The dairy industry is facing increasing competition from the dairy alternative and bottled water categories.
While dairy alternatives jumped 4% in the five years ending in 2017, milk sales fell 3.5% during that time, according to Rabobank, reported CNBC (May 29). The report noted the dairy industry brings in roughly $600 billion in global sales every year, while the dairy alternative industry accounts for just $18 billion.
Consumers are turning away from milk for health reasons, says Rabobank analyst Tom Bailey, as they seek out soy, rice, almond and other plant-based milks.
While dairy alternatives firms use clear labeling on their packaging that promotes locally sourced ingredients, milk’s packaging has changed little over the past decade and little detail is given about its contents.
For the full story, go to this week’s Food Institute Report.