Welcome, everyone, to Jamieson Wellness Investor Day. This is our first-ever Investor Day, so we're really happy to be here, and we're really happy that you all joined us today. To everyone who's listening online, thank you for joining in. Today, we have a great agenda planned for you all. We're going to work through a lot of details of the company. We're going to share with you our global vision and strategy. We're going to give you a peek under the hood and give you some more details on the company and really help you understand how it all comes together. Our managing directors are here. Our entire leadership team is here that runs all of our key functions.
They are really going to walk you through what makes Jamieson special, how we do what we do, how what we do is repeatable, and how it is a process that happens year after year, quarter after quarter, to drive the growth that we have and to take advantage of the growth opportunities out in the marketplace. You will get to meet a lot of our team members today. I am Mike Pilato, President and CEO. Is this not working? Sorry. I am Mike Pilato, President and CEO. With me today and presenting through the day, you will see our leadership team. This is an amazing team of experts in what they do, an amazing team of professionals that help drive this company forward every day. Part of the magic of Jamieson is this team.
What makes it so special is on this screen right here, you see a mix of people that have decades of vitamins, minerals, and supplement experience. You have people on here that have decades of tier-one CPG experience. When you put that together, you get the amazing business that's Jamieson Wellness, and you get the amazing results that we've been driving for years, especially since we became public in 2017. We have been on a mission, and we have been on a journey. That journey has been to change the Jamieson Wellness business and internally to change the Jamieson Wellness mindset. When I talk about it, I talk about it in these terms. We have shifted from being a Canadian company, a small Canadian company, from being a Canadian brand, and from doing some business internationally. That's how we were five, six years ago.
We were Canadian. We did a little bit of business off the side of our desk internationally, to really changing how we operate, how we are structured, and what we do around the world. Today, we're a global company that has Canadian headquarters. We have global brands, and we have a strategic focus in high-potential markets outside of Canada. In 2017, when we went public, our branded business was 10% of the revenue coming from outside of Canada. Today, it's more than 50%. We have done this, and we'll show you in a minute, while Canada continued to grow. As we went down this path and through this journey, the strategy has been to take advantage of some real growth opportunities and really to champion us into being a global powerhouse. We have four business units from a branded perspective that we'll talk about today.
First of all is Canada. This is where our legacy is, 103 years. We're strong here in Canada. We're the market leader, two to two and a half times larger than the closest competitor. We use that strength to launch ourselves globally. We entered the U.S. market as the next frontier when we acquired Youtheory in 2022. We accelerated our growth in the second-largest market in China in 2023 when we purchased our distributor assets and did a JV with DCP, who's here with us today. We have continued to grow in other high-potential markets, like through the Middle East, through Eastern Europe, and through some Asian markets, all high-potential markets in our expansion strategy. Our team members will come up in a little bit and talk about each one of these. We have had tremendous results since we went public.
We went public in 2017, and as we closed 2024, we took a look back and said, "Wow, we've grown 156% on the top line, 150% on the bottom line." Our cash flow has grown 261% since we went public, and our dividends have delivered 150% growth over that time. We've delivered over $200 million back to shareholders since the IPO. I can tell you, we are very proud of these numbers. We're very proud of where we've taken this company, and we're even proud of where we're going to take it, which you'll learn about today. We like to say we're just getting started. We're a 103-year-old company that's just getting started. Why we say that is if you just take a step back to 2017, we were a $286 million business, 90% of our branded business and 70% of our total business was done in Canada.
We closed 2024 at $734 million. 53% of the business was Canadian, and it grew to $333 million. Over the next three to five years, our goal is to surpass $1 billion in revenue. Canada will be about 35% of that mix. What's interesting in here is we've done all of this global growth and all of this expansion while our key market, Canada, continues to grow. We continue to invest here. We continue to drive margins here. We continue to drive leadership here, expand our leadership here. We've taken the Canadian business from $200 million to over $300 million, and it's on pace to cross $400 million in the next three to five years. All of this global growth has happened while we've continued to grow our core, strengthen our core, and make sure that it is healthy here in Canada.
We've gone through some interesting times in the last five, six years, from COVID to high inflationary periods. We get a lot of questions about how does the category react in these times. If you go back to in COVID, we talked to a lot of you about how we believe that the category would just accelerate growth through COVID and that it wouldn't step back post-COVID. This slide right here breaks down the timeframes. From 2016 to 2019 pre-COVID, the global category was growing over 5%. When we stepped into those COVID years, we saw an acceleration of households adopt the category and stay in the category. We saw a spike of almost 8% growth through that timeframe.
As COVID came to a close and we're now through COVID and a few years of it, the category has gone back to pre-COVID growth rates of over 5%. The category is resilient. We'll talk about some of the trends driving it. We'll talk about why, but the category is resilient, growing pre-COVID, accelerated through COVID, and then continued to grow post-COVID in a high inflationary period where costs and discretionary spending came under pressure. This category is not a discretionary category. It is a staple in consumers' lives that take vitamins and they're looking to improve their health. This, of course, is all fueled by global megatrends, some amazing megatrends that power our business. We're very fortunate to be in the vitamin mineral supplement category.
It is one of the fastest-growing CPG categories in the world, and it is fueled by megatrends that have been around for a while and have just been accelerating. The first one is an aging population. For the history of the category, when vitamins were created, it is typically an older demographic that enters the category. You get into the category in your mid-40s, your 50s, and you continue to add products as you age, and your health journey increases or becomes more important to you. That continues. The population is aging around the world. We are expecting 2.1 billion elderly people or people who are in the demographic that buy vitamins by 2050, two times today. That is growing the category.
For the first time ever, though, the category is growing by the second trend here, which is a younger demographic getting into the category at a much earlier age than ever in the history of vitamins, minerals, and supplements. 56% of Gen Zs have started taking supplements in the last two years. We've seen this younger generation grow through the millennial generation, and we're seeing it accelerate with Gen Zs. We're excited about this. We're grabbing some of that growth, and these are the consumers that will fuel this category for years to come. There's rising disposable income in emerging markets. We continue to grab hold of these markets where you're seeing more and more consumers come into the category because they want to improve their health, but also come into the category because they can afford to invest in their health.
They're taking their dollars, and they're making that investment. We see increasing focus on health and wellness prevention. This is a very key trend. The world is focused post-COVID on preventative health, or what we call self-care, not waiting to get sick, not waiting to react to something, not waiting for the hospital or the doctor to take care of you, but trying to get ahead of it. There's a stat out of Europe recently that 70% of European healthcare is spent on preventative health, not reactionary health, but preventative health. We're seeing those trends in every market around the world and in every major market that we do business in. Number five, informed consumers. Consumers have more access to information than ever. Vitamins, minerals, and supplements is a very complicated category.
It is actually a category made up of dozens of subcategories to meet all kinds of different health needs. There are all kinds of different regulatory worlds out there. There are many ingredients. There are many scientific studies. What access to information does is educate people on what they should be taking, why they should be taking it, and why they should be getting ahead of their health. Two out of three consumers around the world feel empowered today to get control of their health, and it is because of this access to information. We take advantage of that everywhere we are in business. You look at all those megatrends, you look at the opportunity, you look at the resiliency of the category, and we have two global brands that are uniquely positioned to win, and they both stand for quality.
You are going to learn about what that means today and what the consumer believes is quality and what the consumer looks for when they shop, and how our two brands perfectly match the purchase attributes of the majority of consumers looking to improve their health. We, of course, have our Jamieson brand, our flagship brand on the left there. It is an everything from A to Z expertly made product, really focused on purity, potency, and presence. John Doherty, our Chief Science Officer, is going to be up here later to talk about what that means in our product. Of course, we have Youtheory that we bought in 2022. It is focused on elevated wellness, pure natural, proven science, perfectly matches what consumers are looking for around the world, and perfectly matches what Jamieson Wellness stands for.
Paul, our Managing Director for the Youtheory business, will be up here later to talk about that. One of the key strategies you'll hear throughout the day is what we call globally consistent, locally relevant. Successful CPG brands around the world follow a model where they take advantage of what works globally, but are able to be flexible and agile to grab onto opportunities that are local. It's not one size fits all. It's one size fits a lot, but you have to adapt to each market and make sure you're consumer relevant and make sure that you're talking to the consumers with products they want in a way they want to be served and in a message that's culturally relevant. You'll see examples today of where we're globally consistent and locally relevant. Here's some product shots. You can see on the left, these are globally consistent products.
You can see our vitamin C and our vitamin B in multiple countries around the world. They look the same. They're in the same bottle, very similar claims, maybe a little bit different regulatory profile, but they're globally consistent. You look on the right, those are local innovations that we launch for those markets. There's a couple from China there. There's one for the U.S. Those are products that are relevant to those markets, and we're able, through our innovation powerhouse and our agility and flexibility, to launch into these markets with products that mean something to those consumers. The core of everything we do in our global expansion is globally consistent, locally relevant. You'll hear a lot about that today. When we decided where to grow, we looked at markets around the world, and our big three growth pillars are Canada, China, and the U.S.
You have heard us talk a lot about these over the last few years. To put some context to it, Canada, of course, is our home market. We are going to continue to grow here in our home market. As I said earlier, we are the clear market leader, two to two and a half times larger than our closest branded competitor, and expanding our market share leadership every year. We continue to outpace market growth in Canada with everything we do. Eric is going to come up later and talk to you about where the opportunities for growth still sit in Canada. It is really an amazing presentation to understand that even though we are the leader, there is still tons of runway for growth here in Canada. Household penetration in Canada for the category is 75%.
That means at any given point in the year, 75% of Canadian households have a vitamin mineral supplement product in their cupboard. Jamieson is at 40%. That alone gives us a 35% gap to close over time. China, $30 billion market. We have over 200 SKUs in market today between cross-border e-commerce and our retail business. E-commerce is over 50% of the category in China. That is a great opportunity for a company like Jamieson and a brand like Jamieson to grab onto market share, to grow. E-commerce is controlled by companies internally, not by retailers giving you shelf presence. We have leveraged that market and that e-commerce growth or market to really grow our business and get into consumers' households. We are also on shelves. You will see some examples of that today. We are also in retail.
With e-com being such a big percentage and such a high-growing channel, it has given us an opportunity to really enter and penetrate that market. What we're proud about in China is we've had over six years now of our growth outpacing market growth in China. We now have a track record in China. This isn't a happening. This is a trend, and we're going to continue to drive that trend forward. Of course, the U.S. is the world's largest market at $40 billion. We have about 65 SKUs. We have some power SKUs that Paul will talk about later. What's interesting about China is five retailers only control 20% of the market, and e-commerce now is between 25-30% of the market. Again, a market that's accessible to brands that want to grow and emerging brands that want to scale.
When you look at Canada, five retailers control 85% of the market. An emerging brand can't just come to Canada, enter the market, grow at speed and scale. They have to get the shelf space. They have to get the regulatory approvals. In the markets where we're growing, we can drive this in a way that leverages e-commerce, that leverages retailers that don't have control of the market and that take advantage of our strengths. Of course, everything we do sits on the values of which we live every day here at Jamieson. Those values are accountability, respect, excellence, and agility. In each one of these are behaviors that we talk about that help drive our performance. As a company, we're very disciplined on ensuring every dollar we invest. We understand what the ROI is on that.
We understand what do we expect in one year, three years, five years. What kind of return do we think we're going to get? We track, are we getting it? Do we need to pivot? Do we need to change? Do we need to leverage that value of agility and do things differently? We have extreme financial discipline as a company, and you see that in our results, in our margin structure, in what we do as a company. We're always talking about margin, margin improvement. How do we grow the top line sustainably so that it's sticky and it's repeatable and that the consumers are loyal so that that in turn drives margin improvement, drives scale, and drives leverage? What sets us apart as a company? I look at these as our competitive advantages, and you will hear about these throughout the day.
You're going to hear about them through every presentation. You're going to hear about them, whether it's a business unit leader talking to you or a functional leader talking to you. This is the core of what makes Jamieson special. First and foremost, we have unparalleled consumer insights. We eat, breathe, and sleep vitamins and consumer behavior and consumer insights every day, every minute of every day. We are vitamin experts, and we are noted as that on the global scale. We have consumer-relevant innovation. We are an innovation powerhouse. We launch a lot of new products. This is a market or a category, I talk about this often, that is made up of bunts and singles. There's very few home runs in vitamins, minerals, and supplements when it comes to innovation.
Most of what you launch starts out as a bunt, turns into a single, turns into a double, and then hopefully over a few years turns into a run. That is because when you launch new products in vitamins, minerals, and supplements, you're asking consumers to change something in their life. You're asking them to change a behavior. You're asking them to add something. You're asking them to improve their health in a way they haven't before. You usually don't just launch and hit a run. You usually launch, and it builds up over a few years. We look at innovation on a three-year success cycle. We have a pipeline of innovation that is multiple years long, and John Dougherty is going to walk you through how that whole cycle works today. The third thing is leading global regulatory expertise.
John's going to talk about this as well. This one is really important. The regulatory models around the world are different, and you have to have the expertise in-house to understand how to meet those regulatory standards to get products on the shelf in most countries around the world. We have this. It is not uncommon for me to hear from competitors out in the marketplace that say, "Mike, we're watching what you guys are doing from a registration perspective. We don't understand how you're doing it. How do you guys get all these registrations?" John's going to walk you through some of that today. Number four, we have unmatched product quality. The entire company, everything we do, everything we touch, everything we manufacture is built on this platform of quality. We own the quality standard in Canada.
