Imagine something you and everyone around grew up drinking as an essential and nutrient-rich part of your diet, is slowly declining. As veganism rises, milk sales drop drastically! Alternative milk such as coconut, almond, soy milks make a huge impact on the industry.
Updated: 30 April 2019
Milk is one of the daily essentials which consumers spend money on. This nutrient-rich liquid super food is an excellent source of protein and as an agricultural product is extracted from farm animals during or soon after pregnancy. In 2011 alone, dairy farms accounted for about 730 tons of milk produced. Brazil, China, India, and the United States are the largest exporters of milk and milk products.
However, 2018 marked the year when people finally didn’t get milk. The dairy industry lost a lot of profits last year as more people veered towards plant-based alternatives. According to statistics, sales of dairy milk nosedived by more than $1 billion year. Compared to 2017 when sales of dairy milk accounted for $14.7 billion but it dropped to only $13.6 billion in what is called by the collective as a “challenging” year.
There were many factors that affected the sales of milk, such as low milk prices and the shift towards plant-based alternatives which are more sustainable and healthier. The call for more sustainable options aside from milk has encouraged dairy lobbyists to revive efforts in banning terminologies such as ”cheese” and “milk”. To counter this, senators of states that produce dairy products reintroduced legislation seeking to implement this ban. People see it as aa revival of 2016’s “Dairy Pride Act”.
The United States Department of Agriculture has also revealed a 2017 report that milk consumption has decreased by 22% from 2000 to 2016. Conversely, the industry of vegan dairy alternatives is now worth $17.3 billion and is predicted to be worth twice as much by 2023. Returns on almond milk and soy rice are about 6% higher than those on traditional milk products.
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