Alternative meat might be having a moment. Beyond Meat's trading debut quickly became the best-performing IPO of 2019. But alternative milk has been around for a lot longer, and it's forced the $107 billion dairy industry to evolve.
consumers have their choice between almond milk, rice milk, oat milk, hemp milk, coconut milk and soy milk—you get the idea. Americans are drinking less and less milk now that store shelves are flooded with more and more options.
Paul Ziemnisky, EVP of global innovation at Dairy Management Inc., which represents dairy farmers, told CNBC in a phone interview that fluid milk, however, remains in 94 percent of households. He added that the dairy industry is finding ways to innovate through new flavors and products like Fairlife, a high-protein milk brand distributed by Coca-Cola.
"The plant-based guys like to poke and grab at just one number of a category, but we have strong pockets of growth," he said, adding that Fairlife has seen strong revenue numbers. "It's not just white milk anymore — it's milk with valued-added features."
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How Plant-Based Milk Flooded The Market