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TRANSCRIPT
Plant-Based Beverages
June 2017
1
Review of Objectives and Definitions
• Provide a clear understanding:
– Key products/nutritional profiles
– Size and momentum of plant-based beverages
– Drivers of decision-making
– Consumer/household profile
Implications for DAIRY
2
3
Key Players
Definitions and Method
4
Plant Beverages in this Report Defined as…
Nuts/drupes: Almond, cashew, walnut, pistachio, hazelnut, coconut
Legumes: Soy, peas
Grains: Rice, oat
Seeds: Hemp, flax
Key Players…
Almond: Blue Diamond Almond Breeze, Silk, Private Label, Califia
Soy: Silk, Private Label, 8th Continent
Coconut: Silk, So Delicious, Private Label, Goya, Thai Kitchen
Cashew: Silk, So Delicious, Private Label, Cashew Dream
Rice: Rice Dream, All Juicy Whip
Other: Private Label, Good Karma, Borden, Dean’s Ripple
Milk’s Nutritional Proposition Compared to Alternatives
Nutrition Profile:
• Most alternatives are fortified with nutrients they don’t naturally contain
• Alternatives have no standard nutrient composition - it varies from brand to brand
• While some of the beverages reviewed (almond, cashew and coconut)† contain more calcium per serving, the bioavailability of calcium in the alternatives can be a consideration 1,2
Protein:
• Almond, cashew, coconut and rice beverages reviewed offer little or no protein per serving (0-1g per serving)†
• Some alternatives are expanding their lines with protein fortified products that match or exceed the protein found in milk
• However, typically milk delivers a higher quality of protein (PDCAAS) compared to these alternatives 3
Sugar:
• Lactose in white milk is naturally occurring and is not considered added sugar; whereas alternative beverages reviewed† contain added sugar (from cane sugar/syrup), with the exception of unsweetened varieties
• Total sugar in alternatives reviewed varies from product to product (0-21g per serving)
Composition:
• As compared to a regulated milk category, alternative beverages are not clearly defined nor do they have a standard of identity
• Dairy milk has only 3 simple ingredients: milk vitamin D and vitamin A; whereas, alternatives can range between 8-14 ingredients†, including water, stabilizers, emulsifiers and gelling agents*
*Note: All of these ingredients are safe for consumption†Based on review of the following alternative products from USDA NND SRR28: 14091, 14016, 14054, 16223, 14171, 45179314, 146391. Weaver, Connie M., and Karen L. Plawecki. "Dietary calcium: adequacy of a vegetarian diet." The American journal of clinical nutrition 59.5 (1994): 1238S-1241S2. Weaver, Connie M., and Robert P. Heaney. "Food sources, supplements, and bioavailability. "Calcium in human health. Humana Press, 2006. 129-142.3. van Vliet, S., Burd, N. A., & van Loon, L. J. (2015). The skeletal muscle anabolic response to plant-versus animal based protein consumption. The Journal of nutrition, 145(9), 1981-1991.
“Soy beverages fortified with calcium, vitamin A, and vitamin D, are included as part of the dairy group because they are similar to milk based on nutrient composition and in their use in meals.”
“Other products sold as “milks” but made from plants (e.g., almond, rice, coconut, and hemp “milks”)…are not included as part of the dairy group because their overall nutritional content is not similar to dairy milk and fortified soy beverages (soymilk)…”
Except for Soy, 2015 Dietary Guidelines do not Include Alt Bev as Part of the Dairy Group
2015 –2020 Dietary Guidelines for Americans. 8th Edition. 2015.
Alternative Beverages are Typically Made with 8+ Ingredients as Compared to Milk’s 3
1% MilkAlmond Beverage,
Original
Soy Beverage,
Original
Coconut Beverage,
OriginalCashew Beverage Rice Beverage
Number of
ingredients3 14 12 12 14 8
Legend:
Water
Added sugar
Salt
Buffering agent
Emulsifier
Gelling agent
Added vitamins &
minerals
Flavoring Agent
Natural Flavor
Preservative/
Antioxidant
Preservative/added
vitamin E
Lowfat Milk
Vitamin A Palmitate
Vitamin D3
Almondmilk (Filtered
Water, Almonds)
Cane Sugar
Sea Salt
Locust Bean Gum
Sunflower Lecithin
Gellan Gum
Calcium Carbonate
Vitamin E Acetate
Zinc Gluconate
Vitamin A Palmitate
Riboflavin (B2)
Vitamin B12
Vitamin D2
Soymilk (Filtered Water,
Soybeans)
Cane Sugar
Tricalcium Phosphate
Calcium Carbonate
Vitamin A Palmitate,
Vitamin D2,
Riboflavin [B2]
Vitamin B12
Sea Salt
Natural Flavor
Gellan Gum
Coconutmilk
(Filtered Water,
Coconut Cream)
Cane Sugar
Calcium Carbonate
Vitamin A Palmitate
Vitamin B12
Vitamin D2
Sea Salt
Natural Flavor
Sunflower Lecithin
Locust Bean Gum
Gellan Gum
Cashewmilk (Filtered
Water, Cashews)
Cane Sugar
Sea Salt
Natural Flavor
Almond Butter
Locust Bean Gum
Sunflower Lecithin
Gellan Gum
Ascorbic Acid
Calcium Carbonate
Vitamin E Acetate
Vitamin A Palmitate
Vitamin D2
Filtered Water
Organic Brown Rice
Organic Expeller
Pressed Canola Oil/
Organic Safflower Oil/
Organic Sunflower Oil
Tricalcium Phosphate
Sea Salt
Vitamin A Palmitate
Vitamin D2
Vitamin B12
