What Noumi does

Noumi Limited (ASX: NOU), formerly Freedom Foods Group, is an Australian food and beverage company founded in 1980 and headquartered in Ingleburn, New South Wales, with manufacturing operations in Shepparton, Victoria and a regional office network spanning Singapore and China. The company operates across three core business streams: dairy and plant-based beverages (MILKLAB, Australia's Own, So Natural, Vitalife), sports and active nutrition (Vital Strength, UProtein, Crankt), and B2B nutritional ingredients (PUREnFERRIN lactoferrin, PUREnWPI, PUREnWPC, PUREnMCC — ultra-pure native proteins produced via proprietary serial filtration and gentle spray drying from fresh Australian cow's milk). The underlying technology platform is UHT aseptic processing combined with novel native-protein extraction, delivering products with preserved functional integrity (e.g., >95% lactoferrin purity, >96% micellar casein purity).

Revenue is generated through transactional sale of consumer brands via retail/grocery (major supermarkets, petrol and convenience retailers) and HORECA foodservice channels, with MILKLAB holding the #1 foodservice-exclusive alt-milk-for-coffee position in Australia; direct-to-consumer sales via brand websites for sports nutrition; export distribution to 24 countries including China, South-East Asia, the Middle East, and New Zealand; and B2B ingredient sales to infant nutrition, nutraceutical, clinical and supplement manufacturers. H1 FY26 group revenue reached $332.7M (+11.2% YoY), with dairy and nutritionals at $238.4M (+15.7%), plant-based at a record $94.3M, and adjusted operating EBITDA of $33.9M (+23.3%). The company employs 500+ staff across Australia, Singapore, and China and supplies into 24 countries.

Noumi's strategic positioning rests on three pillars: (1) Australian provenance and trusted dairy-farmer relationships underpinning clean-label positioning; (2) a multi-brand portfolio covering dairy, plant-based, and sports nutrition mass and premium tiers; and (3) proprietary native-protein manufacturing capability serving as both a B2B ingredients business and a defensible technology moat. The go-to-market is hybrid: a dedicated field sales team manages HORECA territories for MILKLAB, retail distribution is channel-led for consumer brands, and B2B ingredients are sold direct to manufacturers with multi-year contracts and quote-based pricing.

Name

Noumi

Legal name

Noumi Limited

Website

https://noumi.com.au

Company type

Public

Founded year

1980

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Noumi Limited (ASX: NOU) is an Australian food and beverage company producing dairy and plant-based beverages, sports nutrition products, and B2B native-protein ingredients (lactoferrin, whey isolates) across brands including MILKLAB, Australia's Own, and Vital Strength, selling domestically and exporting to 24 countries.

Ownership category

akta.pro rank

Product category

Dairy and Plant-Based Beverages

NAICS

Dairy Product Manufacturing (3115), Fluid Milk Manufacturing (311511), Dry, Condensed, and Evaporated Dairy Product Manufacturing (311514)

SIC

Dairy Products (2020), Beverages (2080)

akta.pro primary industry

Dairy-Based Beverages Manufacturing (Flavored Milk, Lassi, Drinkable Yogurt) (AFAKAKAH)

akta.pro secondary industries

Specialized Dairy Nutrition Base Powder & Premix Manufacturing (Vitamin/Mineral/Functional Premixes) (AFAHAHAJ), Dairy Beverage Concentrates & Bases (Syrups, Premixes, Cultured Bases for Foodservice) (AFAHAIAI)

Keywords

• Dairy beverages
• Plant-based milk
• Sports nutrition
• Nutritional ingredients
• Protein supplements

Headquarters

HQ city

Taren Point

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Dairy Products: Dairy beverages including full cream, skim, low fat, lactose-free, flavoured, and fortified/specialty milks sold domestically and internationally. Revenue of $238.4 million in H1 2026.
2. Plant-Based Beverages: Plant-based milk alternatives including almond, oat, soy, coconut, macadamia, and lactose-free products under MILKLAB and Australia's Own brands. Record plant-based sales of $94.3 million in H1 2026.
3. Sports and Active Nutrition: Protein powders, supplements, protein shakes and bars under Vital Strength, UProtein, and Crankt brands sold through retail and direct-to-consumer channels.
4. Nutritional Ingredients B2B: Premium native protein ingredients (lactoferrin, whey protein isolate, whey protein concentrate, micellar casein) sold to manufacturers for use in infant nutrition, nutraceuticals, functional foods, sports nutrition, and clinical nutrition products.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Noumi manufactures and markets a diversified portfolio of dairy and plant-based beverages (including full cream, skim, lactose-free, flavoured, and fortified milks, plus almond, oat, soy, coconut, and macadamia alternatives), sports and active nutrition products (protein powders, supplements, shakes, bars under Vital Strength, UProtein, and Crankt), and premium B2B native protein ingredients (PUREnFERRIN lactoferrin, PUREnWPI, PUREnWPC, PUREnMCC). Manufacturing is conducted at UHT-enabled facilities in Shepparton (Victoria) and Ingleburn (NSW), with products distributed across Australia and exported to 24 countries.

