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The dairy industry in the West is going through a tumultuous time. In the UK, one in ten dairy farms have closed in the last three years. In the US, decreased consumption levels led to a scandal where the dairy industry started price fixing. They killed half a million cows in order to inflate milk prices. Luckily, this corruption is being prosecuted and the US dairy industry were fined $52 million earlier this month.
This is all happening while the dairy free market – which includes plant-based milk, cheese and icecream - is growing rapidly. For example, a recent study conducted by Grand View Research revealed that the global dairy free market is expected to grow by 16.6% to $35 billion by 2024. As a result, some dairy companies have moved into the plant-based industry to stay competitive, as evidenced by Danone’s recent acquisition of WhiteWave Foods, the umbrella company to vegan business So Delicious, Silk and Vega. Others in the dairy industry have become worried. For example, David Dobbin, Chief Executive of United Dairy Farmers, recently spoke about the declining industry: “It’s a demographic time bomb”.
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Klaus is the editor and founder of Plant Based News.
Disclaimer: The opinions expressed in this article are prepared in the author's capacity and do not necessarily reflect the views and opinions of Plant Based News itself.