We are owning the quality standard globally, and consumers are looking for quality. That is what we do every day in everything we touch. Let's talk about each one of these a little bit. When it comes to unparalleled consumer insights, it is really driven by data. We get asked a lot, "Where do you guys get all your insights from?" It is a combination of many things. We have quantitative studies that we conduct. We have qualitative studies. We have third-party research. We do some custom research. We use digital platforms, right? Every time someone buys something online, there is a data point there that you can address, that you can analyze, that you can understand. Of course, we have great customer data from customers who are willing to share those data points, down to sales per store, sales by type of customer, demographics.
There are some customers out there that really have good granular data, and we're able to access that and able to put that into our insights world. We bundle that all together with an amazing team of individuals led by Matt Taylor, who's also here, and he's going to be on a panel later. They are the ones who build, "This is what consumers are looking for. This is why they're looking for it. This is how they're looking for it." We're able then to connect those insights to our marketing, to our innovation, to where we sell our product, to our pricing, and really make this all come together into a successful company. An example of those insights is our consumer segmentation. We don't just throw products out there and say, "Hey, whoever buys it, buys it." Great.
We're very, very focused on understanding the vitamin mineral supplement consumer globally. This is a global segmentation model we update regularly. What's important in the segmentation model in the CPG and marketing world is this isn't a study of demographics. This is a study of behaviors. How do these potential consumers behave? What are they looking for in their lives? Why would they buy vitamins, minerals, and supplements? Who is the highest potential segment that is interested in the category? If you look to the right there, you see two categories or two segments that we're focused on, and you'll see this consistency through every business today. We're focused on what we call the efficiency explorer, and we're focused on what we call the quality seeker.
When you look at the bottom there, that's the value of these consumers in the U.S., China, and Canada, the biggest markets and our focus markets. Those are the two biggest segments. Those are the two biggest segments that are looking for what we offer, and we're taking advantage of that every day in everything we do. If we dig a little deeper on these, you can see that we understand them and we understand how they buy vitamins. Let's just talk about the quality seeker for a minute, which is on your right. We're just missing a headline here. They're looking for superior quality and natural vitamins, minerals, and supplements. What we know about them by country is they buy 84% of VMS daily. They use vitamins, minerals, supplements daily, 84% of them in Canada, 89% in the U.S., and 74% in China.
They're a highly engaged segment, and they want vitamins. We understand that they use six, seven, eight products in their repertoire. They don't just buy vitamin C and take it every day. They take up to eight different subcategories a day, and they must have natural ingredients, be advanced, be highly effective, and be of high quality. We understand this consumer as well or better than anyone. We know anything about them. Oftentimes I'm out there, I'm talking to people. They say, "How do you guys do what you do?" We say, "Because we know more about you than you know about yourself. We know your behaviors. We know how you buy. We know where you buy. We know what you're looking for, and we're able to match that in market." Our consumer insights are deep, and this is just one example of what we understand about them.
We are an innovation powerhouse. I talked about innovation a minute ago. When you have great consumer insights and you have great science insights and you match those together, that's where you get powerful innovation. When we talk about innovation in all of our presentations today, you'll see innovation comes in many formats for us. It comes in continuing to grow in foundational growth categories that we've been in for a long time. It's innovating in emerging trends like GLP or stress relief or sleep. It's regionally specific health needs. I showed you some of the locally relevant innovations we've launched in the marketplace. Not every market is looking for the same health products. The example I always give is in China, bone health is a very over-indexed category to Canada, but vitamin D is a very under-indexed category.
We'll innovate more locally on bone health in China, and we'll innovate more locally on vitamin D in Canada. Regional-specific health needs and trends we follow. New science. New science comes to the market. We're on it. We understand it. We see it one, two, three years ahead, and we're ready to go when that science becomes something that the mass markets are looking for. We innovate in trending or new formats. You see gummies there on the left. Eric from our Canada team is going to talk about gummies later. Of course, new and improved. On every product we have out there, we're constantly saying, "Can we improve it? Can we make it better? Is there science out there?
Is there an insight out there that can make this product better? Everything we do, again, is on the foundation of being science-backed, being leading in regulatory, and ensuring that we have unmatched quality and a regulatory ability to spread these two great brands around the world with ease. We have dozens and dozens, I think hundreds of registrations around the world. At any given time, we have dozens and dozens of new registrations sitting with regulators for approval for potential innovation. We are on it all the time. With all of this, this is what we call the wheel of wellness in Jamieson. Everything I just talked about, combined with great marketing from all of these insights, really works to drive loyalty, repeat purchase, and stickiness in our consumers around the world. We have very high loyalty and repeat rates around the world.
You'll see a little bit of data on that that we're willing to share today, but it is quite impressive. It is because we take all of these great things we do. We take this deep knowledge of the consumer and deep knowledge of science and deep knowledge of the category, and we pull it all together in the wheel of wellness. It starts by getting our consumers to move into our brand on the left circle there. Get them to come into the category or into our JWell brands and just take a product. We follow them. Take that product for three or four months. In three or four months, you really start to feel the health benefits of an efficacious product. We have efficacy in everything we do, so they start to feel those health benefits, and they start to believe in the category.
They go, "Wow, this works. I feel better. I have more energy. I'm sleeping better. My inflammation is down." Whatever the health benefit they may be looking for, they start to feel as we embed this product in their life. Once they believe, then they start to grow. They start to buy more products. They start to stay compliant to their regimen. They start to trade up to higher-priced products, higher-margin products, and we can move them across to buy more categories. If I have trouble sleeping and I'm not sure if melatonin works, and I buy it and I take it, and I'm sleeping well, in my head, I now go, "Wow, vitamins, minerals, and supplements work. You know what? My knee's been hurting. I'm going to try a product for anti-inflammation." "I've been getting sick a lot.
I'm going to start taking immunity products." Or, "I have a gut issue. Now I'm going to try probiotics." It's much easier to convert a consumer once you've turned them into a believer. When you see them start buying subcategories of your brands, they become ambassadors, and they start telling the world, "Buy more vitamins. Try vitamins. Try Jamieson." This is the algorithm that we live every day with all of those competitive advantages I just walked you through. Our purpose, of course, is inspiring better lives every day. We talk about it every day. We focus on this every day. Our mission is to make consumers healthier, to inspire better lives for everyone, including our team internally, our stakeholders, be it customers or our shareholders. Every day, we're focused on this, and I hope you get a lot out of today.
I'm going to be up and down throughout the day through Q&A periods to answer any questions you have. The leadership team is now going to present for a majority of the day. I hope you enjoy meeting them all. They are an amazingly talented group. I'm very fortunate to get to work with them every day. First up is Joel Scales, who's going to talk about China. He is our Executive Vice President of Jamieson International. He runs everything outside of Canada and the U.S. and strategic partners for us. He also runs our global strategy team. Joel, over to you. Lapel works. It does.
Everyone can hear me okay? Fantastic. As Mike said, I'm Joel Scales. I have the very distinct pleasure of working with our teams who lead our business in China and international, everything outside of Canada and the U.S. I'm very happy to be able to represent what we're doing there around the world to build the Jamieson brand. Okay.
When we talk about China, we're talking about building an international powerhouse. As Mike said, and you saw in the video before, it's all about how we combine this idea of global consistency and local relevance. When we talk global consistency, for us, it specifically means that we're bringing the highest quality products and process to market with trusted brands based on our expertise in the space, and then being authentic in who we are and what health and wellness means to us and how we can deliver that to consumers specifically in China. When we think about locally relevant, we have this phrase that we use in China. We call it China for China.
What that is about is how do we take that insight, that passion, what we know about the market, what we know about the consumer, and really use that to drive our growth in that market. What that comes together, you will see on the other side of the page, to mean for us, from a structural perspective, is local general management and leadership and our team on the ground in China, in addition to governance through representation on the Jamieson Wellness board of directors. Our third-party partner, DCP, who you will be hearing from a little bit later on, is also involved. Together, that group is ensuring that local relevance, China insight, China innovation, and China-based consumer understanding is permeating everything that we do to really drive that connection of the global and local to really win locally.
As Mike mentioned before, China is the world's number two VMS market at around $30 billion. It's grown significantly in the past. We anticipate great growth in the future. As I joke with Paul in the back, we're coming for the U.S., and we will be number one soon in terms of VMS markets. What that growth has meant for our business, Mike talked about our striving to be $1 billion in the near future from a Jamieson Wellness perspective. China plays a critical role in that. You see the percentage of our business growing from kind of where we are in 2025 to where we're going in the next three to five years at about 25%-35%. Really ambitious targets for the market.
It's something that we are incredibly confident that we can deliver against based on what we'll go through in the next few pages. Our aspiration in China is to be the most trusted and recommended health and wellness brand. That will position us to best meet the needs, the evolving needs of the Chinese consumer. Now, since we launched back in 2000, we brought over 200 SKUs to the market, and that's been the catalyst for significant growth. Mike talked about our innovation machine and how we bring that to market. That's what's driven those 200 SKUs, and that's what's provided significant growth for us over the past 25 years.
In 2023, working with a fantastic partner, DCP, we have seen acceleration of that growth, evidenced by an almost 50% growth rate over the past five years and strong growth predicted for 2025. Now, thinking about DCP and partnerships in China, our focus is on finding the right team to combine with. That is critical for us to grow and to be successful in this market. DCP was the clear choice because they bring these industry-leading capabilities, like a deep understanding of the consumer and their experience building brands in China that truly delight that consumer, connections across channels, both in digital commerce and retail, to ensure we have sound go-to-market strategies that win at point of purchase, deep knowledge related to government relations and business culture.
How do we ensure that we can work seamlessly in that market to do what we need to do and reach those aspirations that we have? Adept at navigating regional complexity, we don't know what we don't know, and having a partner on the ground there really helps us understand and break through some of the walls in a complex and ever-growing market. We are well set up for future success through the combination of Jamieson's industry-leading capabilities and DCP's specific experience in China. Juan will be up a little bit later to talk a bit more about that. Now, when we think about how we show up, how we go to market, what does our channel strategy look like? Our focus is on meeting the consumer where they expect to see international health and wellness brands.
For us, that means continued growth in e-commerce, both on traditional platforms and emerging social platforms. We'll talk about that a little bit later. Then thoughtful expansion in brick-and-mortar retail. You'll see an example above at the top of the page of how we've shown up in club recently. I think it's a great example of what you'll see when you see Jamieson in market. When we think about e-commerce, I want to do a little bit of level setting here. It's important to understand the scale of the marketplace across various platforms. This outlines the size of all goods moving through these platforms. This isn't just VMS. I don't think this is just our category that's selling through there. It gives you a sense of size.
You will see Tmall at over $1 trillion in sales per year, on down to Pinduoduo at about $600 billion, JD.com at $500 billion, and Douyin, who you might know as TikTok here in North America, at $200 billion. Just to put that in perspective, that $1.1 trillion behind Tmall is significantly greater than any other channel, any other banner that we see globally. You get a sense of the scale and the size of that market, particularly around e-commerce. What that means for us is that to win in a space like that, we need to be able to reach consumers. One of the ways that we do that is through celebrity spokespeople. When executed correctly, these campaigns allow us to reach a large number of consumers, to really drive awareness. Through that awareness, we are able to bring new consumers into the brand.
I'll give you an example. Here we have Mr. Lin. He is a very famous actor in China. At the time when we signed our partnership with him last year, he was putting out a movie and a couple of television shows. He was incredibly hot at the time when we signed him. In our work with Mr. Lin, we were able to drive almost 2 billion—that is billion with a B—consumer impressions in the market and really engage with those consumers at almost 2.5 million, like deep engagement. This is not just they clicked through and checked the website. This is not just that they purchased. This is that they became a part of our Jamieson ecosystem and really started to follow and engage with the brand.
When we leverage spokespeople like this, and you'll see this example throughout a few of my other slides, the idea is that we need to ensure that we're hitting the consumer across multiple touchpoints, what we like to call 360-degree marketing. It's not just one visual on your phone. It's not just one out-of-home execution. It's how do we bring it all together to consistently deliver the message and really break through in what is a crowded, competitive, and fast-growing market. In addition to celebrity spokespeople, we use KOLs, key opinion leaders, thought leaders. We leverage these KOLs on social commerce platforms. That's a core driver of both immediate sales, a lot of eyeballs, a lot of purchase.
It is also something that will lead ultimately to future sales as more and more consumers are introduced to the brand, become aware of Jamieson, and become aware of the benefits and the products that we sell. I have got an example of a live stream that was run in 2024 for vitamin C, and we will play that right now.
All right. I use that example because it is, for those of us that are here in Canada and know the market, it's very different than what we see and very different than how we experience the brand. I think it's a great example of how China is different and how we take something that is globally consistent in our product and make it locally relevant to the consumer in the marketplace through these live streams. I would be remiss if I did not point out that through this specific execution, we sold about $1 million of product in under five minutes. These are tools that we use strategically on a regular basis to grow with our consumers. Given those examples of how we engage and connect, it's important to think about the competitive landscape and what does this market look like.