Based on review of SILK, DELICIOUS ALMONDMILK, ORIGINAL ALMOND, UPC: 025293001466 (USDA NND SRR28 #45136756), SILK, SOYMILK, ORIGINAL, UPC: 025293600478 (USDA NND SRR28 #45136578), SILK, CREAMY CASHEWMILK, CASHEW, UPC: 025293003064 (USDA NND SRR28 #45179317), SILK, COCONUTMILK, ORIGINAL, UPC: 025293001220 (USDA NND SRR28 #45179293) and RICE DREAM, RICE DRINK, UPC: 084253222402 (USDA NND SRR28 #45135751)Low-fat milk USDA NND SRR28 #01082Note: All of these ingredients are safe for consumption
Per 8oz 1% Milk
1%
Chocolate
Milk
Almond
Beverage,
Unsweetened
Almond
Beverage,
Sweetened,
Vanilla
Almond
Beverage,
Sweetened,
Chocolate
Soy
Beverage,
Sweetened
Coconut
Beverage,
Sweetened
Cashew
Beverage,
Sweetened
Rice
Beverage,
Unsweetened
Calories 100 160 40 90 120 110 70 60 110
Total Fat (g) 2.5 2.5 3 3 3 5 5 3 2
Sat Fat (g) 1.5 1.5 - - - 0.5 4.5 - -
Carbohydrate
(g)12 25 2 16 23 8 7 9 22
Dietary Fiber (g) - - - - 1 1 - - 1
Sugars (g) 13 25 0 15 21 6 6 7 13
Added Sugar*
(g)- 12 0 15 21 5 6 7 -
Protein (g)8
(16% DV)
9
(17% DV)2 1 2
7
(14% DV)<1 1 <1
Nutritional Profile of Milk Compared to Alternatives: Macronutrients
Low-fat milk: USDA NND SRR28 #01082Low-fat chocolate milk: USDA NND SRR28 #01104Based on review of the following alternative products from USDA NND SRR28: 14091, 14016, 14054, 16223, 14171, 45179314, 14639*Added sugar for low-fat chocolate milk (USDA SR#01104) was calculated based on 8 fl oz of low-fat milk (USDA SR#01082) - contains 13 g naturally occurring sugar and 0 grams added sugar*Added sugar for alternatives was calculated based on comparison to 8 fl oz Unsweetened variety of each product
Per 8oz 1% Milk
Almond
Beverage,
Unsweetened
Almond
Beverage,
Sweetened,
Vanilla
Soy Beverage,
Sweetened
Coconut
Beverage,
Sweetened
Cashew
Beverage,
Sweetened
Rice Beverage,
Unsweetened
Good/Excellent Source
of Essential Nutrients
9 EN
(w/protein)*5 EN* 7 EN*
10 EN
(w/protein)*4 EN* 6 EN* 7 EN*
Vitamin D (%DV) 15% 10% 10% 15% 10% 15% 10%
Calcium (%DV) 25% 35% 35% 25% 35% 35% 20%
Iron (%DV) - 5% 4% 7% 4% 2% 3%
Potassium (mg) 366 180 120 340 45 30 65
Vitamin E (%DV) - 35% 45% 25% - - -
Vitamin A (%DV) 15% 10% 15% 15% 15% 15% 15%
Vitamin C (%DV) - - - 20% - - -
Riboflavin (%DV) 35% 9% 30% 35% - 40% 25%
Vitamin B6 (%DV) 5% 2% - 35% - - 6%
Vitamin B12 (%DV) 50% - 130% 110% 130% 130% 65%
Thiamin (%DV) 9% 15% 3% 15% - - 80%
Phosphorus (%DV) 20% 2% 2% - - - 10%
Pantothenic Acid (%DV) 20% - - - - - -
Niacin (%DV) 10% - 1% 50% - - 6%
Folate (%DV) 4% 1% 1% - - - -
Magnesium (%DV) 6% 4% 4% - - 4% 6%
Sodium (mg) 105 190 150 120 45 170 95
Zinc (%DV) 9% 2% 15% 5% - 15% -
Nutritional Profile of Milk Compared to Alternatives: Micronutrients
Low-fat milk: USDA NND SRR28 #01082Based on review of the following alternative products from USDA NND SRR28: 14091, 14016, 16223, 14171, 45179314, 14639*New %DV conversions were done to align with the Final Rule: Revision of the Nutrition and Supplement Facts Labels for nutrients available on product Nutrition Facts panel
Emerging Alternatives Nutrition Highlights
• Lower in calories, carbohydrate, sugar and protein compared to 1% milk
• Tout omega-3 content (1200 mg per 8-oz serving)
Flax
• Higher in calories, fat, and carbohydrate, lower in protein compared to 1% milk
• Tout omega-3 content and overall fatty acid profile
Hemp
• Higher in fat, lower in carbohydrate compared to 1% milk
Pea
• Higher in calories, carbohydrate and sugar, lower in protein compared to 1% milk
• Does not contain an ingredient that indicates added sugar
Oat
Nutrition Facts,
per 1 cup1% Milk
Hemp,
Original
Flax,
Original
Oat,
Original
Pea,
Original
Calories (kcal) 100 140 50 130 100
Total Fat (g) 2.5 5 2.5 2.5 4.5
Sat Fat (g) 1.5 0.5 - - 0.5
Cholesterol (mg) 10 - - - -
Sodium (mg) 105 130 80 115 130
Potassium (mg) 366 170 - 120 450
Carbohydrate (g) 12 20 7 24 6
Dietary fiber (g) - 1 - 2 -
Sugars (g) 13 14 7 19 6
Added sugars (g) - 14 7 - 6
Protein (g) 8 (16% DV) 3 - 4 8 (16% DV)
Based on a sample of available products: Good Karma Flaxmilk Original, Pacific Hemp Original, Ripple, Pacific Oat OriginalLow-fat milk USDA National Nutrient Database for Standard Reference Release 28 Database #01082
• Nutrient rich profile in 3 simple ingredients: – 9 essential nutrients
– High quality protein
– No added sugars
• Milk is the leading food source of 3 of the 4 nutrients of public health concern for children1 and adults2
– Calcium
– Potassium3
– Vitamin D
• Low-fat and fat free milk and milk products are recommended as part of healthy diet patterns4
Milk’s Inherent Nutrition Profile is Tough to Match
11
1. Keast DR, Fulgoni 3rd VL, Nicklas TA, O’Neil CE. Food sources of energy and nutrients among children in the United States: National Health and Nutrition Examination Survey 2003–2006. Nutrients. 2013;5:283–301.2. O’Neil CE, Keast DR, Fulgoni VL, Nicklas TA. Food sources of energy and nutrients among adults in the US: NHANES 2003–2006. Nutrients. 2012;4:2097–120.3. Low-fat milk provides 366 mg potassium per cup, 8% DV (USDA National Nutrient Database for Standard Reference Release 28 #01082)4. 2015 –2020 Dietary Guidelines for Americans. 8th Edition. 2015
There is an extensive body of research showing dairy’s health benefits on
critical issues related to public health.
