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  • Beyond Meat surprised the stock market when the company turned

  • out to be the best IPO of 2019.

  • "Beyond Meat", "Beyond Meat", "Beyond Meat".

  • Alternative meat was having a moment.

  • Alternative milk, on the other hand, has been quietly

  • revolutionizing the dairy industry for years.

  • Milk, the kind from cows, was once a staple of the American

  • diet, but now consumers have their choice between almond milk,

  • rice milk, hemp milk, coconut milk, soy milkyou get the idea.

  • Here's how plant based milk is taking on the $107 billion dairy

  • industry. Milk gained popularity after World War II.

  • Dairy farmers had amped up milk production to supply the war

  • effort, but when the war ended, farmers struggled to sell all

  • the milk they produced at a favorable price.

  • So, the government stepped in.

  • Some methods the government used to drive demand included adding

  • dairy as its own food group to the USDA's food guidance and

  • instilling it in school lunches across the nation.

  • But in 2019, Americans are drinking less and less milk.

  • In fact, milk consumption has fallen nearly 40 percent since

  • 1975. Analysts say a big reason behind the shift is Americans

  • growing more aware of milk allergies and intolerances.

  • People are turning to plant-based milk and people with extra

  • cash would also rather spend the money on soy and almond than

  • organic milk.

  • The dairy industry isn't too happy about the changes.

  • The dairy industry is challenged really at all levels. Look

  • at the farm level with milk prices having been low for the past

  • few years.

  • Profitability for dairy farmers has been very weak.

  • You're seeing a lot of financial pain at the farmer level,

  • you know, coming through to the processor level where Dean Foods

  • isthat's more of a reflection of, you know, these multi-decade

  • declines in fluid milk consumption that don't really seem to be

  • evading.

  • In response, the dairy industry attacked the plant-based

  • alternatives for branding their items as "milk."

  • Plant-based milk companies use the term because it's easier for

  • consumers to understand.

  • The dairy industry thinks it's misleading, which is why you see

  • "coconut beverage" on some containers instead of coconut milk.

  • And in 2017, Senator Tammy Baldwin proposed the Dairy Pride Act.

  • It would "require enforcement against misbranded milk

  • alternatives".

  • In 2018, the FDA addressed the dairy industry's concerns.

  • They called the labeling "misleading" and said that it, "could

  • compromise the health and wellbeing of consumers."

  • However, no standard has been put in place.

  • And despite backlash from the industry, dairy-related companies

  • are seeing the popularity in nut-based drinks as a business

  • opportunity. In 2017, Danone acquired WhiteWave, the company

  • behind Horizon Milk and Silk Pure Almond, for $12.5

  • billion. Since the purchase, Danone stock has gone up more than

  • 30 percent.

  • Analysts say the dairy industry has failed to innovate and as a

  • result, sales of milk have dropped by $4 billion since 2015.

  • But tech innovations have improved and more plant based products

  • have appeared on the market, and they look pretty similar to

  • milk too.

  • Meet Michele Simon, the executive director of the Plant Based

  • Foods Association whose members include Beyond Meat and Blue

  • Diamond Growers.

  • She explains that plant-based beverages like soy have been

  • around for a long time and it was the marketing of soy milk that

  • opened the door for plant-based drinks.

  • What really brought soy milk into the mainstream market was when

  • it shifted away from that type of merchandising to being sold

  • in the refrigerated section right next to cow's milk.

  • So they changed the packaging and went from those shelf-stable

  • packages to the familiar gable-top milk style packages and sold

  • it right where cow's milk is sold.

  • And it worked.

  • Today, almond milk dominates 68 percent of the plant-based

  • industry with soy milk leading in second at 13.8

  • percent. Former milk producer Elmhurst Milk 1925 shifted from

  • cow's milk to nut-based beverages in 2017 after signs of the

  • declining industry.

  • The change came when CEO Henry Schwartz met food scientist

  • Cheryl Mitchell who was perfecting a way to use the whole part

  • of the nut for nut-based beverages.

  • Here's Cheryl Mitchell explaining Elmhurst's HydroRelease

  • process.

  • When we do the HydroRelease method, it's kind of like power

  • washing. Instead of grinding to a flour, everything comes off in

  • layers, right, and it's actually a very gentle, gentle process

  • here and big particles, right.

  • Well, that's what you want to do with a fiber is that you want

  • to make sure that the fiber stay very long makes them easy to

  • separate from the protein.

  • And, that's what the hydrorelease process so I was able to

  • figure out the right equipment to make sure all of this happens.

  • Oh, and by the way, Cheryl thinks it shouldn't be called

  • plant-based milk.

  • Elmhurst 1925 calls it "milked" because they're literally

  • lactating the milk.

  • According to IBISWorld, a market research organization, the

  • plant-based beverage industry could be worth $2.4 billion

  • by 2024, but it's facing challenges.

  • Some companies often have trouble keeping up with demand and to

  • see where the old school dairy industry is going.

  • Some analysts say to look at the coffee industry.

  • A 2016 Wells Fargo report draws parallels between the milk and

  • coffee industries.

  • From 1946 to 1996, coffee consumption declined by 56 percent,

  • but since 1997 it's rebounded by 14 percent.

  • The coffee industry had become complacent with producing instant

  • coffee and had continued to market to adults instead of a larger

  • market. Coffee intake was also down due to speculative links

  • between caffeine and cancer, high cholesterol and other health

  • diseases. Sound familiar?

  • The dairy industry has the same problems.

  • The game changer for coffee was focusing on premium and

  • specialty coffee.

  • So we think what the milk category is really missing is, you

  • know, what coffee leaned on 30 years ago.

  • It's quality.

  • It's marketing, it's investment, it's branding and we've seen

  • that with Fairlife, you know, from Coke and I think that that is

  • a little case study that shows that if you do have an emphasis

  • on quality, emphasis on taste, you know, marketing dollars

  • behind it you can actually drive growth in the category and even

  • at higher price points.

  • While plant-based milk may be the newest threat to cow's milk, it

  • wasn't the first.

  • The dairy industry also dealt with the rise of soda and bottled

  • water. So as plant-based meats take on Wall Street and hit store

  • shelves, remember it was plant-based milk that flooded the

  • market first.

Beyond Meat surprised the stock market when the company turned

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How Plant-Based Milk Flooded The Market

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    joey joey に公開 2021 年 04 月 20 日
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