Mike talked about it a little bit earlier on, about the fragmentation of the competitive landscape in China, with only the biggest brand has only about 10% of the market. We compete with local players like By-Health, but then also international players like Swisse and Blackmores, Centrum, et cetera. You will see a mix of brands that are specializing in specific subcategories or those that play across multiple other categories. Why that is important for us is because this fragmentation represents an opportunity for us. There is plenty of room to grow with a high-quality international brand that offers a breadth of product benefits across multiple subcategories in something that is as fragmented and fast-growing as the Chinese market.
To win in this market, we're focused on using digital marketing, which you saw a little bit of before, to meet our consumer where she expects and wants to see us. Our primary focus here is on driving brand awareness and trial. We've talked about the over 2 billion impressions that we've gotten in 2024, which is a great start down that path. Also, secondarily, we want to make sure that we're building the Jamieson brand equity. We do that with a focus on quality and efficacy of our core messaging, really taking what Jamieson stands for around the world and making it relevant to the local consumer. We talked about a bit of how this can come to life. This is that 360 marketing view.
If you look at the middle, this is kind of our digital marketing campaign around Mr. Lin, talking specifically about vitamin B. You will see some out-of-home examples of how that came to life. We had a great activation over there on the left. This was near our office in Shanghai, and we invited consumers to come by, experience the brand, talk to some of our spokespeople there. The image on the right there is just kind of in transit throughout malls, that sort of thing, to really drive that message home and really surround the consumer with our messaging. We have generated interest. We are driving brand equity. We have got awareness. Now we have got to close the loop. We have to really drive that purchase. How we do that is based on where we assess these platforms that we play on.
When assessing those e-commerce platforms and our presence there, we're very choiceful in the role that each one plays and how that fits our overarching strategy. We're continuously evaluating and adjusting our plans based on that. In doing that and assessing those platforms, we look at the platform growth rate. That changes over time. Sometimes platforms are hot. Sometimes they slow down, but they are always innovating. They're always competing with each other for traffic and for sales. We also look at our efficiency on each one of those platforms. By finding that right balance, we're able to take 20-24 platforms that we're present on and really find the right role for each at any given point in time as we execute against our strategy.
That enables us to be more efficient and effective over time as we gain more and more experience in building that business. Here are a few examples of what our storefronts could look like through digital. When we first built this slide, we had a laptop that was showing what that interface or what that website would look like. We needed to change it to mobile because that is how most of those purchases are happening. They're happening on phones and not necessarily on the laptops that I see here around the room. In addition to e-commerce, this also applies to our retail business. How are we closing the sale? How are we looking at that part of the market? It is important to us as well. For brick-and-mortar retail, we've got to focus in four key areas.
Number one is about really nailing the basics of retail execution. That includes portfolio optimization and maximizing the consumer value proposition. In addition to that, we want to make sure that we are driving and developing high-quality distribution. We want to be in the right banners, where it's a good fit for our target consumer and where they will value the value proposition that we're bringing to the table. Once they're there, once they're at shelf, we've got their attention. We have to focus on conversion and closing the sale. It's not just about awareness. It's not just about building equity. We also need you to make that purchase. Our focus across those three areas is what's driving our success in our domestic retail business.
While we do that, we're always constantly looking for those emerging channels, those new ones that are building and that are growing in a fast-growing market. It's incredibly important that we have our ear to the ground, so to speak, to understand where consumers are going, where shoppers are going, and how we can best meet their needs there. You saw our club example a little bit earlier on. These are a few other examples of Jamieson in retail. If you didn't know it, sometimes you might think you're in a Canadian store, the presence that we've got there in terms of how we show up. We definitely have strong presence across a variety of retailers, again, where the consumer expects to see international brands, like international retailers, select hypermarkets, et cetera.
In addition to being at the right place, at the right time to win with the consumer, we also have to have the right product and really meet the consumer's needs. When we think about the top five purchase attributes that the Chinese consumer or our target is looking for, it is around brand reputation. Mike talked about the quality seeker. One of those key indicators of quality is the reputation that a brand has and brings with them. Our product potency, ensuring that what we promise on the front of the pack is what we actually deliver. High-quality ingredients so they do not have to worry about what is in there. You can trust what you are getting from us, ensuring that the ingredients that we have on the label are what is in there, nothing more and nothing less.
The ability to have that breadth, that broad imported across cross-border e-commerce and then domestic presence. We do all of that across these six prioritized needs states that represent about half of the total market. That is energy. That is immunity. That is bone health, as Mike mentioned a little bit earlier, eye health, liver health, and heart health. By focusing on those needs and bringing the product and the brand proposition that really resonates with the consumer, that is how we ensure that we are bringing the right products at the right time. Here is how our consumer shows up in China. This is our quality seeker, as Mike talked about. This is not a demographic segmentation, but it is needs and behavioral based. When you buy media, you buy on demos. We have got a few demos here.
30 to 45-year-old female living in tier one to three cities. Those are the biggest cities in China, upper middle class. That is around 100 million that we're targeting there. Think of that as our bullseye. If we win with her, we'll be able to radiate out and continue to grow our business as she looks to solve the health needs for both her and her family. We have that in the category section there. Thinking immunity, eye health, quality of sleep and energy, both for her and her kids. For kids, it's the same around eye health, brain health, liquid calcium to help kids grow strong. That is a key focus of that consumer.
For my brand, she's looking for high potency, as we talked about, easy absorption to make sure that she's getting all of the benefits that we talk about on our packaging, and something a little fun and engaging as well, specifically for the kids. In addition to that primary target, we also have secondary targets of just under 200 million consumers there. There is definitely sufficiency of our targeting to ensure that we can grow to achieve our growth aspirations for the future. Thinking about our innovation, obviously, this is not everything, just a smattering of what we've got, but it plays a critical role in how we win with that consumer. This is another example of global consistency and local relevance as we evolve what innovation looks like in China.
Starting from the left, kind of in the past, as we took products that were well-known in Canada and geographically expanded those into China, like time-released vitamin C, time-released vitamin B complex for stress, into last year, where we're really bringing more products that are directly made for the China consumer. Mike showed this one a little bit earlier, but Vita Packs is an example of that, our Vita Packs in the middle. To the future, 2025 and beyond. Really focused on those key needs states like lung health, bone health, heart health, eye health. You see all four represented there through a mix of kind of standard formats, but then also some fun formats. That would be our liquid calcium and our kids' chewable lutein.
You'll see that this ties directly in with those key needs states that we talked about a few pages ago and the needs of the consumer in this market. It's a great example of us taking our expertise that we've got here from John and his team and really combining that with local insight, local understanding of the consumer to form that great kind of global local partnership to drive innovation that really works in China. What's critical in all of this is our speed to market, how we move at China speed through both understanding needs and building efficiency into the process. To do that, we have to ensure that we're continuing to deliver innovation with pace, optimizing both local and global efficiencies to help us do that.
In doing so, we're able to steadily grow the value of our innovation with an innovation pipeline over the next five years of around CAD 90 million. We'll continue to build and evolve on that as the consumer and the market changes over there. What's next? Where are we headed after this? It's very simple. I talked about it kind of throughout the presentation. Number one, obviously, we need to continue to get to know the Chinese consumer so we can continue to delight her on her health and wellness journey. This includes driving locally relevant innovation, like I just took you through. The better we understand the consumer, the more able we'll be able to meet her needs going forward, the needs of her and her family.
We ensure that we win at point of purchase, where she expects to encounter us, where she expects to see health and wellness. We need to win. That is both across e-commerce and retail. As we continue to do those things, we will see continued success in China, not just over the next five years, but well beyond that. Thank you very much for your time. Please feel free to ask any questions.
Thank you, Joel. Hopefully, that gives you some great insights into China, how we think about China, what some of the opportunities are. Chris will be walking through financials later in the day, some margin conversations, some revenue conversations, and the financial structure of the company. We're happy to take any questions now you have for Joel.
Juan is coming up next. If you have DCP questions, Juan will have a Q&A session at the end of his part too that we can talk specifically about DCP. Any questions for Joel about China, the strategy, the growth aspirations, or anything he talked about or anything on your mind, we're happy to take. Sorry. Give him the mic, John. Thank you.
Okay. Who do you see as the most formidable or intense competitors that you seem to be running up against most frequently?
That's a good question. Sometimes it depends on category. I think if you remember the competition slide that I put on there. We have some that are very focused in certain subcategories, so Centrum and multis, Caltrate on the calcium and bone health side. When we think about kind of players across a wide variety of subcategories, Blackmores and Swisse are the key branded players that we're looking at and that we continue to watch in the market. They don't have a huge percentage of market share. There is still tons of opportunity for us to grow, even with that competitive set in market.
We keep an active list of them all, Jeff. Who's next on that list? Let's go catch them. Let's surpass them. Who's next? Let's catch them. Let's surpass them. Joel seems monitoring that all the time. I would say on that list that Joel just mentioned, those are competitors we meet in a lot of markets. If you go back to that slide, we see Swisse in multiple markets. We see Nature's Bounty in multiple markets. We see Centrum in multiple markets. Blackmores is the one that's more unique to Australia and China.
Asia in general.
Asia in general. Yeah, a lot of them we see in other markets. So we know them well.
There was one.
There was one up here, yeah.
Thank you. Before you mentioned, I think, quote, "We don't know what we don't know." Can you share some case studies in how DCP's partnership in China has helped you avoid or mitigate previously unknown risks?
Oh, that's a really good question.
That's a good one. Thanks, Mike. As we started our journey with DCP a couple of years ago, recognizing that cross-border e-commerce was a critical place for us to grow. We needed a leader in that division to really transform where we had been to where we were going. DCP played a critical role in helping us find that individual, to help build out that team, to take advantage of this rapidly growing part of the market. Because of their connections in the space and their ability to, I think, understand how China works at China speed, they were able to really help us get up and running on our cross-border e-commerce business.
Yeah. I think I would just expand on that a little bit. You saw the live stream. You saw some of the storefronts. You see the importance of e-commerce in China. It is different than anything we know or have known. If we did not have DCP sitting with us helping us do that, we probably would have hired an e-com leader that looks like it looks in Canada. DCP said, "No, no, no. You need a completely different talent set, a completely different skill set, and a different experience. Let's go out and recruit someone that knows how to build an e-commerce business in China." That de-risked that entire channel for us. I think Juan is going to pipe into it.
I'm Juan. I'm supposed to be up there in a minute. You all need me in a minute. I just wanted to add one more, a couple of points. I think that for the most part, the management team and Jamieson, they have been in China for 10 plus years. They are very well versed in what the issues are and how to manage the opportunities and risk there.
Where we add value and where I feel like where we've been quite useful, because we have invested in China for more than 31 years, and we currently manage a portfolio of more than 40 companies, we basically have all the reference points for if there is some issue that comes up in the day-to-day trenches of managing an operational business in China where, "Oh, we got a query from this authority," or, "We got a message from this logistics company." We are able to provide very quickly kind of the reference to say, "Oh, this is very common," or, "This is an issue, so please tackle it quickly," so on and so forth, so that they're not alone.
They're not sitting there by themselves reliant on the experience of a team that's just been built up over the last two and a half years, but the full 30-year multi-company portfolio and the expertise of DCP. I think that's where a lot of these issues that may create problems down the road just get avoided.
Yeah, absolutely. We feel that every day. We feel the power of more than just our 50 people behind us. It's actually not uncommon for me to call Juan on something that is stressing me out and say, "Juan, I'm feeling a little stress on this." He'll say, "No, no. That's how it happens in China. Don't worry about it. We're good." They support us all the way from me right through to the team in China. It's fantastic.
Thank you. I was wondering if you could elaborate a little bit more on the new product regulatory environment and if you've seen any changes, call it, in the past year as you guys are putting new products in the pipeline for when you're getting ready to launch for government approvals.
Yeah. Do you want to, John, why don't you hand it to John Dougherty? John, why don't you answer that one? You're a regulatory expert.
Hi there. My name is John Dougherty. I'm the Chief Science Officer. Regulatory is part of my responsibilities at the company. Yeah, the China regulatory environment is very dynamic. Like Juan said earlier, we've got a fantastic resource in him and his team and all those resources. I'd say in the last several years, there's this registration process that is quite new called the orange hat registration. That's the short form for it, which is a bit of a misnomer because it's actually blue. Replacing the much more stringent and strict blue hat registration process that was in place prior to that, very time-consuming, very laborious. It's now evolved to call it a more Canada-style monograph system where you can reference existing science and ingredients and dosing levels. I've seen that program expand, I'd say, quite rapidly and quite dramatically over the years.
We are very well positioned to capitalize on those changes and respond, I'd say, very quickly to any new opportunities that come through a regulatory change or modification.
Thanks, John. I think he's going here, and then we'll come to you, Michael.
Thank you. I'd like to understand the marketing approach a little bit better. You mentioned the two key pillars now are the celebrity and the KOLs. How prevalent is that today as a portion of the China marketing, I guess, budget, roughly speaking? How prevalent was that three years ago, if at all?
