The dope new milk trend
- Freedom Foods had revenue growth of 17% for its plant-based beverages.
- Milklab plant-based product sales increased 50% for H1 FY2021.
- Monthly dairy-based milk sales declined in 5 of the last 8 months.
Coffee orders in today’s society sound more like a street address than a beverage order as consumers increasingly switch to plant-based milk alternatives.
The Freedom Foods Group experienced a 17% growth in revenue for its plant-based beverages compared to a 15% increase in revenue generated from dairy based products for the first half of the 2021 financial year.
Milklab, one of Freedom Foods’ plant-based brands, had a 50% increase in sales for H1 FY2021.
Over the last eight months, five of those months have experienced a decline in dairy-milk sales from the same month a year earlier.
So why are consumers turning to plants for their daily ‘milk’ consumption?
One reason is the rise in health consciousness as consumers increase education on products they consume.
The COVID-19 pandemic reduced demand for premium quality dairy products and the labour shortage in Australia meant some dairy farmers had to reduce their herds.
The rise of veganism – since 2016 when the vegan movement peaked, consumption of dairy milk has been declining.
So where to next for plant-based milks? It appears it’s out with the dairy and in with the dope ingredient…hemp milk is on the rise since becoming legalised for use in food in 2017.
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