Coronavirus is the latest challenge to face dairy industry
Source: Food Dive
Analysts are expressing concern over the slowing export demand for dairy, not because they see less consumer use, but because shipments need to go through more protocols and procedures to get to some locations around the world. This could back up supply and result in lower prices that could hurt the industry.
The dairy industry has faced numerous ups and downs in recent years before the coronavirus even came into the picture. Two major milk producers have filed for bankruptcy in recent months as consumers turn to cheaper private label products, alternative beverage choices and plant-based options. As shoppers stock up, they are also turning to dairy alternatives. In the first week of March, oat milk sales were up 347.3%, according to Nielsen data.