I won't go into the specifics in terms of split of spend and investment, but it's definitely more prevalent than it was three years ago. It's not that that's all we do as spokespeople and KOLs. Those are just the two that I highlighted here of kind of the bigger awareness drivers. We have a holistic view of the market and how our marketing team shows up. It's not just through spokespeople. We also have presence on all of the key platforms, whether those be sales platforms or just general information platforms. We buy advertising similar to how we would in North America around digital advertising as well. I mentioned some of the out-of-home executions too. In addition, we have these big promotional windows. We really ramp up our activity around 6/18 and 11/11.
That is really where we see a lot of this stuff come to life in a bigger way. It is bringing the online or digital elements offline and vice versa. It is a critical part of how we work. It is bigger than how it has been before. As Mike talked about, the increased investment that we have put into the market is to drive marketing, to win with more consumers. That is just a couple of examples of how we bring that to life.
I also think there's a richness in the KOL investment. I mean, Joel showed you an example. That's one example. Even in the KOL world, there's different types of KOLs. You have your tier ones down to your whatever tier they go to. We're ever evolving where we invest. Sometimes we're picking the biggest KOLs for a certain event. Other times, you're picking multiple lower-tiered KOLs that drive a ton of sales as well in combination. It's got a different efficiency to the spend. Even within that bucket, it's very complex in how we're moving money around based on the time frame and the efficiency we're looking for and what we're looking to accomplish in a period. We take a portfolio approach.
Yeah, that's right. That's right. I think Michael had a question here. Oh, we got questions everywhere. Mike, right up here in the front, John.
A similar question on the marketing and the key influencers. How would you say yourself, your company relative to a Blackmores or Swisse? I'm sure they all use similar strategies. You can always highlight somebody that's done really well for you guys. What about the median key influencer versus the best one you have? How are they targeted different than some of your key peers? Because everybody uses the same tools. What's the unique approach versus the industry approach? I think what separates us from the competition in that space is we talked about understanding the consumer, right, and really making sure that you line up your KOLs, your spokespeople, all of your marketing engagement to really deliver against that consumer's needs and behaviors.
I think that's one of the things that we do incredibly well. That investment allows us to really tailor who we're going after and who we're targeting and lining up the KOLs or any of the other marketing activities or vehicles that we have to ensure that we're meeting her needs and delighting her, giving that information that she needs at the right time. We also do that in thinking about incrementality, of having that kind of ensuring that the new KOLs that you bring on, you're not just talking to the same person over and over again. You're reaching a new group, driving more people in, but from a different perspective.
By being able to hit multiple people with a slightly different message, but around the same theme, that's what I think sets us apart and how we win a little bit, let's call it more authentically, more efficiently than some of our partners in the space.
Yeah, and I think I'll just expand on that because it's the magic of every CPG brand in every market. It's not just a China phenomenon. The brands that understand their consumer, target that consumer, and deliver what that consumer is looking for, where they're looking for it, when they're looking for it, they win. We are not marketing to everyone in every country.
I think that's what we tried to bring to life in that consumer segmentation model. It's often I'm walking around and meeting people, and someone will say, "Hey, I saw your new commercial. I don't really get it." My first answer to them is, "You're not the target consumer." The target consumer gets it because they're buying, we're growing, we're outpacing market growth, and it's working. That's the magic of any CPG, successful CPG brand in any country. In China, it's just under some different apertures like these social media influencers.
Yeah, thanks. Maybe Chris is going to answer this later on. I was curious if the incremental spend that you've put in, if whether or not the level is sufficient, or do you think you're going to need another step up?
Chris, do you want to talk in a bit?
I'd like more from a.
Here, come on.
The spend in 2024 was really about giving Joel and his team the scale to make a difference to reach those new consumers. We are committed to that level of spend, and we are committed to increasing that spend more in line with top-line growth going forward than another step up. I'm not going to say it's not possible because if Joel and his team comes with a business case that makes sense that drives long-term value, we'll consider it at the time.
Yeah. As Joel talked about in the beginning and Chris will talk about later, the aspiration over the next three to five years is a 25%-35% growth rate on China. You will see demand spend grow in that range, and it's working. The other thing I'll say too is we're about to cross an annual run rate of $100 million of sales in China. Our first goal in scaling this business was to get to $100 million. Now it's what does it take to get it to 200 and 300 and beyond.
Hey, Mike, Joel, Chris, thanks for doing this. I'm just wondering if you could maybe speak to the types of fees that are charged by the large Chinese e-comm platforms, whether those are listing fees, fulfillment. Have those been growing and fading over time, or is that kind of stable?
It's a really good question. I think we are familiar with how these platforms work in Canada and slightly different in China. I would say overall the fees tend to move a little bit, increase a bit over time. Nothing crazy or wild. What I said earlier around the programs that these platforms are offering, there's always a new program, whether they're trying something new to break through with different consumer. That's what we take into account. There's the kind of general, here's the cost of having your flagship store up and running on a platform like Tmall. They might have a new program that they're using to drive traffic. Our team takes that back, thinks through, "Okay, can we leverage this?
How can we use that to perhaps make inroads with a new consumer, make deeper inroads with the consumers that we already have, or shift traffic from one place to another? We assess that as we build our annual plan. As changes to platform, I do not want to say fee structure, but let's call it programs that they have. As those come up, our team is continuously kind of looking at those, how do we integrate that into our plans going forward to ensure that we can most effectively and efficiently win at point of sale, specifically across cross-border e-commerce.
I'd just add to that by the fact that we've been on this learning journey really for the last 18 to 21 months in China as we take control of that business. It's that learning of efficacy and efficiency from a demand spend perspective. Those learnings will offset any type of cost creep from an individual activation perspective. We'll still continue to get more out of what we do. If you see Joel later, you can talk to him about our process, which really allows us to understand the return on each of those different types of activations and what that means to the business. It's with that insight that we continue to direct spend in the most efficient, highest ROI manner.
The best thing about digital is it's live. You spend, you can see what's working, you can pull back, you can increase it. Traditional marketing, you have to wait to analyze it. Anything digital, you're pulling levers. These guys are pulling levers by the minute, by the day, by the minute. They're working 24 hours. They're looking at pricing. They're looking at what's moving the market, and they're moving our dollars around to get the best efficiency for our money. Steve?
Thanks, guys. Just on innovation, which sounds like obviously a key focus for your new product offerings in China. Is there a way to think about or quantify what percentage of that you think you're a market leader on innovation and what percentage you're maybe a market follower, but leveraging the Jamieson brand that you're building in the background?
I think it really depends on the subcategory and the benefit state. We've got those six key need states that we're focused on. We also have the strength of what we've done here in Canada. In some of those areas, we tend to be the market leader. In others that are, let's call it more China-focused and more unique to China versus Canada, we tend to be faster followers. Because you've got a high-quality brand with growing trust with consumer, being a fast follower still allows you to pick up and grow market share and win with the consumer probably at a faster rate than some others can. It is not kind of a blanket always number one or always kind of quickly following a trend. It really depends on the subcategory, format.
We try to strike the right balance between being quick to meet the consumer's needs, but also operating from a position of strength.
Any other questions on China? Juan will be up next, so we have another Q&A after Juan if there's further questions on DCP. Okay, good. The last thing I'll say is this about what Joel just presented. I think this is a key dot to connect. China is world-class and market-leading in terms of e-commerce development and how to leverage marketing, social commerce, and platforms to grow business. This is coming to North America. You can see the North American model changing slowly. You're starting to see social commerce come to the United States. You're starting to see TikTok figure out how do we do what we do in China in the United States market and then into Canada. As that happens, we have an advantage here. We've built a scaled business in the world's leading and most developed digital country.
We'll be able to take all of those learnings to North America as that continues to build and as those trends come to Canada and to the U.S. This will benefit us later, and we look forward to those days. Joel, thank you very much. Chris, thanks for coming up. Excellent presentation. We appreciate it. All right, up next, and then we have a break. We're going to continue on China. We have Juan, who you heard from a little earlier. He's the Managing Director of DCP Capital. Juan is not only Managing Director and partner there. Juan is the one who did this deal with Jamieson. I met Juan in a coffee shop, God, four years ago now. That's where it all started. We ran an entire process. That was when the process kicked off.
Juan and his team rose to the top through that. We are very pleased to have him here. We are very pleased to have DCP behind us and as partners in China. It has been very successful, as you have seen over the years. We have Ruth, our VP of Corporate Affairs and Investor Relations that most of you know. She is going to moderate a bit of a Q&A fireside chat with Juan. We will open it up to questions. Ruth, Juan, over to you.
All right, Juan, thank you so much for being here. We did already just get to meet you. For everyone in the audience, Juan Chung, Managing Director of DCP Capital. As you know, we partnered with DCP in 2023 as part of our growth strategy in China. Glad to have you here today to share some of your perspective. Why don't we just hop right in? Can you tell us just a bit about DCP and your experience building consumer brands in China?
Yeah, thanks, Ruth. Thank you, everybody, for inviting me to this event. It's a real pleasure to have an opportunity to share kind of stories from this journey that we've been on with Mike and his team. It's been spectacular. I mean, one of the questions that was asked earlier about the competition brought to mind one really important fact, which is that if you actually think about what our competitors in China are thinking, it's actually Jamieson who's the threat.
If you look at how big Jamieson has gotten over the last three years in China from about a little over $20 million over top line to more than $90 million on its way to $100 million in less than three years' time, that is a lot of market share gains at the expense of the By-Healths and the Swisses and the Blackmores and all those guys. One of the things that you all have to appreciate is that it is Jamieson with a spear in hand attacking this market very aggressively. I think that is super exciting for the local team that we have been able to recruit. Number two, obviously super exciting for the management team that is leading the effort from here and obviously for shareholders as well. Just a background on DCP.
The DCP team, we've been investing in China private equity for more than 31 years. The team originally started the Morgan Stanley private equity effort in the early 1990s, back when China was trying to figure out how to do capitalism, frankly, much less private equity. We were part of the early wave of pioneering private equity teams investing on behalf of Morgan Stanley's investors. When we first started then, back in the 1990s, what we identified is that we are going to be investing into the Chinese consumer. It's the biggest market in the world in terms of population. It's an underserved market in terms of products and services. As the market and the economy matures, there's going to be a ton of money to be made selling products and services to that customer.
That has been more than 50% of our investment strategy originally through the Morgan Stanley years. Later on, as you probably know, the DCP team moved over and started KKR's Asia Private Equity effort in the mid-2000s and ran that business until DCP was started a little over eight years ago. We have seen the good, bad, and the ugly of the China market. We have seen when people were super excited about China after the Olympics in Beijing. We saw, obviously, the situation in 1998, 1999, when everybody was down on China after the Asia currency crisis and obviously the SARS crisis and COVID and everything else. We have ridden that wave very successfully. We've made money across all of those cycles.
I think when we focus on our experience there, the one kind of north star is the focus on that consumer, that large, massive folks who want a better life. They want the same kind of life that you and I have here in Canada or in the United States in terms of lifestyle, conveniences, quality, safety, dependability. I think we've been serving that need.
One of the great insights into that has driven our effort here in the U.S., because you're like, "Okay, so you're investing in China, but why are you investing in Jamieson?" Our very simple insight is that as that consumer market in China grows, it is not just the Chinese companies that we've invested in, the Hengans , the Ping An Insurance, Mengniu Dairy, Nanfu Battery, Jian'ai , yogurt, American- Sino Healthcare, like all of these leading brands that we've invested in across those 30 years. It isn't just those companies that'll succeed. It will be those companies in the West, in Canada, in the United States, in Europe, who will effectively focus their products and services to that Chinese consumer and benefit from the development of that market. That is why we invest in companies outside.
We made an investment about three years prior to making the investment in Jamieson. We had a very successful investment in a company out of Irvine, California called Orgain. It's a protein powder business that's plant-based, organic. It was growing very rapidly, but the management team had zero bandwidth to build out the Asia Pacific effort. We partnered with a couple of other investors, including Ontario Teachers, bought the business and essentially partnered with the entrepreneur, said, "You focus on North America, we'll build Asia." That is what we did. We literally incubated a whole team out of Shanghai, built an organization in Korea, and made it into a huge success. Thankfully, we were able to generate a terrific return for our LPs through a sale to Nestlé a couple of years ago. We already had that experience.
When the Jamieson situation came up and had a chance to meet with the team and Mike, we were super excited. Let's do this again. Then when we saw the portfolio that they had already built in China, the blue hats that they had, the experience that they had already had under their belt, we were like, "Man, these guys are a decade plus ahead of where we had built Orgain." We were ready to go.
Great. Thanks, Juan. When we talk about the Jamieson brand itself, you mentioned a little bit there about what attracted you to it. I think you did a little bit of research and looked into the brand a little bit more deeply when you were having initial conversations with us. Could you tell us a little bit about that?
It wasn't a little. It was $1 million spent on a consulting firm to basically do consumer insights work into China. One of the interesting things that we found is that, number one, when you look at Joel and Mike did a terrific job outlining the purchasing criteria and why people stick to a particular brand or whatever. If you look at Jamieson, it is a 103-year-old brand. Its home market is Canada, which as a nation is perceived in the Chinese market as being well-educated, prudently regulated, safe, a kind of a high-quality country that is, as a general matter, like everybody's got their own ideas on the geopolitical situation, friendly nation. Those sets of criteria have been extremely beneficial.
