The National Milk Producers Federation (NMPF) reports that milk is not only winning in terms of nutrition, price, overall sales, and consumption volume in the beverage market, but it's also gaining market share over plant-based beverages.
Milk's dominant position, its consumption has decreased this year, as it has in previous years due to various beverage options flooding the market. Even though plant-based alternatives are falling in popularity even faster, milk's lead is extending.
According to research firm Circana Group, fluid milk retail sales volume until July 9, 2023, was 1.62 billion gallons, down 3.4% from the previous year. Comparatively, plant-based alternatives sold 182 million gallons year-to-date, down 6.6% from one year ago.
Almond drink remains the leader in the plant-based category but is down 9.4% this year. Oat beverages are up slightly by 1.8%, while soy-based beverages have decreased by 7.4%.
Although plant-based beverage sales are up 5.8% year-to-date based on sales values, the increase is primarily due to their higher prices compared to milk's 2.2% cost increase.
The statistics indicate that plant-based beverage consumption is declining, despite claims to the contrary. Milk continues to maintain its strong position in the market.
Photo Credit: gettyimages-dimasobko
Categories: Michigan, Livestock, Dairy Cattle