Product overview

Noumi operates as an Australian food and beverage company with a diversified portfolio of consumer brands and nutritional ingredient products. The consumer brands segment includes MILKLAB (Australia's #1 foodservice-exclusive alt-milk brand for coffee), Australia's Own (plant-based and dairy beverages), Vital Strength (sports nutrition protein products), Crankt (protein-enriched snacks and shakes), UProtein (premium protein supplements), So Natural, and Vitalife (fresh milk for Asian markets). The nutritional ingredients segment produces premium native dairy proteins under the PUREnFERRIN (lactoferrin), PUREnWPI (whey protein isolate), PUREnWPC (whey protein concentrate), and PUREnMCC (micellar casein) brands for B2B applications. The company operates dairy and plant-based manufacturing facilities in Shepparton (Victoria) and Ingleburn (New South Wales), serving both domestic and international markets.

Differentiator

Problem solved

Functional benefit

Brands

• MILKLAB: Australia's #1 foodservice exclusive alternative milk-for-coffee brand including Almond, Oat, Soy, Coconut, Macadamia, Lactose-Free and Dairy variants
• Australia's Own
• Vital Strength
• PUREnFERRIN
• Crankt
• UProtein
• So Natural
• Vitalife

Products and services

• MILKLAB Australia's #1 foodservice-exclusive alternative milk-for-coffee brand offering barista-formulated almond, oat, soy, coconut, macadamia, lactose-free, and dairy milks designed to texture and stretch like regular dairy milk for café professionals.
• Australia's Own
• Vital Strength
• PUREnFERRIN
• Crankt
• UProtein
• So Natural
• Vitalife
• PUREnWPI (Native Whey Protein Isolate)
• PUREnWPC (Native Whey Protein Concentrate)
• PUREnMCC (Native Micellar Casein)

Quantifiable outcome

• Revenue growth of 11.2% to $332.7 million in H1 2026
• +4 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Australian Fresh Milk HoldingscoreStrategic or Co-development PartnerStrategic partnership providing access to scalable quality dairy sourcing in Northern Victoria. Australian Fresh Milk Holdings operates state-of-the-art rotary processing dairy, cow barns, effluent management for crop fertiliser, and scalable water and irrigation capabilities. Ensures highest quality milk delivered daily from well-cared-for cows.
• Cellular Agriculture AustraliaminorStrategic or Co-development PartnerProfiled in white paper positioning Australia as potential global leader in precision fermentation for food ingredients. Noumi is developing precision-fermented dairy proteins alongside other companies including Eden Brew and All G Foods.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Oatly Group: Global plant-based milk brand and the most direct head-to-head competitor to Noumi's MILKLAB foodservice range and Australia's Own retail plant-based portfolio, especially in barista applications and international expansion into Asia-Pacific.
• Califia Farms: US-based premium plant-based beverage company with barista-grade alt-milks that directly compete with MILKLAB in foodservice and with Australia's Own in retail, particularly in coffee-forward applications.
• SunOpta: Plant-based and fruit-based foods manufacturer with a dual consumer/ingredient model that closely mirrors Noumi's combination of MILKLAB/Australia's Own retail plant-based beverages and PUREn B2B nutritional ingredients.
• a2 Milk Company: ASX-listed premium dairy company with similar Australian-sourcing positioning, a focus on Asia (particularly China and SE Asia) for infant and premium milk, and an overlapping product set with Noumi's So Natural and Vitalife brands.
• Sanitarium Health and Wellbeing: Australian plant-based food manufacturer (So Good, Sanitarium plant-based milks) that directly competes with Noumi's MILKLAB and Australia's Own plant-based ranges in Australian grocery and HORECA channels.
• Vital Farms: US premium pasture-raised dairy company with an ethical-sourcing brand positioning analogous to Noumi's Australian-farmer-sourced messaging for So Natural, Vitalife, and Australia's Own dairy products.
• Bega Cheese: ASX-listed Australian dairy manufacturer with comparable dairy processing footprint, retail brands, and active expansion into plant-based beverages, competing with Noumi across grocery and foodservice.

Broad incumbents

• Fonterra Co-operative Group: Global dairy cooperative with a large B2B nutritional ingredients business (Fonterra Ingredients, including lactoferrin, whey, and casein) that competes directly with Noumi Nutritionals' PUREnFERRIN, PUREnWPI, PUREnWPC, and PUREnMCC range.
• Danone: Global food and beverage major with the Alpro plant-based brand, large dairy operations, and infant-nutrition exposure (Nutricia). Comparable to Noumi's dairy, plant-based, and B2B nutritional ingredients portfolio, but at massive scale and with global distribution.
• Saputo Inc. Global dairy manufacturer with a broad portfolio of fluid milk, cheese, and plant-based products; a broad incumbent analogue to Noumi's dairy operations though operating at much greater scale across multiple geographies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/noumi

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Noumi