U.S. consumers are drinking less milk with each passing year, but overall dairy sales are on a multiyear winning streak. Cheese, butter and yogurt are fueling category growth, along with new dairy-based products designed to capitalize on convenience, health and snacking trends. …
A sharp decline in the number of dairy heifers available to replace older cows exiting the U.S. dairy herd could limit any meaningful growth in domestic milk production over the next few years. The number of dairy replacement heifers has fallen almost 15% over the last six years to reach a 20-year low, according to data from the USDA’s most recent Cattle report. …
U.S. consumers are paying more for chocolate products as confection manufacturers raise prices in response to the soaring cost of cocoa. Cocoa prices are nearly 65% higher than they were one year ago, and New York futures prices are at a 46-year high. While consumer demand has remained relatively strong, higher retail prices are poised to take a bigger toll on volume sales and stifle category growth through much of 2024. …
Food insecurity remains prevalent in the U.S. with sparsely-populated rural areas often being disproportionally affected. Rural communities comprise 63% of all U.S. counties but 87% of counties with the highest food insecurity rates. The primary challenge for rural residents is the prevalence of low-access food deserts, where the distance to supermarkets impedes the ability of consumers to access a wide range of food and beverage options. …
U.S. consumers remain interested in plant-based meat alternatives, but higher prices have led many prospective return consumers to taper off their purchases. The price of plant-based meats is often several dollars a pound higher than for equivalent meat and poultry products. Beyond cost, lingering negative perceptions surrounding taste, value and versatility are also obstacles the category has yet to overcome. …
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