Tourism More Profitable than Dairy in New Zealand

According to figures released by Statistics New Zealand this week, profits earned from the tourism industry have overtaken those earned from the country’s historically dominant dairy industry. New Zealand is home to 4.7 million humans and 10 million cows. However, while earnings from tourism are up by 20-percent this year—fueled by the film The Hobbit—dairy industry profits have fallen by 22-percent due to a slump in milk prices. Neighboring country Australia is also in the midst of a dairy crisis, where dairy group Farmer Power recently proposed an increase in milk prices from $1.00 to $1.50 per liter to help farmers break even. Fortunately, vegan dairy alternatives in Australia are gaining popularity with the current plant-based milk market estimated at $153 million.