According to a professor at the University of Massachusetts Amherst, plant-based foods are “a really hot topic at the moment”. Irregular shopping habits that began during the pandemic, with panic buying and supply-chain issues, have also pushed more people to buy plant-based milk. Despite strong demand for basic foods like dairy products amid the coronavirus pandemic, the milk supply chain has seen a host of disruptions that are preventing dairy farmers from getting their products to market. Plant milk sales in the United States totaled $2.5 billion at the end of 2020, accounting for 15% of all retail sales of milk, and 35% of the larger market for plant-based foods. By the end of 2026, Olson said, sales of dairy alternatives are projected to make up 30% of all milk sales. Much of that growth, Purcell said, will come from small-batch producers. i. Given the current market conditions, list and explain ONE strategy that dairy producers could implement to increase revenue.

According to a professor at the University of Massachusetts Amherst, plant-based foods are “a really hot topic at the moment”. Irregular shopping habits that began during the pandemic, with panic buying and supply-chain issues, have also pushed more people to buy plant-based milk. Despite strong demand for basic foods like dairy products amid the coronavirus pandemic, the milk supply chain has seen a host of disruptions that are preventing dairy farmers from getting their products to market. Plant milk sales in the United States totaled $2.5 billion at the end of 2020, accounting for 15% of all retail sales of milk, and 35% of the larger market for plant-based foods. By the end of 2026, Olson said, sales of dairy alternatives are projected to make up 30% of all milk sales. Much of that growth, Purcell said, will come from small-batch producers. i. Given the current market conditions, list and explain ONE strategy that dairy producers could implement to increase revenue.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 6QFR

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