12
Plant-Based Beveragesare a Tiny but Growing Beverage Category
At Retail, Plant-based Beverages are $1.7 Billion and are One of the Faster Growing Beverage Categories
$27,676.7
$15,094.5 $14,948.3
$12,138.9$10,157.5
$6,649.3 $6,602.8
$3,594.6$1,912.5 $1,672.5 $1,218.5 $656.7 $239.7 $190.8
Carbonatedsoft drinks
Bottled water Milk Energy drinks Shelf stablejuice
Rfg juice &drinks
Sports drinks Canned &bottled tea
Cappucino &iced coffee
Plant-basedbeverages
Rfg tea Rfg yogurtdrinks
RFG RTDcoffee
Shelf-stablenon-fruit
drink
Retail Dollars – Millions52 Weeks Ending 3/19/2017
-0.2% 7.3% -4.6% 3.1% 1.8% -1.3% 4.4% 3.3% 10.6% 4.7% 7.5% 15.5% 21.7% -1.9%
-1.4% 8.5% -2.0% 3.8% -0.5% -2.7% 3.3% 2.3% 10.5% 4.8% 4.6% 15.3% 13.4% -3.4%
DollarsVolume
Growth last 52 wks
1.6%share
14.5%share
13Source: IRI
Over the Last Five Years, Retail Sales of Plant-based BeveragesHave Grown by Over 60%
Source: IRI MULO+C retail channel includes grocery, c-store, drug, mass/supercenters including Wal Mart, K Mart, Target, Shopko club (Sam’s, BJ’s), dollar (Dollar General, Family Dollar, Fred’s) and military;52 weeks ending 5/14/2017
14
VOLUME DOLLARS
$1,679 mil
+63% growth2011-2016
Currently,10% share
of MILK + PLANT
247 mil gal
+62% growthlast 5 years
Currently,6% share
of MILK + PLANT
Plant Beverage Sales However, are Growing at a More Moderate Pace in Recent Years
144,310,096166,435,242
192,362,434219,559,274 232,515,258 245,218,553 246,719,779
98,234,638
2011 2012 2013 2014 2015 2016 52 wks end 5/14/17 2017 YTD (5/14)
Source: IRI Market Advantage, Multi-Outlet + Convenience 15
15.3% 15.6%14.1%
5.9% 5.5%4.1%
1.6%
2012 2013 2014 2015 2016 52 wks end 5/14/17 2017 YTD (5/14)
Plant-based BeveragesRetail Volume Sales (Gallons)
Retail Volume % Change vs Year Ago
Sales Momentum of Plant Beverages has been Fueled by Continuous Innovation
17
The Plant Beverage category has introduced new varieties and enhanced health benefits
Good source protein, more calcium, lower sugar
Omega, probiotics
Flavor is More Important to Plant-based Beverage Purchasing Compared to Dairy Milk
Source: IRI Market Advantage, Multi-Outlet + Convenience52 weeks ending 4/16/2017
Volume Share of Dairy Milk
• 5.2% Chocolate• 0.5% Eggnog• 0.3% Strawberry• 0.1% Vanilla• 0.01% Banana• 0.01% Coffee
94.4%Plain/Other
-3% growth
Growth latest 52 wks
Volume Share of Plant-based Beverages
49.2%Plain
+5% growth
50.8%Flavored+4% growth
• 38.6% Vanilla• 8.7% Chocolate• 3.5% Other
Growth latest 52 wks
18
Stores Grew the Number of Plant Beverages they Carried as More New Items were Launched. Recently, this Number has Flattened.
19
72
83 82
34
53 52
0
10
20
30
40
50
60
70
80
90
2011 2012 2013 2014 2015 2016 2017 YTD (5/14)
Average Weekly Items Per Store SellingDairy Milk vs. Plant-based Beverages
Dairy Milk
Plant-basedAlternatives
Source: IRI Market Advantage, Multi-Outlet + ConvenienceSource: Innova
Average Weekly Dollars Per Store Selling 2017 YTD• Dairy Milk: $1,175• Plant-based Beverages: $457
Almond is the Clear Leader Holding 71% of Plant Beverage VolumeWhile Soy Sales have Dampened
0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,000,000
180,000,000
200,000,000
2011 2012 2013 2014 2015 2016 52 wks end 5/14/17
Plant-based Beverage Volume Sales by Type(Gallons)
Almond Soy Coconut Cashew Rice Other
20
Almond
Soy
Coconut
Source: IRI/DMI Custom Unify, L52W Ending 3/19/2017, Total US Multi Outlet + Convenience
* Due to a retailer restriction, these product segments may be under-reported
Non-Mainstream Nut & Plant Beverages have Been Launched, Although they Contribute Very Small Volume
Collectively, these non-mainstream products
account for 2% Plant-based Volume• Flax largest at 0.82 mil gal +68%• Pea: 0.41 mil gal +13%• Hemp: 0.35 mil gal +13%
New intros coming this summer
21
Almond and Coconut Continue to be Growth Engines in Plant Beverages
58.6%52.6%
36.3%
7.5% 10.2%6.2%
2012 2013 2014 2015 2016 2017ytd(5/14)
Almond
22
-6.1%
-16.7% -19.5%
-8.8% -11.0% -14.3%
2012 2013 2014 2015 2016 2017ytd(4/16)
Soy
12.4%
-14.7%
2012 2013 2014 2015 2016 2017ytd(5/14)
Cashew
-2.8%-7.1%
-11.9% -10.7%-6.1% -4.9%
2012 2013 2014 2015 2016 2017ytd(5/14)
Rice
-5.6%
1.3%
-3.9%
-20.9%
-3.1%
1.8%
2012 2013 2014 2015 2016 2017ytd(5/14)
Other
Source: IRI Market Advantage, Multi-Outlet + Convenience
Retail Volume % Change vs. Year Ago
+13679%
29.9% 29.0%
16.0%10.4% 10.8%
5.0%
2012 2013 2014 2015 2016 2017ytd(5/14)
Coconut+2999%
71% share 15% share
7% share
0.9% share
2% share
3% share
23
Plant-Based Beverageshave Regional Skews
The Most Developed Regions for Plant Beverages are the Northeastern States, Florida and Colorado
24
Strongest Sales Index• 170 Miami• 165 Orlando• 158 New England• 154 Tampa• 142 Denver• 137 Jacksonville
Weakest Sales Index• 55 Mississippi• 59 Green Bay• 72 Oklahoma City• 73 Memphis• 74 Toledo• 75 Peoria/Springfield
Source: IRI Market Advantage, Multi-Outlet + Convenience;52 weeks ending 5/14/2017
