As Bloomberg Markets writes, “The bad news keeps piling up for the milk market.”
The leading U.S. dairy milk producer, Dean Foods, has hit a six-year low, with its shares dropping by up to 8.9% this week.
Bloomberg adds, “Americans are turning away from milk amid a wealth of other beverage options and as non-dairy substitutes like almond and oat milk gain popularity.”
Dean Foods itself has acknowledged the soaring dairy-free demand, citing in 2016 “greater competition from plant-based milk substitutes” as a reason its sales were slumping.
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