According to a new report from CoBank’s Knowledge Exchange, a downward trend in U.S. turkey supplies, coupled with changing traditions and consumer openness to other animal protein options could trigger a longer-term decline in holiday turkey sales. …
The report suggests retailers will accelerate efforts to expand their private label offerings, targeting growth segments such as bakery, seafood and beverages. …
U.S. consumers are drinking less milk with each passing year, but overall dairy sales are on a multiyear winning streak. Cheese, butter and yogurt are fueling category growth, along with new dairy-based products designed to capitalize on convenience, health and snacking trends. …
A sharp decline in the number of dairy heifers available to replace older cows exiting the U.S. dairy herd could limit any meaningful growth in domestic milk production over the next few years. The number of dairy replacement heifers has fallen almost 15% over the last six years to reach a 20-year low, according to data from the USDA’s most recent Cattle report. …
U.S. consumers are paying more for chocolate products as confection manufacturers raise prices in response to the soaring cost of cocoa. Cocoa prices are nearly 65% higher than they were one year ago, and New York futures prices are at a 46-year high. While consumer demand has remained relatively strong, higher retail prices are poised to take a bigger toll on volume sales and stifle category growth through much of 2024. …
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