Index=Product development Index = Volume development relative to population with 100=average; >120 Index is high; <80 index is low
Volume Index52 Weeks End 5/14/17• 119 Southeast• 115 West• 109 Northeast• 101 California• 100 Total U.S.• 99 Mid-South• 90 Plains• 83 Great Lakes• 80 South Central
= high development; index >120
= average development; index 80 to 120
= low development; index <80
Plant Beverages are Growing Across All Regions, With the Strongest Growth in the Northeast
25
Strongest Sales Growth• +11% Boston• +11% Boise• +10% Providence• +10% New England• +9% Phoenix• +9% Salt Lake City
Declining Markets• -4% Pittsburgh• -3% Tulsa• -2% Peoria/Springfield• -1% San Diego• -0.5% Grand Rapid• -0.5% Oklahoma City
Plant-based alternatives hold 12% of the combined Dairy Milk + Plant-Based Market in MiamiAnd a low of 4% share in Toledo
Source: IRI Market Advantage, Multi-Outlet + Convenience;52 weeks ending 5/14/2017
Volume Growth52 Weeks End 5/14/17• 6.2% Northeast• 5.8% West• 5.1% Mid-South• 4.2% Southeast• 4.1% Total U.S.• 3.4% South Central• 2.3% Plains• 2.1% California• 1.9% Great Lakes
= strongest growth +6% or more
= growth of 4-6%
= growth less than 4%
= decline
Note: U.S. and regions include c-stores while states and markets do not
26
Plant-Based Beveragesare Increasing Their User Base
Plant Beverages are Growing Primarily by Adding More Buyers
Volume Sales Up +29%
2013 to latest 52 wks*
42.9% Households Purchased
Up +19%
5.3 Gallons Purchased Per Buyer
Up +5%
7.7 Trips Per Buyer
Up +3%
0.7 Gallons Per Trip
Up +2%
27
Plant beverages added+9.7 million buyers 2013-2017
Source: IRI National Consumer Panel, All Outlet, 52 weeks ending 5/14/2017
Dairy Milk is Losing Volume as Households Become Lighter Buyers, Making Fewer Trips for Milk
Volume Sales Down-7.5%
2013 to latest 52 wks*
95.5% Households Purchased
Down -0.8%
32.2 Gallons Purchased
Down -9.4%
30.3 Trips Per Buyer
Down -6.8%
1.1 Gallons Per Trip
Down -2.8%
28Source: IRI National Consumer Panel, All Outlet, 52 weeks ending 5/14/2017
30
Plant Products are Building Strength With Younger Generations and Multi-cultural Consumers
Millennials are More Likely to Purchase Plant Beverages and are Increasing their Purchasing
31
Gallons per All Households
2.74 2.45 2.03 1.94 1.71 1.43
122
Volume Index
% Chg Vol per HHvs. Year Ago
6.4
1.3 2.34.7
0.1
-1.5122 10990 86 76 64
Millennials Gen X YoungerBoomers
OlderBoomers
Retirees Seniors
Source: IRI National Consumer Panel, All Outlet, 52 weeks ending 5/14/2017Volume Index compares plant beverage to size of the generation
51.8 46.0 40.2 36.1 32.8 27.9% Households purchasing
Gallons per Buyer
5.3 5.3 5.0 5.4 5.3 5.2
32
5.4
2.6
2.75 2.01
49.139.9
% Households purchasing
Gallons per All Households
% Chg Vol per HHvs. Year Ago
Source: IRI National Consumer Panel, All Outlet, 52 weeks ending 5/14/2017Volume index compares volume of plant beverages to the size of the segment
Households with Children
Adult Households
12289
Volume Index
Households With Children are More Likely to Buy Plant Beverages than Adult Only Households; Both are Growing
Plant Beverages Buying Dynamics by Household Type
5.6 5.1
Gallons per Buyer
34
4.4 4.22.7
1.83 2.39 2.57
36.9 44.2 48.4
Source: IRI National Consumer Panel, All Outlet, 52 weeks ending 5/14/2017
81106 114
% Households purchasing
Gallons per All Households
% Chg Vol per HHvs. Year Ago
Volume Index
Plant Beverages Buying Dynamics by Household Type
Purchase of Plant-based Milk Alternatives Skews Toward Higher Income Households
Lower Per Capita Income Middle Per Capita Income Higher Per Capita Income
1.83 2.39 2.57
Gallons per Buyer
TOTAL Dairy Milk
Almond/Cashew
Beverages
Rice Drink
Organic Milk
White Gallon Milk
Flavored HGalDairy Milk
Plant/Soy Beverages
Lactose-free Milk
Coconut Beverages
35
Average Price Per 8 Ounce Serving52 weeks ending 5/14/2017
19¢ 25¢ 34¢ 41¢ 43¢ 45¢ 50¢ 53¢ 63¢
Overall, On a Per Serving Basis, Plant-based Beverages’ Pricing Falls Between Conventional Milk and Value-Added Milk Segments
Source: IRI Market Advantage, Multi-Outlet + Convenience52 weeks ending 5/14/2017
White Milk
Flavored Dairy Milk
Total PlantBeverages
Coconut Beverages
Lactose-free Milk
36
Average Price Per Half Gallon Size of Product52 weeks ending 5/14/2017
When Focusing on a Similar Size Product Offering (Half Gallon), Price Differences between Milk and Plant Beverages are Less Pronounced
$2.65 $2.67 $2.69 $3.05 $3.10 $3.18 $3.25 $3.57 $3.77 $4.45
TOTAL Dairy Milk
AlmondBeverage
Soy/Cashew Beverages
RiceDrink
Organic Dairy Milk
Plant Beverages: 78% sold as half gallonDairy Milk: 20% sold as half gallon, 73% sold as gallon
Source: IRI Market Advantage, Multi-Outlet + Convenience52 weeks ending 5/14/2017
Both Plant Beverages and Milk have Strength with Young Families.Plant is More Likely to Pull in Households Getting Started.