Also, particularly in the southern parts of China, the Hong Kong-Canada connection cannot be dismissed in terms of the development of those people relationships that have built up since the handover of Hong Kong in the mid to late 1990s. Those sorts of cultural kind of connectivity between China and Canada identified Canada as a really amazing, and Jamieson in particular, as a really good and trusted brand and set of criteria that the Chinese consumer had some affinity for. That was one thing. Why did we even get into Jamieson in the first place or VMS? The reason why is because we have been investing in the health and wellness of China for 30 years. We invested in, we were the first institutional investor in Mengniu Dairy, which is one of the largest dairy companies in the world, much less China.
We invested in that prior to the company's IPO in 2002. Starting from there, we have been investing in the protein sector, multiple dairy businesses, chicken poultry businesses, pork processing companies, followed up obviously with Orgain and other things. We have a yogurt company. We have a digitally native dairy company called Adopt a Cow, where you adopt a cow online and that cow's milk comes to you every week, that kind of thing. We have had this effort for 25 years. The reason why is because we know that this is a trend that will, it is a super trend that will last decades. As China ages, that is the big demographic reality of the Chinese market today. We know, as Mike highlighted, the propensity of that aging population to purchase supplements. We wanted to be in that space.
Number two, we knew that the Chinese consumer trusted, particularly with this kind of product category, they trusted the foreign brands. Like I highlighted, Canada had a special place in that, particularly with a brand that had a 103-year-old history. We said, "This is actually a really perfect combination of things." That is how we got involved.
How do you feel about the progress in general so far?
I mean, I think people underestimate what this management team has done. If you look at China, just look at the headlines over the last three years since these guys have been at this, these guys, we have been at this together. China's headline has been all about what? Geopolitical tensions, economic distress as a result of the property market declines, consumer lack of confidence in light of all of these stresses. You look at that stock market up until six months ago in Hong Kong or in the CSI 300, negative. Despite that extremely challenging environment, Jamieson did what you guys have seen. Jamieson did this recruiting a team, organizing the market, organizing the marketing effort, organizing the supply chain, organizing the product development, all of those sorts of things in an extremely challenging environment where everybody was kind of pulling in their horns.
The way I thought about this is that it is the power of the brand, it is the power of the team, and it is the power of the commitment and the dedication to seeing this thing through that has led to the success that Jamieson has had. I think it is tremendous what we have achieved together. I think that if you look at the market share gains, and at some point, I am sure Joel will happily boast about these, the last couple of years, we have really taken it to our competitors. We are definitely, whether it is Swisse or Blackmores or Fancl or even some of the local brands like Byhealth, they have taken notice of us. A big part of our effort is we have been innovative.
The local team has been given both guidance, but also freedom to really push and kind of leverage their insights. I think it has been a tremendous experience. I think that now that we've kind of achieved escape velocity as an expression, I really do think that now that we're at that $100 million run rate and people are taking notice, that basic insight that we had before we made the investment, which is this. When we did that million-dollar study, what did we find out? What we found is Jamieson is not well-known. However, the people who know Jamieson have the highest loyalty amongst all the other brands. The great deal of trust, they appreciate the potency, they appreciate the quality, they appreciate the fact that it's manufactured in a place with a high degree of safety taken care of.
I think that has led to a basic strategic point of view, which is if you can get your message out about the brand, then the repeat purchases will come. People will say, "Oh, this thing works. It's safe. We've had great results, and I continue to trust it." You need to reinforce that message as we have across multiple channels, but it's been marketing channels, but it's been highly effective.
It came up a little bit earlier in the Q&A about some of the role you play strategically with Jamieson and also sort of on the day-to-day. You mentioned supporting the leadership team with certain things and consulting with them. Are there other examples that you have of your work really hands-on and strategically with the team?
Yeah, look, I think there's, I don't want to overstate what we do because I do think that my inclination is to just kind of puff ourselves up a bit, but I do think that it could be as little as this. The company needed a headquarters in Shanghai. We just said, "Hey, we have a broker. We do this all the time for ourselves and our portfolio companies. Go use our broker. Just go find a great place." We already had a list. We expedited that and did not take months to figure that out. We did it in a matter of weeks. Simple thing. More importantly, it would be kind of along the lines of what Mike and Joel talked about at the top of the meeting, which is cross-border e-commerce is an incredibly important channel.
It is the primary engine for this company's growth so far as the market evolves and our presence in the market evolves. Identifying that person, not from the big MNCs who have been general managers of this large company or whatever and used to having huge armies of people, et cetera, et cetera, but somebody who is used to actually just getting his hands dirty and pushing hard and also not to be ageist, but young and somebody who is actually aware of the very rapidly changing marketing and distribution channels that are rapidly evolving in China. I think we knew these guys. Why? Because we're in the e-commerce business. We're in the CPG business. So we had been in touch with some of these guys for our own portfolio companies and others.
This is what we do as part of a private equity effort that is engaged in the consumer space in China. We basically plucked one of the best guys that we knew and we just pushed it and we've been able to bring him on. Those are kind of the big ticket stuff. I think that where we add insight, and we talked about this earlier, is we're on the ground in China. We are able to have a regular dialogue weekly, monthly, quarterly with the local team, giving them insight that is beyond just their own small world, but all the other companies. What are they facing? What are the new regulations coming down the pike? What are some of the trends in some of the different provinces and the different channels of distribution? Constant interaction along those lines.
The business analytics, because we have had so many businesses in China and so we know how to implement some of the dashboards and other things and to make sure that we throw our own resources, our analysts and associates and other folks to go into the office and basically sit there and just help work through many of the tools that the company needs to manage their business. Those are the sorts of things that I think that we've been quite useful to the Jamieson team on. I'd say finally one thing, which is we are there on the ground every day.
What we know is that despite when you're sitting in New York or Toronto and you read the headlines, it's like, "Oh, China's GDP was below where it used to be, whatever, it's in that." Sometimes it can be easy to make excuses for the China unit because you're like, it's a tough environment. We are there and we know that there are winners and losers in any market condition. We got to win. If we're not winning, why aren't we winning? Because we are there, we basically are the shareholder who is there and present next to them, next to the managers in China. They don't need us. We hired right. Just in case, we're there to remind them that you need to be winning. I think that's a little intangible, but I think super important.
Thank you. We're almost out of time, but maybe one last question in closing. As we look towards the future of Jamieson in China, what excites you the most about that and that opportunity? How do you view DCP's role in this moving forward?
Yeah, I hope you get a sense of my excitement about our partnership here. We're in the early innings of our partnership with this company. Obviously, China, I think, is a very large country, but its economy has an enormous runway. You're talking about a marketplace with per capita GDP that's like one seventh of the United States, like one quarter of that of Canada. Like I said, the basic idea that we have is that everybody in China wants to live really, really well. We're going to help them do that. The runway is huge. It's whatever it was. The fact that China is a smaller VMS market than the United States, that's just a matter of time. It's a couple of years, it's going to flip. The market's growing super fast.
We're in the right category in terms of the foreign brands that will succeed there. We intend to just fully back this team and to really drive its success. That's kind of long term. We talked about how well the team has worked, but at the same time, let's remember when Eric first came to China to help build that team two and a half years ago, these guys were kind of meeting together for the very first time. Now it's two, two and a half years later, they're only going to get better. That maturation of the local team and the kind of positive feedback loop that they've seen where their effort has paid off so well, that will just continue to build confidence and skill sets, which I'm super excited about. Look, that's long term.
In terms of the near term, one thing to just remember, over the last six months, China, the Hang Seng has gone up by about 40% because in November, in December, there was, sorry, September of last year, there were some positive policy moves by the Chinese government. In the last two months, there have been really positive actions taken by the Chinese leadership, kind of first inviting these Chinese entrepreneurs in February to the first meeting of these big entrepreneurs and CEOs in like eight years.
It is like, "Hey, we're business friendly." Earlier this month, inviting all the foreign CEOs, the big guys to, I do not know, Mike, why you were not there, but to China to meet with Xi. I think there is kind of a reopening. I am not a macro investor. I invest in companies and I analyze specific situations. The overall market, I think there is some room to be cautiously optimistic in the near term despite all the headlines that we read every day. I think that we remain very excited.
Thank you very much.
Thank you. Thank you, Juan. Thank you.
Of course.
I think we've got some time.
Take some questions, right?
Yeah. We're happy to open up the floor. The one thing I would just add to Juan's last point was Tim Penner is with us as well. He's our Chairman. He's in the back there. You can talk to Tim at break and at lunch. Tim and I had the benefit of going to China about a year, year and a half ago now just to kind of, it was a new business. We went over there to say hello to the team, welcome the team, and build some culture. The government officials came to meet us and they came to our office and they brought a whole contingency of officials. Really why they came is they wanted to thank us for coming to China. They wanted to thank us for investing in China. They wanted to thank us for visiting China.
The government officials in China are in the local level, are engaged with our company. We're in touch with them regularly. We know them and that relationship has been building over time. Any questions for Juan while we have him here? He has to slip out, I think, after this or after the break. Juan's not here for the day. If you have any questions, now is the time to ask. Justin.
Great insight. Juan, just with your portfolio of 40 companies in the country, have you found increased scrutiny as these business scale? Maybe Jamieson right now, $100 million, maybe it's flying under the radar, but as you get into $200 million, $300 million, maybe more, have you found any scrutiny with your other companies there?
No. The reason why we haven't is because the playground we will play is, I'll just call it innocuous. If we were investing in semiconductor chip manufacturing or we were import-exporting, I don't know, aluminum, alloys or whatever, things that are "sensitive," then I think that there's definitely going to be a little bit, or even like social media companies, anything that touches media. I think there's going to be an appropriate sensitivity as countries all around the world look after their own national security interests.
I think though that for us and for Jamieson, for many of the consumer companies that we invest in, we are outside of that focus zone. I don't see us having a material negative issue there. If you look at some of the larger companies, Swisse, Blackmores, FANCL, those are all foreign brands. I think they've been perfectly well run or allowed to be run. I don't see an issue for us.
Any other questions for Juan while we have him here? Yeah, Derek there, John.
Yeah, thanks, Juan. Good to meet you finally. You talked about the market share gains. Could you maybe give a sense of in terms of the size of those gains you've seen? Yeah, we don't disclose market share data, Derek, as we talk about regularly. What we can tell you is we're growing market share, we're passing competitors, and we don't share that publicly.
We meet every month and there's a chart that we look at and we share them on every month. I would say we are substantially outpacing market growth, which gives you an indicator of the share growth in the market. Yeah, that's the market growth.
Thanks, Juan, for the time. Appreciate it. Are there other tangential industries to VMS that you're looking to make new investments in to capitalize on kind of that consumer wave that you're talking about?
Yeah. There's probably an interesting point to note that in December, we announced the acquisition of a company called Sun Art, which is a 500-store, $10 billion US a year revenue retailer of groceries and food. We made that investment because, like I said, everything consumers have been beaten down in China. Just a little quick advertisement, I think we were able to structure an interesting transaction for us. Now, that company has a very underdeveloped VMS category. I think that we're, with everybody's mutual benefit, working on figuring out how to work closely together with Jamieson to help build out that category for Sun Art's 500-plus locations.
I think the idea is to pilot a few situations and to make sure that there is sustainable sell-through and appreciation of our particular value price point strategy and things like that. That is a more recent transaction. Kind of adjacencies to food, like I said, like a year and a half ago, we acquired the poultry business in China of Cargill. That was a carve-out. We continue to be very actively focusing on kind of the food and beverage space in China. Yeah, those are some of the names that I would probably highlight for you.
Juan, what do you think in China are Jamieson's one or two real competitive edges or advantages that they've got vis-à-vis the incumbent competitors?
Yeah, look, I think the 103-year-old thing, it's not to be dismissed. If you think about what VMS is, VMS is a lot of people making a lot of claims based on kind of a marketing strategy. They don't even make their own stuff. Those "innovators" get very excitable markets to respond. The Chinese consumer is highly educated. It's a highly well-informed consumer with that phone in their hand doing research regularly. They're able to sort out pretty quickly, are these dependable organizations, dependable brands? Where do they make this stuff? What is the potency level? What has been the reviews from different people who have used it?
I think the fact that that is the age of the brand, its provenance from Canada, the fact that there is kind of this social cultural affinity over the decades built between the Chinese people and some of Canada itself and to some degree with China, I think that's been a big part of it. Remember, or actually maybe you don't know this, but years ago, part of the reason how Jamieson got into China was through the Daigou trade, just basically the luggage trade. People just in Vancouver are just like, "Oh, this stuff is great. I love it. I should get this over to my relatives." You just bring it over there to Shanghai and everybody's like, "I want more." It becomes friends and family, not just family. It becomes a business.
Then the e-commerce comes in and the government makes sure they take their cut. It is good. I think that there is an organic nature to the way that Jamieson built its brand in the high-end market or upper-middle-income market in China that I think still pays off today. The other thing is, and Joel kind of mentioned it during his conversation, I think that we leaned in pretty hard in the first couple of years to focus on Douyin and some of the other kind of relatively, because Douyin's been around for a while, in relatively emerging e-com channels. There is always this question, which is, "Oh, is this a marketing channel or is it a distribution channel?" The answer is that over time, whether you are Instagram or you are Kuaishou or Little Red Book in China, you are going to eventually start selling stuff online.
