerber (owned by Nestlé). Danone is another major player in the global baby food market, with its Nutricia brand. Prices are shown as of the start of April, when formula shortages were already an issue but less acute than at present. Edison does not believe more recent pricing on Amazon is representative owing to many SKUs being out of stock or only available at inflated prices through third-party sellers. We can see in Exhibit 1 that Else’s formula is priced at a premium versus the hypoallergenic alternatives, particularly the larger pack bundles whereby the competition gives much more significant discounts. In the hypoallergenic space, the most directly comparable products are Enfamil’s Nutramigen Toddler Formula, and Nutricia’s Neocate Junior: these are both toddler milks and both brands are recommended for children suffering from cow’s milk allergy (CMA) and are soy free. Other products either contain soy or are lactose-free, although it is important to distinguish between lactose intolerance and CMA. While some babies are lactose-intolerant, those affected by CMA are sensitive to other proteins present in the milk and hence lactose-free formula will still cause them discomfort. Edison notes that 70% of Else’s current customers state that they have chosen Else for lifestyle reasons and not due to allergies or other nutritional conditions. In this context, therefore, Else’s direct competitors are the premium organic dairy formula products. Else is unique in that it provides a dairy-free formula: its competitors are either organic dairy formula products or hypoallergenic formula products that are still made from hydrolysed dairy protein or contain animal-based amino acids. Edison believes that by 2025, Else aims to have a suite of products on the market encompassing: * Infant nutrition (stage one, aimed at 0–12m) in both powder and ready-to-drink (RTD) form, * Baby cereals (spoon feed, aimed at six months+), * Baby high-protein complementary nutrition (bottle feed, aimed at six months+), * Toddler complete nutrition (stage three, aimed at 12 months+), * Kids complete nutritional drink (aimed at three years+) in both powder and RTD form, and * Adult complete nutrition product line (aimed at the elderly) in both powder and RTD form. {| class="wikitable" |+Exhibit 1: Selection of infant and toddler formula available on amazon.com<ref>Source: Edison Investment Research, amazon.com. Note: Prices at 7 April 2022. *Contains milk. **Contains soy.</ref> !Product ! colspan="2" |Weight per pack (oz) !Number of packs in bundle !Total price (US$) !Price per oz (US$) |- | colspan="2" |Neocate Junior (1+ years) Unflavoured |14.1 |1 |73.99 |5.25 |- | colspan="2" |Neocate Junior (1+ years) Strawberry flavour |14.1 |4 |250.00 |4.43 |- | colspan="2" |Neocate Junior (1+ years) Chocolate flavour |14.1 |4 |235.00 |4.17 |- | colspan="2" |Neocate Nutra (6+ months) |14.1 |1 |39 |2.77 |- | colspan="2" |Neocate Nutra (6+ months) |14.1 |4 |152 |2.70 |- | colspan="2" |Enfamil Nutramigen Infant & Toddler Formula (Lactose-free) |12.6 |1 |32.98 |2.62 |- | colspan="2" |Gerber Extensive HA Hypoallergenic Infant Formula for Cow's Milk Allergy |14.1 |1 |33.99 |2.41 |- | colspan="2" |Enfamil Nutramigen Infant & Toddler Formula (Lactose-free) |12.6 |6 |161.99 |2.14 |- | colspan="2" |Gerber Extensive HA Hypoallergenic Infant Formula for Cow's Milk Allergy** |22 |1 |34.98 |1.59 |- | colspan="2" |Enfamil Nutramigen Hypoallergenic Infant Formula |22 |2 |70.00 |1.59 |- | colspan="2" |Else Toddler Nutrition |22 |4 |136.00 |1.55 |- | colspan="2" |Else Toddler Nutrition |34.9 |3 |155.59 |1.49 |- | colspan="2" |Else Toddler Nutrition |20 |1 |28.99 |1.45 |- | colspan="2" |Similac 360 Total Care Sensitive (for lactose sensitivity)* |16 |1 |22.98 |1.44 |- | colspan="2" |Gerber Good Start Plant-based protein infant formula (lactose free)** |22 |1 |29 |1.32 |- | colspan="2" |Else Kids Nutrition |12.7 |6 |98.94 |1.30 |- | colspan="2" |Else Toddler Omega |30.8 |4 |147.84 |1.20 |- | colspan="2" |Baby's Only Sensitive Toddler Formula (for lactose sensitivity)* |14.1 |6 |83.94 |0.99 |- | colspan="2" |Similac Soy Isomil Infant Formula ** |32 |6 |152.88 |0.80 |- | colspan="2" |Pediasure Powder Grow & Gain Gluten-Free * |8 |12 |24.49 |0.26 |}
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