37
Getting Started
14%
Young Families24%
Raising Teens16%
Established Workers
22%
Retired24%
Plant Beverage Retail Volume
Index=95
Getting Started
8%
Young Families25%
Raising Teens22%
Established Workers
20%
Retired25%
Dairy Milk Retail Volume
Index=83
LifeStage
LifeStage
Index=105
Index=135
Index=107
Index=78
Index=58
Index=139
Index=153
Index=84
Source: IRI National Consumer Panel, All Outlet, 52 weeks ending 5/14/2017
The Growing Population Groups of Asians and Hispanics are More Likely to Purchase Plant-based Milk Alternatives
38
Black
White Asian
Other Race
Hispanic
WHITE41% purchase2.2 gallons97 Volume Index+4% growth
BLACK47% purchase2.1 gallons94 Volume Index+4% growth
ASIAN59% purchase3.0 gallons132 Volume Index+5% growth
OTHER50% purchase2.7 gallons122 Volume Indexflat growth
HISPANIC53% purchase2.9 gallons127 Volume Index+1%growth
Source: IRI National Consumer Panel, All Outlet, 52 weeks ending 5/14/2017growth based on % change in volume per household
Plant Beverages Purchase Dynamics
In Comparison to Dairy Milk, Plant Beverages are More Likely to Pull in the Black Population
39
Product Volume Index
Source: IRI National Consumer Panel, All Outlet, 52 weeks ending 5/14/2017growth based on % change in volume per household
42
A Number of Food Trends Favor Plant-based Beverages
Plant Beverages Link to Consumer Engagement With Broad Food Trends
Growing desire to lead a healthy lifestyle which includes a healthy diet
Deeper interest in knowing about food –who made it, what are ingredients, who produced it
Heightened interest in farm animal issues as well as less prioritization of meat in the diet
Increased focus on food absence claims/food sensitivities – gmo-free, antibiotic-free, hormone-free, gluten-free, lactose-free, dairy-free
Broadened focus from healthy “me” to healthy “planet”
43
Plant Beverage Users Over-Index Relative to the Average Shopper in Buying Home and Health Magazines
85
104
108
111
114
116
127
133
Newspapers
Food
Entertainment
Tabloids
Women
Crosswords
Health/Fitness/ Grooming
Home
Plant-based BeveragesShopper Magazine Genres
Index to Total Shoppers
44
102
82
119
100
93
108
118
95
Dairy Milk
Source: Inmar
Plant-based Users are More Likely to Purchase Food Magazines Focusing on Lighter/Healthier Recipes
69
87
112
115
163
Cooking with Paula
Taste of Home
Food Network
Better Homes & Gardens
Cooking Light
Plant-based BeveragesShopper Cooking Magazine Titles
Index to Total Shoppers
45
91
136
110
131
202
Dairy Milk
Source: Inmar
Good for Me All Natural
46
Fulfill Needs High Quality
Give Back to Communities
Help Global Organizations
Environmentally Friendly Products
New Beverages
Prefer Beverages Pay More for Beverages
64% Drinkers 49% Drinkers 56% Drinkers 53% Drinkers
Support Companies that Buy 1st to Try
33% Drinkers 29% Drinkers 40% Drinkers 26% Drinkers
Plant Beverages Leverage Growing Attributes Consumers Seek in Beverages
Source: Kantar Worldpanel 2016
4720%
34%
25%
30%
23%
45%
37%
41%
37%
49%
52%
55%
47%
65%
36%
42%
42%
43%
47%
53%
54%
56%
57%
63%
65%
67%
69%
79%
Consumers of Plant Beverages Express Stronger than Average Opinions Regarding Beverage Health and Social Attributes
Source: 2016 Kantar Worldpanel; consumers age 1+,
Prefer GOOD FOR ME Beverages
Prefer ALL NATURAL Beverages
Pay More For Beverages That FULFILL NEEDS
Pay More for HIGHER QUALITY Beverages
Drink beverages LOW IN CALORIES
Prefer Beverages with NATURAL SWEETENERS
Buy ENVIRONMENTALLY FRIENDLY PRODUCTS
Regularly drink beverages with HEALTHY ADDITIVES
Regularly drink beverages HIGH IN CALCIUM*
Prefer ORGANIC Beverages
Support companies helping GLOBAL ORGANIZATIONS/CHARITIES
Prefer Beverages with NATURAL ENERGY
Support companies that GIVE BACK TO COMMUNITIES
Drink Beverages HIGH IN FIBER*
Dairy Milk Drinkers
Plant Beverage Drinkers
Beverage Attitudes% AGREE Strongly/Somewhat
New Product Claims for Plant Beverages are Built on Current Health & Social Responsibility Trends
48
Allergy16%
Gluten-free14%
Time saving13%
Lactose-free11%
No additives10%
Ethical pkg8%
Low cholesterol7%
Low fat6%
Organic4%
High/good source protein
4%
Convenient consumption
4%
Low calorie3%
% SHARE of
TOTAL CLAIMS
2016 PLANT-BASED MILK ALTERNATIVES
NEW PRODUCT CLAIMS
Claims Growing in Importance• Ethical/recyclable packaging• Gluten-free• Protein• Lactose-free• Allergy• No additives• Omega 3• Low sugar
Source: Innova
19%
25%
29%
Dairy Milk
49
28%
35%
41%
Plant Beverages
My choice of drink brand is important
Search online for info about a brand
Follow favorite brand on social media/websites
% Agree Strongly/Somewhat
Plant Beverage Users are Also More Likely to Seek Deeper Engagement With their Beverage Brands
Source: 2016 Kantar Worldpanel; consumers age 1+,
50
There is Some Interaction Between Plant Beverages and Dairy Milk
Over the Course of a Year, Nearly All Households Buy Milk While 4 in 10 Purchase Plant-based Beverages
51
Source: IRI Custom panel; DMI database; 52 weeks ending 5/14/2017
95.5% Households Buy
Dairy Milk(117 mil households)
42.9% Households
BuyPlant-based
(53 mil households)
56.3% Households Buy
Only Dairy Milk
(67.3 mil)
39.2% Households
are DUAL Buyers, Purchasing Both Dairy Milk and
Plant Beverages
3.6% Households
Buy Only Plant-based
(4.3 mil)