That evolution is picking up pace. We got in early into some of those transitions relatively early. I think that's paid dividends for us. I think that that's kind of more under the control of the company. It really is the leveraging of this long history of its identity built up and its provenance and everything else.
Great. I think we have time for one more question. I see Tanya's got the mic over there.
Hi, Juan. Nice to meet you. Given all the tariff and trade war stuff that's going around today, can you talk to when it makes sense to institute manufacturing in China from a Jamieson perspective? I know there was some talk about potentially buying a manufacturer, but maybe it's not in the near-term picture. When does that kind of make sense?
I think you're going to, I mean, Juan can answer that. You're going to get a lot of details from Regan later on our capacity and when we'll need to make the next decision on investing in capacity and where some of that could be. Juan can definitely answer from his perspective, but you're going to get more information from that.
Yeah, it's an active review and dialogue. We know all of these guys in the local market who can potentially be partners to us to accelerate because it's a transition. If you really think about what that might mean is, okay, we're not going to just greenfield something immediately. It would be some, all right, let's test out a strategy of local sourcing followed up by contracting and then with local partners. Does that translate into the consumer mind if it's made in China versus made in Canada? Once you are past a certain threshold with respect to those questions on certain products, you think about, okay, am I going to put real capital behind this thing or not? Am I going to build something? Am I going to acquire something? Those are all active, collaboratively analyzed questions.
I think that I will say one thing. I don't think we're pushing that conversation because of tariffs. I think that the tariff question is something that I think it's the weather. It's like, okay, it's raining today. All right, you got to carry an umbrella, but it affects everybody. It's not like we're going to be at some disadvantage. Tariffs are a tax and therefore it's going to be negative for growth. That's kind of your textbook, e-com 101 stuff. That's the reality, but it affects everybody pretty equally.
There's obviously going to be some modest changes to the competitive dynamic between local producers versus foreign producers. It's not like we're sitting here saying, "Oh, we're a value for money brand." And therefore, "Oh no, we've lost that advantage." That's never been kind of our marketing thrust as Jamieson in China. I'm not as worried about that, but anyway.
Just another piece of perspective on that, Tanya, is some of the highest quality manufacturers in China, they're global manufacturers. They have manufacturing facilities in other places. As you know, we make like 90% plus of everything that we sell, but there are a few things we outsource. We have relationships with some of these companies, some of these parent companies that we're partnered with in the U.S. or in North America that we have a relationship already. When we want to step into some of these testings and some of the things Juan's talking about, we have those relationships built at Jamieson, which is great. Do we have time for any more or is that it, John? Thank you so much, Juan. Awesome. Thanks for coming. Appreciate it. Thank you, Ruth. We have one more speaker and then we have a break.
It is my privilege to call up Paul Galbraith. He is our EVP and Managing Director for Youtheory. He's done a phenomenal job since he moved down there to take over that business. Paul used to run our Canadian business. So a lot of the success you've seen over the last few years, he started as the VP of Sales. He moved into the Managing Director role in Canada and transitioned over to the US not too long ago and has done a phenomenal job since he's been there. So Paul, over to you.
Thank you, Mike. Good morning. I am really excited to discuss our brand and our overall business. I think, Ruth, I have three hours or tighten it up a little bit. Just a little bit about our business. I'm representing a really passionate, committed group. There is an authenticity and efficacy and a commitment to quality that runs deep in our business. Over the last couple of years, I realize those feel like dog years, we've worked through an integration that has solidified the foundation of our business. It has allowed us capabilities for long term, and it really helps us drive that path to 1 billion. If you take a look at what we've done during that integration, we've grown our business since the acquisition, double digits. We're guiding plus 5-15% in 2025.
That is paving a path for us to grow 10-20% long term. I am going to take a step back and why the US. Some of this is a bit repetitive, but it is an immense opportunity, untapped opportunity for us as a business. It is the world's largest market at $40 billion. It has a high household penetration at 85%, which is strong, but substantial frequency, double the per capita consumption versus Canada. The area that this really opens up for us, though, is it is as strong development online. A highly engaged, accessible opportunity for us where we can directly interact with the consumers. 20-25-30%. Why youtheory? This is a no-brainer for us. It is really focused on the brand's focused on quality seekers. We know this consumer. They are proactive versus reactive.
In most cases, they are us. It is a consumer that drives connection, drives an ambassador relationship, and likes to talk about wellness. We know this consumer intimately and will continue to interact. Coupled with that is its ingredient-forward products, on-trend, ahead of the curve. We are high quality in our commitments, and we are in three core categories that are on-trend with collagen for beauty, turmeric for inflammation, and ashwagandha for stress. Within this, though, and this is the stat that I'm really happy with through our research, is we're over-indexing on our repeat rates. While we have an emerging opportunity in household penetration, once our consumers come into the brand, they continue to repeat within the brand.
It is going to be about us thinking about how we drive and put the work towards our investments on drive trial, but continuing to bring them into the wheel of wellness and then expand from there. Through our research, we are positioned as a modern natural brand. We are separating ourselves from the crowd. This gives us a distinct opportunity to continue to leverage our consumer insights, speak to those quality seekers, and build a path for growth, but not get caught up in competing within our existing categories, but leading. This gives me a lot of confidence. When we think about our integration, a lot of our key values are aligned: the trust, science, commitment to quality. On top of that, it is how we have integrated our capabilities, which give us that confidence for long term.
That is around innovation, R&D, our regulatory, our ROI disciplines as we model those and bring those into the business, and then really our purchasing procurement scale, our negotiations with suppliers and our relationships with suppliers that give us that really strong foundation moving forward. As we look at our growth pillars, it becomes really clear through our last couple of years of learning. We need to optimize our channel strategies. That is about being where the consumers are and where they're emerging. We need to grow our hero categories. We are refocusing on ingredient-forward innovation and then strategic international expansion. I'll touch on each of these. We are highly developed in our brick-and-mortar business, but the trend within the U.S. and globally is moving towards e-commerce. This becomes a focus of ours, and it becomes our priority for growth.
It's an accessible, agile, fast-growing channel that we need to lead into. As well, that becomes two key areas of focus within our optimizing the channel strategy: accelerate e-com, and then drive that sustainable expansion in bricks and mortar. We'll talk about e-com. We've done a lot of good things here in a short period of time. It was 2% of our revenue pre-acquisition. Through a lot of shared resources, we've continued to develop that business. It's now 10% of our revenue. Our vision is to drive that business into 30% of our revenue. We've had some choices from our shared resources and the great growth we've had now to invest in an opportunity that will accelerate that growth. When we looked at the e-commerce opportunity, you're getting millions of points of data every minute, every hour.
It is a very highly reactive channel that you get a lot of insights. You get to develop a relationship with consumers. You can develop those resources internally, which are specialized capabilities. You need to invest in technology, and you need to make decisions in real time. We looked outside and you look for a proven partner in VMS that speaks our language, but brings those tools, those capabilities, and that proprietary technology that you can then start to manage the data science. A lot of data coming in, you get automated artificial intelligence. We have deepened understanding of the algorithms. In that, we need to, as we receive the data, be able to make real-time decisions quickly and efficiently. It really becomes that capability. It is a specialized capability that we can start to interact with.
We have made that decision and we have integrated that partnership, and it sets us up for long term to continue to drive that penetration. That does not mean just because e-commerce is our priority, it is going to be that continued expansion in bricks and mortar. We have been successful in this. Since the integration, we have grown our brick-and-mortar business 29%, and we have doubled the distribution points. Our goal over the next three to five years is to grow that business 81% and quadruple our distribution points. Here is where we focus. You need to be thoughtful and smart as we approach this, but you have a limited SKU assortment in club. Continue to expand those relationships and opportunity. You have an assisted sale in specialty and natural channels. That is where we continue to leverage incubation.
Over decades of experience, you need to be smart and thoughtful how we expand in mass and drug. It's not a start-stop relationship. Our e-commerce business, as we continue to grow that, will give us the data points on sustainability regions and be able to leverage that into relationships that drives that expansion. Our hero categories, we are on-trend and continuing to grow. There are three cornerstones to our business. That is ashwagandha, collagen, and turmeric. The nice part is us being able to react and expand those core categories. We have a star in energy right now at Shilajit, growing 400%. Lean into the successes. Continue to invest. That becomes part of our core portfolio. Our fifth, another expansion within our hero portfolio is Lion's Mane, cognitive health. The area that we've had, as we've learned, is to focus.
This is where we prioritize our investments. We prioritize our distribution, and we prioritize our messaging. That will continue to expand when the opportunity presents itself, but keep our team focused. Ingredient-forward innovation. It is an advantage to us. I just want to highlight this. Arguably, Southern California is the health and wellness hub of the world. We have direct relationships with Erewhon. We have face-to-face relationships. We are identifying trends early stages. We are doing a lot of research, but we need to be on the cusp and taking chances. As we look at our innovation types, it is ingredient-forward innovation, such as Sea Moss. We are launching new and improved. Like our collagen, continue to improve those formulations. Another area that we need to take chances and have the courage to jump into is early-stage opportunities. We are a challenger brand, emerging brand.
We need to be on the cusp of those opportunities. We'll talk a little bit about that, of how we enter and the patience needed to drive it. Continuing to think about our ingredient-forward innovation is looking at different formats. For example, gummies. We're launching those products and continue to expand where our consumers are with those ingredient-forward innovations. Here's an example. It really is an emerging challenger brand. Lean into your successes. Pivot away when it's not working. We're continuing to build a blueprint. We had our traditional method. We have a lot of channels to pick from. When you think about your messaging, where they show up, our traditional approach was a lot of sports sponsorships, grassroots marketing, print, billboards. As a modern natural brand, it's obviously moving into the digital world.
There is a lot of exploration as we get into paid and organic social. We continue to look at online videos. We are continuing to measure and understand that blueprint so that we can replicate it. It is working in ashwagandha. The category is growing 13%. In the U.S., we are driving that category. We own it. We own the relationships, and we need to lean in. Continue to invest and continue to put investments into what is working to drive it further. This is a big bet of ours, and it is working on our marketing campaign. That is an evolution for us. Secondly, and this is where we will talk about as we get to early-stage opportunities. It is really about, in these areas, showing up early, test and learn, and being able to adjust.
Digitally led, this is where we get very direct interaction, and then show patience along that process. We are ahead of the curve. We are incubating the product, but we need to be there. Shilajit is a good example. We showed up, continued to incubate it, and that product is now ready at that tipping point that we need to lean in on investment. We are going to invest behind this, but we are going to learn as we go. The category today of GLP-1 users is at 8 million. By 2035, that will be 30 million. We are on the cusp to be in the market. Working with our valued partnership with Dr. Lau, who has had decades of experience in weight loss and obesity, we have designed three products. Those three products are a multi, which helps the high-absorption multi, which solves nutritional gaps.
We have a protein muscle guard, which is with HMB that helps prevent muscle loss or retain muscle mass. Then we have a probiotic that would help with nausea and gut health that really targets that specific solution. New business, new connection. We need to show up where they are. This is a place where we'd explore TikTok Shop. That's where a lot of consumers are interacting for information and understanding. How do we start to show up in those areas with the messaging to help support them on their weight loss journey? A really exciting opportunity, and we're excited to move that forward over the next three to five years. That becomes surrounded by our blueprint. How do we show up?
All channels will be thinking about it in a 360 campaign, but how do we show up in that organic messaging and show up where our consumers are? Our fourth growth pillar is our strategic international expansion. Although this is a small base, the model is proven. We are growing this business at 100%. Really proud that we've expanded our distribution points in Canada, more than 1,500. We're in five new international markets, and we have a significant amount of product registrations and working through regulatory that will continue to move us forward for the future. Here's where our integration work gives us that long-term confidence and optimism. We have a global procurement scale. That is leveraging those relationships, managing our costing, and working with those relationships with suppliers. Our manufacturing efficiencies, a lot of shared practices that have bolstered up our business.
Distribution optimization, we know where and when and how we would choose and how we manage that. Then shared R&D and innovation. This has really strengthened our business. We're Southern California. We can bring those trends in, but how do we qualify them and look at sustainable growth within those focuses? Lastly, where we're getting a lot of efficiencies is in our marketing and media efficiencies. Continuing to share practices, channels, data, and be able to work through those opportunities collectively. To oversimplify what we're working on and focus our team, we need to lean into optimizing the execution of our e-comm partnership. That is the key to growth. We now have strong data science technology. We have a lot of data that can steer our business.
Growing e-commerce and interacting with the consumer and quality seekers will drive our brick-and-mortar business and drive that interaction with consumers, and that's our focus. We'll expand that category penetration through innovation. Continuing to be on the cusp, taking chances, enabling that courage to do so. Drive strategic and sustainable brick-and-mortar growth. I can't stress this enough that we focus on the right retailers that when they're ready, that it is not a stop and start.
That is such a distraction. I've lived it. Knowing the velocities are there, knowing the partnership is strong, and knowing that we have an invested interest together, we will continue to expand. We're very focused on that. We have a heat map that will start to play that out over the next three to five years. Then it's leveraging our existing relationships international. That model is proven. How do we continue that expansion and continue to work together globally as well as we look at the brand in the US?
