DAIRY REPORT
CHALLENGES, OPPORTUNITIES FOR DAIRY HIGH PRICES, RAW MATERIAL AVAILABILITY EXPECTED TO IMPACT THE INDUSTRY FOR THE REMAINDER OF 2022 AND BEYOND. By Zachary Russell
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t’s no secret that more Americans are incorporating plant-based dairy alternatives into their everyday diets. According to data from SPINS, the Plant-Based Foods Association and the Good Food Institute, plant-based milk accounted for 16% of all milk sales in 2021, with plant-based cheese, yogurt, creamer, butter and ice cream all increasing in sales. However, this sharing of the market hasn’t stopped dairy from innovating or seeing success. A survey from McKinsey found that three-quarters of dairy leaders reported neutral or improved margins in 2021, a slight increase from 2020. Retailers have added an array of new and unique dairy products to their private brand portfolios in an effort to offer variety in the category and stay competitive.
Q: Give us some background on yourself and Minerva Dairy. What kinds of products does the company create for private label?
MINERVA DAIRY NAVIGATES CHALLENGES
industry in 2022 with the continued growth of plantbased dairy products and rising production costs due to inflation?
Producers are often the first hit by tough economic environments. Venae Watts, co-founder of Minerva Dairy, spoke with Store Brands to discuss how America’s oldest family-owned creamery is navigating the current climate.
WATTS: Minerva Dairy produces both cheese and butter to the specifications of our customers. Cheese recipes are created to enhance the performance of cheese as an ingredient at customers’ food manufacturing facilities. Butter recipes are created for private label for the retail space. Q: How would you describe the state of the dairy
WATTS: All food products will have the same inflation challenges, as food will be rising to the consumer in all segments. Non-dairy butters are not new to the marketwww.storebrands.com
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