However, A Sizeable Number of HouseholdsBuy Both Dairy Milk and Plant-based Beverages
52
Source: IRI Custom panel; DMI database; 52 weeks ending 5/14/2017
47.0 million households
92% plant-based buyers also purchased milk over
the year
40% milk buyers also purchase plant-based
beverages over the year
0.9% don’t PURCHASE
either product annually
Dairy Plays an Important Role in Dual Milk + Plant Beverage Buying Households
Dual “Dairy Milk” + “Plant-based Beverages” Profile
53
DUAL Households are good DAIRY BUYERS
• Milk 101 Index
Cheese 113 Index
Yogurt 125 Index (purchase more
yogurt than exclusive dairy milk households)
MILK is dominant n DUAL households
• 31 Milk gallons purchased/yr compared to 5 gallons of Plant Beverages
DUAL households buy Value-added beverages
• Organic Milk 156 Index
Lactose-free Milk 131 Index
Yogurt Drinks 130 Index
Kefir 174 Index
DUAL households buy lion’s share of Plant volume
• Account for 85% plant beverage volume
Source: IRI Custom panel; DMI database; 52 weeks ending 5/14/2017
45% People Drink Only Dairy Milk
(145 mil people)
2% drinkboth
576 million people
49% don’t DRINK either product weekly
When it Comes to Drinking Beverages, Only 2% PeopleDrink Both Dairy Milk and Plant-based Beverages
1/3 people who drink plant-based beverages also drink milk weekly
Only 4% of milk drinkers also drink plant-based
beverages weekly
4% People
Drink Only Plant-based
(13 mil people)
Source: 2016 Kantar Worldpanel; consumers age 1+,
While Milk Individuals are Less Likely to Drink Plant Beverages, Ingredient Use is Dialed Up for Plant
As a BEVERAGE36%
As an ADDITIVE43%
As an INGREDIENT
21%
Plant Beverage Usage
58
As a BEVERAGE48%
As an ADDITIVE43%
As an INGREDIENT
9%
Dairy Milk Usage
Source: NPD Group/National Eating Trends In-home consumption; 2 yrs ending Aug 2016
Examples: smoothies, nutrition drinks
Examples: in cereal, in coffee
59
Users See Plant-based Products as Superior to Milk
Absence Claims are Important to the Plant Beverage Decision
Top Attributes that Matter to Both Plant
Beverages and Dairy Milk
• Safe
• Nutritious
• General health & well-being
• Strong bones & teeth
• Taste
Attributes that Index High for Plant Beverages
Relative to Dairy Milk
• No artificial hormones
• Improve quality of life
• Antibiotic free
• Manage health issues
• GMO-free
Attributes that Index Low for Plant Beverages
Relative to Dairy Milk
• Calcium
60
Attributes that Matter “A Lot” to Consumption Decision
Source: DMI Dairy Tracker March 2017
DAIRY MILK
PLANT-BASED ALTERNATIVES
DAIRY MILK
PLANT-BASED ALTERNATIVES
Lactose Intolerance is a Driver of Plant-based Beverages,But a Secondary One
61
12% of Plant Based Beverage Drinkers
drink the category because they are Lactose Intolerant
88% drink the category for other reasons
Source: Kantar 2016
Easier to digest than milk
Tastes better than milk
Nutritionally superior to milk
No harm to animals
No added hormones
Healthier than milk
49%
29%
32%
28%
24%
23%
Plant-based Alternative Users Cite “Superiority” Over Milk
62
Reasons for Drinking Plant-based Alternatives
(Base: Plant-based Users)
Source: DMI Dairy Tracker 2016
63
Plant-based Products Get Strength from Morning and Home Occasions
Plant Beverages Skew Heavily to Breakfast With Over Half of Beverage Use Occurring at that Time
64
Breakfast Lunch DinnerBefore
Breakfast
BetweenBreakfast & Lunch
BetweenLunch
& Dinner
AfterDinner
All Beverages 11% 18% 12% 17% 13% 17% 13%
Plant Beverages 6%Index=59
53%Index=297
4%Index=34
8%Index=49
5%Index=37
14%Index=83
9%Index=72
Dairy Milk 5%Index=43
42%Index=233
3%Index=24
17%Index=97
3%Index=22
22%Index=134
9%Index=70
----------% Beverage Occasions Taking Place at Time of Day----------
Plant beverages, like milk, are under-developed between meals
Source: Kantar Worldpanel, 12 ME September 2016
Plant Beverages are Primarily Consumed at Homeand are Underdeveloped Away-from-home
65
SchoolHome Restaurant/Other
All Beverages 79.3% 3.0% 9.3% 8.4%
Plant Beverages 91.0%Index=115
2.0%Index=67
2.6%Index=28
4.4%Index=52
Dairy Milk 88.7%Index=112
7.6%Index=253
1.8%Index=19
1.9%Index=23
----------% Beverage Occasions Consumed at Location---------
Source: Kantar Worldpanel, 12 ME September 2016
Office
67
Plant Beverage Communications and Social Chatter
Plant Beverages Invest a Disproportionately Higher Amount in Media than Milk, Given the Size of Category
2016 Retail Dollars($billions)
68
Media Spending$millions)
PLANT$1.7 bil (+5%)
10%
DAIRY MILK$15 bil (-5%)
90%
DAIRY MILK$150 mil (+3 mil)
65%
PLANT$72 mil (+$7 mil)
35%
Sources: IRI DMI custom milk database; Kantar
Silk Cites Calcium, Fat and Calorie Advantages
69
Social Responsibility is Also a Theme in Silk’s Positioning
70
It’s not always easy being non-GMO, but it’s worth itDid you know a whopping 94% of U.S. soybeans are genetically modified?1 But not the ones you’ll find in Silk. We use only non-GMO soybeans grown close to home in North America. And our commitment isn’t limited to soy. We apply the same high non-GMO standards across all of our product lines. That means taking extra time to research our suppliers, and choosing the ones we believe bring the best for our consumers. Being non-GMO takes extra care, but we think it’s a standard well worth fighting for.