Great. Thank you, Paul. Excellent presentation. We're happy to take any questions you have on the US. The one thing I do is put a little bit of perspective and kind of wrap this up in a bow in what Paul just presented so eloquently. We've owned this business now for two full fiscal years. We've driven double-digit growth on a compound average growth rate. We're happy with that. It's been a success. We know there's a lot more. We've got two years of learnings now of running this business. We understand the e-commerce channel in the US much more than we did two years ago. We've made a model change. Paul's team is focused on sustainable brick-and-mortar growth.
We've doubled our distribution points, and a lot of that has been in recent months. We now are working through 2025 to get that e-commerce model rolling, get that transition. Now it's complete, but get the engine really rolling behind it and set ourselves up for accelerated growth beyond 2025 and really get into that 10%-20% rate or possibly even higher on any given year where we see an investment opportunity. The team's done a great job pushing it to this point. We've grown revenue. We've grown EBITDA, and we are ready now to take our next level of growth in the United States.
Yeah. One point I did not highlight. In our first half of 2025, we are on track to grow e-commerce at 40%. That model is working, and that will only compound.
Any questions for Paul? We have a 10-minute break right after we're done this Q&A session.
It couldn't be more clear.
One right here. All right.
Thanks. Thanks for your presentation and all the insights you shared. You mentioned shared practices. With your access to DCP and Jamieson Wellness's China team for social media advertising and distribution, can you share your progress on that front or how conversations have been proceeding and maybe compare that relative to what your competitors are doing?
Yeah. We have a lot of discussions internally, and we have a global social media team, and we're continuing to bring those back on how we would focus. It really is about what platforms, where are our quality seekers showing up. That does become globally consistent, but how we drive that regionally relevant, it gives us a good blueprint of where we should look and what we should be expanding on. Oh, sorry. No, no. Go ahead. I thought you were done.
One area that I would—so it is—we know where our competitors are spending. We know where they're showing up. A lot of them trend towards traditional. Traditional consumers, mainstream. We index higher towards that quality seeker. It is about us not following their lead, but separating us from what they're doing today. We have a strong plan to show up where those consumers are and with the messages that we want to tell.
I think what I'd add about the U.S. is it's a market where winners know their consumers. It's so big. It's so fragmented. There are millions of consumers in each one of those consumer segments, and you have a range of competitors in a fragmented market that are talking to different consumer segments. Over 50% are looking for quality. Over 60% are looking for science, and that's what we stand for. On your question on social commerce, social commerce in the U.S. is in its infancy stage. You have some brands testing. You have some brands growing there. We are entering that fray in an early time. Over the next 12-24 months, we'll take the learnings from China. We'll start applying in the U.S. We'll see, can we take advantage of this small growing channel in the U.S. right now and set ourselves up for the future?
TikTok Shop would give us a lot of insights as we can understand.
Yeah, for sure. I'm getting the wrap-it-up signal from the back. Is there one more question we can maybe take? If not, we'll be in the hallways and we'll be out at the lunch and the breaks, and we're happy to address them one-on-one.
Did I actually take three hours?
Yes, yes. Anything else from anyone? One more? We'll take it at break. Everyone wants a break. We'll take it at break. We have a 10-minute break. Feel free to talk to any of our management team. They'd be happy to talk to you all. Thanks a lot.
All right. Appreciate it.
Global marketing and as well as our Managing Director of our home country, Canada, right where we are today. Over to you, Eric.
Appreciate it. Thanks, everybody. I am Post Break Entertainment here. I am prepared to be underwhelmed. I have the honor of, along with our large Canadian team, leading our home business, and really want to tell you the story of why we think we have a lot more growth in us going forward. That is me. We do not need to see that.
First off, I think this page is about our role in the pathway to 1 billion. I think I have two messages here, which is Canada has had a really strong growth pathway from 2017 to 2024, and we 100% expect that to fully continue, even as we have strong growth agendas in China and USA that Joel and Paul took you through earlier. That is a message here. Canada is super important to this company, and I am going to share with you our plans for growth.
Just before we start talking about J-Well, I just want to set the stage on the market a little bit. Canada's a great VMS market, about CAD 2 billion in total. It is growing low to mid single digits. Varies year to year. COVID popped it up a little bit, but in general, very consistent, steady growth on CAD 2 billion that you can count on. Lastly, while not a market point, we are number one. We are uniquely, without any growth strategies, uniquely positioned to maximize just our fair share of that market growth going forward. Strong market, CAD 2 billion, naturally growing, and we are really well positioned against just naturally taking growth. Our agenda and our ambitions don't stop there. Paul talked to you about four pillars of growth on USA.
I'm going to talk to you about three here on Canada. The first is about expanding our distribution. We'll get into the details in a little bit, two seconds. The second is about expanding our leadership. We lead in categories. That's what we do. There's a couple of valuable segments. We haven't achieved that goal yet. Last but not least, it's really about developing VMS in Canada. Those are three. I'm going to bring a little color to you right now. First one up is expanding distribution by ensuring fair share. As incredibly successful as we are in Canada, our biggest opportunity is still share of shelf. In bricks and mortar retail, if you walk into almost any store in Canada, you'll see a really strong set of Jamieson SKUs. Some people call it a wall of green. That's something to be very proud of.
We still have more market share than we have share of shelf. It is a natural expectation to work with retailers and level that up. There is a ton of growth in just capturing our fair share of shelf. At minimum, our ambitions are greater than that. At minimum, matching shelf presence with market share. The second area is in e-commerce. We are experiencing tremendous growth in Canada in e-commerce. Jamieson Wellness is, as is the market. That growth is so exponential that you have to continually keep your eyes on it, or you can slip behind your fair share of the virtual shelf as well. Behind a bricks and mortar share shelf and an e-commerce virtual shelf, there is more than CAD 100 million of opportunity there for us. That alone is a very significant growth pathway for us.
The second pillar of growth for us is about grabbing share gains in segments of VMS where we are not yet number one. There are four called out on the page here that you can see. First is Multivitamins, and that is by far and away the largest. There is probiotics, melatonin, and herbals. Jamieson is the leader in Canada. We are very proud of our success. We have fantastic shelf presence, although more to go. In these four areas, we are not where we expect to be based on our capabilities and what we are good at. In these four areas, simply by growing and taking, again, our fair share of these large segments, there is a natural growth trajectory for a $50 million build block. Third and last, slightly more complicated, but not much. This one is about the category.
What I'm sharing here from a data standpoint is not Jamieson data per se. This is category data. If we did a tour of Canada and we went into everyone's household, in 72% of them, you're going to find a VMS bottle in the medicine cabinet, in the kitchen cabinet. At point of interest, 40% of those households have Jamieson. When you come down to the actual segments, what product segments, what need states are people solving through vitamins, minerals, and supplements? The number one segment is actually multivitamins, and it's only 26%. Next would be immunity as a space. Sleep and energy as a cycle would be up there. And digestive health. You can see the significant drop-off from the category household penetration to the top segment penetration. This would be under comparable Western markets.
We as market leader, I think we have a responsibility, but there also is a very strong growth agenda to build these segments. If I were to compare our multi-usage to south of the border in the U.S., very somewhat similar cultural nuances, you would see, and we can just match U.S., you would see a 33% rise in the multi-segment. We plan on leading that development and taking more than our fair share of it as the market leaders in Canada. That is our three growth pillars. I think $200 million of opportunity we see there. Significant, significant headroom for growth in Canada. You might ask yourself, why Jamieson? Okay, I see the opportunity. Why are you guys the right ones to go get it? I think there are four points I'd like to talk to you about.
I'd like to talk to you about our portfolio, our customer relationships, our innovation agenda, and the fact that we are truly Canadian. First up, I want to talk about our brand portfolio, which is unparalleled in vitamins, minerals, and supplements in Canada. First is that Jamieson, by any measure, any KPI you want to pick, is the top brand by a landslide in vitamins, minerals, supplements. It plays in a broad and very valuable space of the category called foundational nutrition. That would include things like multis. That would include vitamin C, vitamin D. This is your foundational nutrition. And consumers respond to this brand like no other. What you see down below is a bit of what we'll call a consumption funnel, which is kind of awareness. In order to try something, you generally have to be aware. Awareness to trial.
Eventually we start talking about measures like loyalty. That is often described as most often buy. On awareness, Jamieson has two times the category average. As you go down to trial, it expands to three times the trial rate of a category average. As you get down to a more loyal metric like most often buy, it expands to six times category average. You can see the power of this brand versus category norm is off the chart. We are lucky and honored to have that in Canada. It is 103 years building and going. It is in a very valuable space of foundational nutrition. On top of Jamieson, though, the story does not stop there. In any other segment, we have a brand to offer. For consumers that are more into complex nutrition needs, we have the Progressive, Women's Health Specialty Brand and Smart Solutions.
Iron Vegan is a plant-based solution. Paul talked earlier to you about Youtheory, a global asset that is also available and doing super well in Canada. No matter what the need, we offer a brand, and we offer the number one brand in the game. It is unparalleled and completely differentiated versus competition. The second point I want to talk to you about is customer relations. We just talked about brands and consumers, but what about that customer? We are unique and differentiated here as well. We have a deep relationship and respect with every customer in Canada. I wanted to give you a flavor for that through something called the Advantage Report. This is an annual survey through a third party that is independent. They work across all the customers in Canada, and they get third-party data on a variety of categories.
The customers actually rank suppliers. It is called the Advantage Report. In VMS, the survey covered 15 suppliers. Many of the names on that list would be Fortune 500 CPG companies, right? When we are talking about worldwide massive scale, massive capabilities. Jamieson finished number one in the survey. I just give you a flavor here for a couple of the areas where you see it. Number one overall, number one in e-commerce, number one in vision, agility, and data-driven decision-making, number one in execution. As it relates to our customers, we have a unique and deep respect for each other. Data-backed, data-proven. No one competes with the depth and the respect that exists between us and our partners in Canada. Next differentiator point I want to share is our proven innovation engine.
Mike Pilato, when we started, he talked about how we use insights and we turn them into action. That's a global model that is true in Canada as well. What I share with you here is a little of the output of that agenda. If we take 2024 and we look at it across the category, Jamieson drove three times more value, absolute growth sales in VMS than any other competitor. If you're a customer, you really, really like that. Number two, our growth, while being number one in absolute, was also number one in incremental. If you grow, but you're just trading off, that's not so exciting. It might even be costly. We're number one in incrementality as well. Last, and maybe perhaps most readily to be proud of and what a retailer would care about is our efficiency.
Efficiency just means the rate at which we turn a slot, a shelf position. Our innovation turned four times the category average. Mike talked about that innovation agenda. You can see it at play here in Canada, and it delivers differentiated and meaningful results for consumers and our customers. The last point that I wanted to bring to life, and increasingly important in the times we're currently in, is Jamieson is differentiating because we are proudly Canadian. We employ more than 1,000 Canadians. We manufacture here, and we've been a meaningful part of the mosaic of this country and an economic engine for 103 years. This is extremely meaningful to us. Based on what's going on in the world, it's actually an extremely differentiating point in the times we're in. Many of our competitors don't have that ability.
When you put it together, you put our brand portfolio, you put the customer respect we have, you put our innovation agenda at work, and you put the fact this is all happening in Canada by Canadians, it's a pretty powerful combo that only Jamieson can bring to the party. I just wanted to share before I close an example. Gummies. Between 2018 and 2021, gummies was a format that scaled very, very quickly in Canada. In the 2021 annual planning process, we were on a really strong, robust annual planning process. The team identified that we were actually third in gummies. Based on the growth in this format and also just the pride of Jamieson, this was not acceptable. We put our mind to it. Special team got together. We created a special plan.
Within three years, I think it was two years and eight months, we went from third to number one. December 2023, January 2024, we became number one in gummies. For me, it is just a real-time example or a case study. When you put those four things together, the brands, the customer relationships, the innovation agenda, and the fact that we are Canadian, and you put it together, this is what this company can do in Canada. Growth in Canada has been a part of our history. It is here to stay.
There is significant upside. I introduced CAD 200 million of possible upside for us. We are ready to go after it. That is what we are organizing around. Thanks for your time. I think Mike is stepping up for questions. Thank you, Eric. Any questions on Canada? I think that was a really powerful, it is a short presentation.
We all know Canada well, but it was a powerful presentation. It shows you where the opportunities sit, and it shows you the power of the brand. It shows you that as we build, we have a history of doing this in Canada and knowing the consumer and knowing how to talk to them. These learnings all follow us around the world. We're not going to be Jamieson in every country, but we know how to build, and we know how to grow, and we know how to leverage insights to do the things that we do every day here in Canada. Any questions on Canada?
Right up here, John. Thank you. I'll take the mic. You mentioned e-commerce and rapidly growing e-commerce. Is your incremental share on the e-commerce side in Canada materially different from the share you see in the typical brick-and-mortar channel?
