More like an opportunity for Europe to earn a lot of money once they manage to increase production. There's still a lot of wealth inequality, both inside countries (e.g. the UK) and in Europe itself (the former DDR is a good example).
[0] - https://en.wikipedia.org/wiki/2008_Chinese_milk_scandal
That kind of brings that Chinese caviar company to mind. https://www.bloomberg.com/news/articles/2017-09-19/the-world...
I imagine that a lot of "western" milk products already contain Chinese raw materials (e.g. mineral/vitamin supplements), so in a sense it would not be a very new thing.
For babies, bad milk powder can be horrible, many parents won’t take the risk and will prefer what they can get via a verified supply chain, the only choice they have right now is buying abroad.