The ASX has a burgeoning dairy formula sector and the sector has been a hot theme in ASX small cap land for some time.

Australian companies producing the stuff have been popular in China ever since 2008 when domestic products that were contaminated with melamine resulted in six deaths and more than 54,000 hospitalisations.

But who is who, what are they doing, and are they active in China?

Let’s take a look at the companies that have had some form of exposure to the sector in the last couple of years.

For several companies, infant formula is big business. Bubs Australia (ASX:BUB) recently reported half-year gross revenue of $21 million, exceeding the $17 million it banked for all of 2018.

The big driver was Chinese sales: up 2,281 per cent compared with Q2 2018 and up 121 per cent on the September quarter.

Wattle Health (ASX:WHA) recently acquired a majority stake in Blend & Pack, which is the manufacturer of Wattle Health products that are exported to China via e-commerce channels.

Blend & Pack recently renewed its GACC approval, but Wattle is still waiting on SAMR approval.

AuMake International (ASX:AU8), which is focused on Chinese tourists who buy products and take them back to China, doesn’t sell its own brand, preferring to distributes others.

Clover Corp (ASX:CLV) makes nutrient-rich additives that can be added to milk powder, and demand for those from China was a big reason it doubled profit in 2018.

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