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Major Australian Dairy Brand's Sales Drop 22 Percent

The continent's biggest dairy company Murray Goulburn is closing facilities and cutting out product lines as Australians consume less milk.

This week, Australia’s largest dairy supplier company Murray Goulburn (MG) announced an unprecedented 22 percent drop in sales within the last year. MG discontinued its infant formula line and is currently shutting down three processing facilities in an effort to recoup some of the $370.8 million loss in profits it sustained during its 2016 to 2017 fiscal year. “MG has experienced a difficult year as a result of the significant reduction in milk intake and adverse seasonal conditions,” the company said in a statement to the Australian Stock Exchange. The vegan diet and plant-based milks have gained traction in Australia in recent years, with Google naming “vegan” the most searched dietary term in 2016 in its most recent trends report. Stateside, Elmhurst Dairy—which operated as New York City’s oldest dairy company before shuttering last year due to poor dairy sales—transformed into plant-based milk company Elmhurst Milked in March to capitalize on the growing dairy-free industry.

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