Dean Foods, the largest milk supplier in the U.S, has announced a steep drop in profits over the course of the past year. In a recent Press Release, the milk supplier's finances present a 91% drop in Net Income, closing in at $1.38 million. This year's loss is compared to the $14.53 million in Net Income reported last year.
Why the drop?
This sharp decline in cow's milk popularity could've been anticipated as Food Trends have been gearing towards Plant-Based alternatives in order to meet market demands. As such, it has been predicted that the meat-alternative market will become a $5 Billion Industry by 2020. Predictions such as this one may sound bold, but are seemingly realistic as the Vegan movement has grown by 600% over the past 3 years.
Why the change?
Veganism's exponential growth is set to continue as consumer awareness surrounding animal products rises. While milk has been advertised to the public as a healthful and natural food, the health consequences associated with consuming it have been vast and far-reaching. In addition, the environmental toll of milk production, along with the inherent cruelty involved in the dairy industry have pushed consumers to choose the plant-based option.
Dean Foods is aware of this trend, of course, and has purchased a stake in Good Karma, a non-dairy milk and yogurt producer.