Silk® versus milk: Bring it on!
Smaller Plant Beverages Also Highlight their Sustainability Platforms
71
Why Plants?FOOD IS MORE THAN NUTRITION. IT IS A CELEBRATION.It’s about how good we feel knowing we’re putting something beneficial into our bodies, becoming stronger, healthier, more able.
GIVING BACK TO THE EARTHCare. It’s at the root of DREAM™, and it’s the #1 ingredient in every product we make. Caring about the well being of our customers is the reason we were founded over 30 years ago. DREAM’s wholesome, better-for-you beverages, yogurts and frozen desserts provide delicious alternatives to dairy all day long. We are committed to sourcing quality ingredients and we work with farmers who share our sense of environmental stewardship.That care and sense of responsibility extends to caring for our planet as well. Our shelf-stable packaging is made with less material than virtually any other comparable container for reduced environmental impact. That’s just one of the earth-friendly manufacturing methods we use to help reduce waste and keep our footprint as small as possible.We feel it’s our responsibility to give back to the Earth that gives us so much
Recipes and Product Usage Tips are Highlighted on Plant Beverage Websites
72
Almond Breeze Highlights Taste in Communications Along With Dedicated Farmers and Product Developers
73
Source:
96,191,655
18,841,893
1,297,571
Dairy Milk Plant-based beverages
Social media discussion, April 2016-March 2017Number of Posts in Social Media
6.9% of milk discussion
1.3% of dairy discussion
Social Media Chatter is Also Fairly Low for Plant-based Beverages Relative to Dairy Milk
76
Over the past year, plant-based beverage conversation represented 1.3 percent of dairy conversation,
peaking at 1.6% in July 2016.
Source: Cision
Consumers prefer to talk about individual beverages rather than the category, but the most popular term for the category among consumers is “nut milk.”
Volume source: Spredfast and Cision Visible, timeframe: April 1, 2016-March 31, 2017. Other plant-based beverages such as hemp milk, oat milk and hazelnut milk were not analyzed separately.
Almondmilk
Coconutmilk
Soy milk Cashewmilk
Rice milk Pea / Peaprotein
milk
172,256
138,748
51,376
13,942 13,137
638
Plant Beverages by # Mentions on Social Media
# social media posts
35,611
22,625
18,922 18,21216,169
11,668 11,196
7,626
3,802 3,116
Popularity of Plant-based Category Terms by Social Media Post
Almond is the Most Discussed Plant Beverage on Social Media,Mentioned in Just Over Half of Al Posts
Source: Spredfast and Cision Visible, timeframe: April 1, 2016-March 31, 2017. Themes assessed from an n=100 random sample of messages taken within the timeframe. Themes are not mutually exclusive.
3%
3%
4%
4%
4%
5%
6%
6%
7%
7%
8%
9%
16%
19%
29%
Weight Loss
Dairy Farmer Mention
Ingredients
Environment/ Sustainability
Milk Allergy/ LI
Animal Care
Category Comparison
Dining Out
How It's Made
Dairy Industry Mention
Plant-Based Beverage Industry
Veganism
Health/ Nutrition
Cooking/ Recipes
Taste
Top conversation themes surrounding plant-based beveragesInsights: Bloggers and home cooks are sharing ways to incorporate plant-based beverages into foods from Asian-inspired entrees to desserts. Many recommend them neutrally, but some mention other causes for choosing plant-based beverages, such as not liking the taste of milk.
Just under 10 percent of posts mentioning plant-based beverages also mention or endorse a vegan diet, indicating that veganism is not frequently a motivator to choose plant-based beverages.
More people believe that plant-based beverages are healthyrather than unhealthy, citing calories, sugar and the potential for weight loss. However, they are also cited for being high in fat and containing chemicals rather than nutrients.
Plant-based beverage discussions are much more likely to talk about dairy as an industry rather than talking about dairy farmers.
Top Social Media Conversation Themes for Plant Beverages Center on Taste, Which is Highly Individualized
Source: Spredfast and Cision Visible, timeframe: April 1, 2016-March 31, 2017. Themes assessed from an n=100 random sample of messages taken within the timeframe. Themes are not mutually exclusive.
4%
3%
4%
4%
6%
9%
7%
29%
5%
7%
8%
19%
5%
16%
1%
3%
3%
3%
3%
5%
7%
8%
9%
10%
11%
11%
12%
19%
Environment/ Sustainability
Dairy Farmer Mention
Ingredients
Milk Allergy/ LI
Category Comparison
Veganism
Dairy Industry Mention
Taste
Animal Care
How It's Made
Plant-Based Beverage Industry
Cooking/ Recipes
Mentions Cows
Health/ Nutrition
Top conversation themes surrounding milk compared to plant-based beverages
Milk
Plant-based Beverages
In Comparison, Health and Nutrition is the Top Conversation Topic Within Dairy Milk On Social Media With Taste Less than Half the Level
of Chatter
Positive, 38% Negative, 24% Mixed, 14% Neutral, 24%Sentiment
How do consumers feel about the taste of milk?
