Consumers are shying away from milk, turning instead to dairy alternatives made from soy, rice and oats, and other crops.
Those alternatives are still a small slice — just 3 percent of the $600 billion global dairy industry — but they are growing. Dairy alternatives increased 4 percent in the five years ended in 2017, while sales of fluid milk dropped 3.5 percent, according to a recent report by Dutch bank Rabobank.
Part of the issue is that some consumers have eschewed milk for health reasons, said Tom Bailey, the Rabobank analyst who wrote the report.
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