Dairy Profits Drop 91 Percent Amidst Plant-Based Boom

Dairy brand Dean Foods bets on plant-based investments to get it out of a financial slump.

Dairy brand Dean Foods released its third quarter fiscal report this week, which showed a 91-percent drop in profits. While Dean Foods—the parent company of dairy brand Dairy Pure—reported an income of $14.53 million last year, the company made only $1.38 million this year, with a net sales slip to $1.94 billion compared to $1.96 billion last year. “Our initiatives to build strong brands and diversify our portfolio will build brand equity on Dairy Pure through new product innovation and enhanced consumer marketing,” Dean Foods CEO Ralph Scozzafava said. The company is diversifying its dairy portfolio with plant-based brands to tap into the vegan market. Earlier this summer, Dean Foods invested a minority stake in flax-based vegan brand Good Karma Foods, a move the company hopes will see a return in coming months. A new report released last week by market research firm Packaged Facts showed that the non-dairy sector is making significant gains on its dairy counterpart—projected to represent 40 percent of the compounded dairy and nondairy sector in 2021, up from 25 percent in 2016.

More News

San Francisco Bans Fur Sales

Officials unanimously sign the ban making San Francisco the largest city in the United States to reject the cruel fur industry.
Read More »

Drake Ditches Meat

The musician confirms that he has no beef with vegetarians.
Read More »

Acclaimed Chef to Open Vegan Convenience Store

Matthew Kenney's vegan New Deli in Venice, CA will offer a range of plant-based snacks, prepared foods, and organic wine and beer that customers can enjoy on the store's patio or at the nearby beach.
Read More »

Vegan Food Truck to Sell Chicken Nuggets in Boston

Inspired by the owner's childhood love of comfort foods, the 16-foot food truck will feature seitan-based fried foods.
Read More »

Nearly Half of Meat-Free Canadians are Millennials

New research shows that Canadians 35 years old and younger are three times more likely to identify as vegan or vegetarian, while the largest meatless population in Canada resides in British Columbia.
Read More »

This Week on VegNews TV: The secret to these delightful sweet treats is white beans! Aylin Erman shows you how to make these simple blondies.

More Videos »