I would have to disagree on most of your points. Not a lot time at the moment to explain (2017 taxes due!). Keith Woodford and @monsooner are great resources to give you an expert perspective on the A2 market and history around the world.
At a very basic level A2M have less than 3% of a growing $20B USD China IF market (online its higher). The top 3 or 4 have 10%+ each. Lots of opportunity to grow that share for A2M. New premium market participants (A2 or not) are all taking share from the dinasour incumbents, not from A2M. This is a well established trend.
A2M is the only company that has and will likely continue for some time have a cradle to grave daily product - the holy grail of any business. Selling that into a 1.3B population country where dairy consumption is taking off (despite their A1/lactose intolerance) is one of the biggest potential harvests I have ever seen in my investing lifetime. There will be room and success for many companies, but I would rather put my money in the branded product than try to pick a generic A2 (no matter how big the household name). Blackmores didn't have any fun when they ventured outside their core business and confused the market with their IF. It was an utter failure. It isn't easy to crack this space. Always better to go with the momentum in China rather than hope a new brand takes off. Very few ever make it.
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