Cow's milk still leads in the United States: The case of cow's, almond, and soy milk

Abstract

While cow's milk and plant-based milk are often hypothesized to be substitutes, much remains unknown about the impacts that plant-based milks have on the retail price for cow's milk, if any. We explore the individual retail price relationship between two plant-based milks, almond and soy, with cow's milk. If the markets are cointegrated, and shocks in the plant-based markets affect the cow's milk market, it can add volatility to cow's milk prices, which could have implications for costs and benefits of the USDA Dairy Margin Coverage Program and price calculations by the Federal Milk Marketing Orders (FMMO). However, while we find evidence that plant-based milk prices react to shocks in cow's milk prices, we do not find evidence that cow's milk prices respond to changes in plant-based milk prices.

Leave the Milk for the Calf and Spread the Word: Exploring Factors Determining US Consumers’ Willingness to Try Plant-Based Milk Alternatives and Their Word-of-Mouth Sharing about Plant-Based Milk Alternatives

“…Other than taste preferences, consumption habits and pleasure are other potential explainations of these results [62]. Raszap et al (2022) emphasise that consumers may appreciate both products or prefer dairy, but some switch back and forth between products depending on price points [65]. From a word-of-mouth perspective, consumers having dairy preferences may be willing to share their negative or positive experiences with plant-based milk alternatives online as word-of-mouth, although not necessarily in favour of the product [66].…”

A comprehensive review on novel synthetic foods: Potential risk factors, detection strategies, and processing technologies

“…It is currently the most rapidly expanding segment within the realm of PBM products, holding a substantial growth in the recent years (Skorbiansky et al., 2022). Currently valued at $12.1 billion, industry analysts anticipate that this market will expand to an estimated worth of $29.5 billion by 2031 (Skorbiansky et al., 2022). To enhance the sensory characteristics of milk, various researchers commonly employ two approaches: isolating natural oil bodies and constructing artificial milk fat globules.…”

“…Plant‐based milk (PBM) predominantly caters to individuals who have milk allergies or lactose intolerance. It is currently the most rapidly expanding segment within the realm of PBM products, holding a substantial growth in the recent years (Skorbiansky et al., 2022). Currently valued at $12.1 billion, industry analysts anticipate that this market will expand to an estimated worth of $29.5 billion by 2031 (Skorbiansky et al., 2022).…”