How is that evolving as e-commerce grows very quickly? Yeah. I mean, we are outgrowing competition in e-commerce, and we are outgrowing in brick-and-mortar as well. I think there is some brick-and-mortar that, within brick-and-mortar, there is some shifting between channels. Overall, I mean at the category level in terms of consumer dynamics where people shop. Overall, if we use 2024 as a proxy, even 2023, we outgrew competition in e-commerce. We outgrew competition in brick-and-mortar as well. We started the e-com journey in Canada years ago. In 2018, we made an investment in capability in Canada. We saw e-com is going to take off, and e-com is going to be a big portion of the category. It is now over 10% of the category and growing. It is the fastest growing channel.
We have been invested here since 2018, preparing for the day when this scales to where it is today. We are grabbing hold of it for sure. Justin, thanks. 3X, your next largest competitor, pretty impressive. Who are those competitors? Maybe two questions in one. Are any of those competitors US? With the buy Canada trend, is there an opportunity to gain some share there? Sure. A little bit segment to segment. Our number one Canadian competitor would be Weber Naturals. They would be a foundational nutrition brand as well. Respect them immensely. We would be significantly scaled versus Weber. As we get into subsegments, there are some, and I will highlight Multies as one. Multies is a massive segment of VMS. Centrum would be a worldwide player there. That is a US brand, US manufacturing. I certainly believe in that subsegment.
We will look to leverage our Canadian and domestic pride going forward. One of the things that was amazing in this very unique time we're in right now is this Canadian sentiment and all the news really hit over a weekend. It was like a Friday when it first started. Eric and I jumped on the phone. We said, "Wow, this is going to move fast. What can we do here? I think the Canadian sentiment is going to pick up really quick." Within 48 hours, Eric's marketing team had proudly Canadian on our websites, had the back end of our commercial redesigned, and was running with the opportunity. I do caution, though, like Juan talked about with tariffs. It's raining right now. We have the umbrella out. I think in Canada with Canada sentiment, it's sunny out right now.
A lot of Canadians are rallying around Canadian for Canadian. That will continue for some time. As a Canadian brand, we're very well positioned to take advantage of this growing sentiment. I don't know how long it sticks around. We don't know how long this continues. We'll continue to leverage everything we can to grow that brand here in Canada and continue to remind Canadians that this is made in Canada by 1,200 of our team members in three manufacturing facilities here. Yeah. A little plug for our social team. I think we've kind of used the proudly Canadian movement to have a lot more fun with Jamieson online. If you don't follow Jamieson on Insta, give it a follow.
The team's having a lot more fun there, putting a little kind of Canadian fun quizzes up and how do you know you're Canadian, stuff like that. It has been a great example of where Jamieson takes up every opportunity to test and learn. Our social game has massively, I think, gotten a lot more fun and enhanced in the last six weeks. Any other questions on Canada? Derek? In what channels would you be lagging in sort of the multivitamins? Because if you go into a Dollarama, we do not see a Centrum in there, for example. If you see you guys. Yeah. I think our opportunity in Multies, we are investing in portfolio, Derek. I think we are using our innovation agenda. It is less of a channel story. I think it is more of a portfolio story. We are using our innovation agenda to jump the competition going forward.
Yeah, that's what I would say to us. From my point of view, the number one solve is going to come through our innovation agenda more so than a channel strategy. Yeah. I would say the dollar channel is a very unique channel, Derek. I mean, if you walk into a traditional food, drug, or mass channel, you would see a great presence of Jamieson. You would see a great presence of the number one competitor, who is Centrum. That's all they do. Their efficiency has just been greater than ours. We haven't been focused there. As Eric showed in Gummies, where we focus, we can drive growth. The team is focused on where are we underpenetrated, where are we behind index in terms of share, and how do we go get that over a few years, multiple years, and drive growth there. Dennis?
Mike is coming. Thank you. I can appreciate the shelf space opportunity. That makes a lot of sense. Can you give us some idea how you convince these top five retailers with the concentration of power how they're going to allocate more shelf space to you? Yeah. I mean, it's a good question. It's not an easy—I would say it's not an overnight success. We have a win under our belt in the last 12 months. We have one of the top fives in Canada resisted this conversation for a long time. We finally leveraged that relationship, got the right story into the room, supported by the right data, and convinced them. They're seeing growth two times category average. Obviously, we're benefiting from that as well. It is possible.
It is not easy work because retailers have a perspective that they want to offer lots of variety. When they have a brand that feels dominant shelf, sometimes it is scary to give them even more. You can sometimes invest in smaller players that just, quite frankly, do not make sense. It is more of an emotional reaction than a mental reaction. The consolidated retail makes it both easy and challenging. There are not that many conversations to have, but these are very powerful retailers. We just have to have the right conversation with them. We have definitely had a winning storyline in the last 10 months. Powered by data, right? Linear sales and profit per linear inch, right? We are just so more efficient off the shelf. If you give us more shelf space, we will sell more dollars, and you will make more money.
To Eric's point, it's not going to happen overnight, but we have multiple wins over the last few years. You pick up a little bit of incremental space every year. You start driving that category growth, it becomes material over time. Yep. Got to wrap it up. Time for one more question, and then we'll wrap up this section for Canada. Again, Eric and I will be around for lunch. The whole team will be, so we can take any questions at that time, too. Anything else on Canada? Excellent. Thank you, Eric. Phenomenal. Thank you so much. Appreciate it. I have the great privilege of welcoming back up Joel Scales. Joel not only runs the China business, and just to be clear, Joel runs the China business from a leadership perspective here in Canada. We have a general manager on the ground in China. His name is James.
He runs the day-to-day business in China. The whole team there reports into James, and he's on the ground with those 50 team members as our leader there. He reports into Joel. Joel also leads our international business, which is all of our other countries outside of China, Canada, and the United States, working with our sales team, our distribution partners. He's done a phenomenal job taking that business and accelerating growth there over the last couple of years and over the last six to seven quarters. I'm going to hand over to Joel, and he can talk to you about some of the great work we've been doing there. Mike. I should have done a quick wardrobe change for this second appearance, right? We'll go with this. Appreciate the introduction.
Just so it is clear, I do have the privilege of leading not just our China business and James and the team in China, but also our international group. Think about here we're talking everything outside of Canada, the U.S., and China when we think about our international business. This is about building strength abroad, right? How do we take everything that we've talked about that's great about JWEL, about the brands in Canada, in the U.S., and in China, and how does that apply to the markets that we're in going forward? That is really taking a portfolio approach. We'll talk a little bit about that later on. We've got aspirations. International, as a business unit, still has a role to play in the future of Jamieson Wellness, looking at growth anywhere between 5%-15% overall.
That will be different by the individual markets that make up the international portfolio. To be the most trusted and recommended VMS brand in the world, that is what me and the international team are here to do. We do that across 50 countries and regions with almost 500 individual products across those markets. We also are able to find some scale and efficiency as we build internationally, with about two-thirds of our sales coming from our top six countries. We will talk a little bit about how we assess that, how we go to market across that portfolio of countries and regions in the international business. This is how we want to and will grow and continue to grow our international presence. We want to be the top three brand, international brand in our highest potential growth markets.
We will talk a little bit about how we do that, how we assess it, and how that changes over time. You will have heard of an e-commerce theme. We definitely want to grow international e-commerce. It is a growing trend in many of the markets that we are in. That is an area of focus for us as we look to gain share in those markets. Last, but definitely not least, is about leveraging our partnerships, both global retail and distribution partnerships, but also local as well. We recognize that we are experts in the places where we are, and we have and do partner with local experts to really bring that local relevance to bear that Mike touched on in the very beginning of the presentation today. Let us start with high potential markets.
We talked about consumer segmentation throughout, I think, each of our presentations. In international, we also look at market segmentation. Looking at factors like size of market, size of the VMS business in those markets, how quickly it's growing, regulatory hurdles that need to be passed to be in that market, competitive intensity, how easily or difficult it is to access and speak to the consumer directly about these products all play a role in how we segment our market. We take all of those 50-plus countries and split them up into these four kind of general buckets that we're sharing here. One is around investing to win. That's where we put most of our effort and our resources around growing in those biggest markets. We see the historical growth there proves that we're investing in the right place.
Followed that with our spend-to-lead markets. Again, just a step down from invest-to-win, but places where our investment pays off and how we ensure that we can win there. Then we have selectively build and export markets. All of this is built and executed in a way to ensure that we can more effectively and efficiently allocate our resources to maximize our growth internationally. Now let's look at what some of those examples could be like. This is always the fun part, the show and tell. We will look at Saudi Arabia here, where we're talking about this is a maximized growth market. We bring together what I think is a really cool example of globally consistent and locally relevant with this campaign. I think you'll see it in the bottom right in that box here. That's our Ramadan campaign.
That initially came to us from a partner. We decided, hey, that's a really cool idea. We can make that bigger. We can make that more Jamieson. We can spread that throughout the region and really take an own-the-shelf mentality as we look to develop that in the market and in the region. It's another great example of invest-to-lead. This is with our partner in Slovenia, a key anchor of ours in Central and Eastern Europe. Their example of OMG campaign, and this MG stands for magnesium for those that are not science buffs. That's what we're talking about here. It's really about combining our quality story with this locally relevant product benefit. Magnesium was a category that was growing and growing quickly. They saw an opportunity, and then we worked together to develop this campaign and then selectively build.
We do that in Asia-Pacific outside of mainland China. That is really about driving optimal product assortment and then ensuring that we're building awareness across relevant channels, whether those be digital or whether those be offline in more traditional channels. Again, local partnership is what's the key to our success. I'll talk a little bit about that in a few slides, so I won't spend too much time on it here. We think about e-commerce. It's all about, and I talked about this earlier in the China presentation. I think Paul mentioned it also in the US. It's relevant for Eric as well. It's this idea of meeting the consumer where she wants to be met when it comes to making a purchase. Our e-commerce strategy internationally is the same.
We want to be able to meet our consumers in the channel of their choice with a clearly relevant portfolio and message because we know how to win in this space. We are taking e-commerce learnings from all of our markets and sharing those because that is an area of strength that we have and one that we are bringing to bear in these international markets. Lastly, thinking about our partners, we want to be and continue to be the go-to partner both globally for some of our global partners, global distribution partners, global retail partners, both online and in traditional retail, but also for our local partners. That is about bringing the right product at the right time, ensuring that we are leveraging all of these partnerships in accordance with our segmentation strategy that I mentioned earlier.
Taking that know-how of how we win, combined with our partners' execution abilities and understanding of those markets to really win disproportionately with consumers in that space. When we think about our partners, we look at them, right? We assess them on a yearly basis to understand, are we with the right folks? Are there potential capabilities they have that we're not taking advantage of? We look at them across their relationship with key retailers, their marketing expertise, and access to data, again, helping us drive that local relevance, account management skills, ability to understand and maneuver the regulatory landscape in partnership with our team, their financial stability, and their willingness to engage with us in a sophisticated discussion about how to build the business. At the same time, we ask them about us and how we're performing.
This is the part that I'm incredibly proud of. We did this for the first time last year in 2024. Our partners were overwhelmingly positive about their experience with Jamieson over the years. The three key words that stood out for us were trusted. I think Juan touched on it earlier. The fact that we've been around for 103 years really matters to them. That comes through in the care and the effort that we put into building our business internationally, collaborative, and that we're always listening. We are good teammates and willing to work with them on all of those issues and opportunities that they have, and then committed. We talk about our strong partners, and they bleed green, right? They really feel that Jamieson presence and really are owners of that brand.
They see that commitment reciprocated from the team we have here working with them to build the business. To just wrap it up, reiterating what I talked about a little bit earlier, our future is incredibly bright internationally because we've got the right partners, we've got the right team, and we have the right frameworks in place to ensure that we can deliver this promise of Jamieson and take the best from here, the best from Canada, and have that win abroad because we really do understand and win with that local consumer. Great. Thank you, Joel. I would add a little bit of context to the international business as well here. When I came to Jamieson in 2018, I would say we were in the final stages of what a company does when they want to go global, a CPG company.
I call it the flag planting stage. You run around the world, you look for a bunch of opportunities where maybe your brand will stick, and you plant a bunch of flags. We planted 40-plus, 45-plus flags around the world. The next phase in that growth is saying, "Okay, now where are we seeing growth opportunities? Where are we seeing a consumer resonating with the brand? Where are we seeing a partner that is living up or exceeding the expectation we have?" You start to focus. Joel and his team in the last three years has really grabbed onto that concept and said, "We're going to segment our markets. We're going to focus and put our time and our resources where we see the biggest growth opportunities.
We're going to continue to seed some that we think have high potential, and some we're going to service, and we're going to serve them as an export model. What they order, we send them, and we're happy to continue doing business with them. We'll make some great margin along the way. Joel's team has grabbed onto that second phase and has really delivered on what we've been talking about here today and some of the great growth rates you've seen out of that international division over the last two years. I think they've done a phenomenal job. There's still a lot more work to do, and there's still a lot of great opportunities in some of these countries that his team continues to focus on. Any questions on international? I'm outstanding between you and lunch. Were you going to say something, Chris?
I thought I heard you there. No? Okay. We are going to break for lunch now, 20 minutes. It's 12:20. We'll come back. Bring your food in here. We have a fireside chat with Dr. Liu, who's on our board and the GLP-1 specialist. Some of our marketers are here. Matt Taylor, our insight leader, is here. We are going to do a fireside chat around innovation and what it takes to be successful. Grab your lunch, 20 minutes, bring it back in here, and we'll continue the day. Thanks so much.