Source: Spredfast and Cision Visible, timeframe: April 1, 2016-March 31, 2017. Themes assessed from an n=100 random sample of messages taken within the timeframe. Themes are not mutually exclusive.
Positive, 66% Negative, 14%
Mixed, 7%
Neutral, 14%Sentiment
How do consumers feel about the taste of plant-based beverages?
Positive: “It's soy [milk] creamer from Trader Joe's (their brand.) I like the creamy texture better than almond milk or coconut milk.”
Positive: “Almond milk tastes better than cow milk y'all sleeping on it 😴💯”
Negative: “Almond milk is no nasty. I need my cow milk.”
Positive: “I had the chocolate milk for my bedtime snack-tasted great and blood sugar was perfect!”
Mixed: “[My son] always was happy with [brand]… About a month ago we had to stop with [brand] ‘cause it tasted funny to him.”
Negative: “I've stopped drinking dairy milk and switched to nut-based milk and it tastes so much nicer.”
Taste is a Greater Positive Driver for Plant Beverages than for Milk
Source: Spredfast and Cision Visible, timeframe: April 1, 2016-March 31, 2017. Sentiment assessed from an n=100 random sample of messages taken within the timeframe.
“I got a pumpkin spice latte with almond milk and it's so gross. @AlyssaViernezais the almond milk flavored?” Twitter.com, 9/22/2016
“Cutting dairy out is hard afespecially when you love ice cream & cheese. but baby steps. only soy milk in my coffee.” Twitter.com, 1/26/2017
“@chlomoney there is dairy free milk and ice cream and they taste completely normal!!” Twitter.com, 1/7/2017
“Is it ok to have unsweetened almond milk on a weight loss diet? #Healthy #Nutrition” Twitter.com, 7/4/2016
Most Social Media Posts are Neutral to Positive About Plant Beverages
Plant-based beverage source: Spredfast and Cision Visible, timeframe: April 1, 2016-March 31, 2017. Sentiment assessed from an n=100 random sample of messages taken within the timeframe.
Social Media Comments Towards Plant Beverages are More Positive than those About Milk
Source: Spredfast and Cision Visible, timeframe: April 1, 2016-March 31, 2017. Sentiment assessed from an n=100 random sample of messages taken within the timeframe; positive driversare scared based on n=43 messages, while negative drivers are scored based on n=11 messages. Drivers are not mutually exclusive.
Nearly half of posts that are positive about plant-based beverages also criticized dairy, compared to just over one-third of positive dairy messages that criticized plant-based beverages.
9%
18%
18%
27%
36%
Containers
Not "Natural"
Ingredients
Health
Taste
What don't people like about plant-based beverages?
2%
7%
7%
7%
9%
14%
19%
40%
Ingredients
Environment/ Sustainability
Have LI or Allergies
Animal Care
Activist Group Messaging
Health Benefits
Use in Cooking/ Recipes
Taste
What do people like about plant-based beverages?
Taste is the Top Driver of Both Positive and Negative Social Media Conversation Surrounding Plant Beverages
Source: Spredfast and Cision Visible, timeframe: April 1, 2016-March 31, 2017, and Wordle.net
No Single Form of Plant-based Beverage Dominates Discussion, Though Soy and Almond are Most Frequently Mentioned
Word Cloud: PLANT BEVERAGES
Summary
• Plant beverages are a growing market with significant spending support– The category may gain strength from new entrants that offer new health halos, from old
brands with new health claims, or from additional dollar investment.
– The category may be vulnerable as focus on “added sugar” intensifies and as protein content is highlighted and better understood by consumers.
• Plant beverages have created a premium image, offering a large variety of choices, appealing packaging, and a narrative that connects to current consumer needs
• Plant beverages pull in younger consumers as well as multicultural consumers – Products are utilized as ingredients in other beverages, as additives in cereal as well as
beverages on their own, with marketing support encouraging these uses
• Plant beverages showcase their commitment to sustainability and social responsibility initiatives, growing attributes in food and beverages.
85
Opportunity
• Continue to move dairy milk beyond a commodity image by developing more fully dairy milk’s “premium” segment through continued innovation
• Promote Dairy Milk as an ingredient in other beverages – at retail, foodservice and homemade (e.g., smoothies)
• Support dairy milk at breakfast - “milk as milk”, “milk in other beverages” and as cereal accompaniment– This has been a key strength for milk and is also a volume time for plant beverages.
• Better communicate dairy’s value proposition– Dispel myths regarding the nutritional profile of plant beverages
– Continue to leverage protein and milk as a complete nutrient package
• Showcase dairy’s sustainability platform in communications
• Strengthen dairy’s relationship with growing consumer groups (Asians, Hispanics), and early household lifestages where plant beverages have gained users
86
APPENDIX
87
Retail Sales of Dairy Milk is Trending Down
Source: IRI MULO+C retail channel includes grocery, c-store, drug, mass/supercenters including Wal Mart, K Mart, Target, Shopko club (Sam’s, BJ’s), dollar (Dollar General, Family Dollar, Fred’s) and military;52 weeks ending 5/14/2017 88
VOLUME DOLLARS
$14,949 mil
-14% declinelast 5 years
90% shareof MILK + PLANT
3,773 mil gal
-13% declinelast 5 years
94% shareof MILK + PLANT
Dairy Milk Retail Volume on Downward Trend
4,411,947,376 4,259,095,361 4,111,794,272 3,955,931,779 3,884,614,541 3,814,800,361
1,436,344,290
3,772,946,848
2011 2012 2013 2014 2015 2016 2017 YTD (5/14) 52 wksend5/14/17
Source: IRI Market Advantage, Multi-Outlet + Convenience
89
+4.6%
-3.5% -3.5%-3.8%
-1.8% -1.8%
-2.8%
-2.1%
2012 2013 2014 2015 2016 2017 YTD (5/14) 52 wks end5/14/17
Dairy MilkRetail Volume Sales (Gallons)
Retail Volume % Change vs Year Ago
Dairy Milk is Most Developed in the Plains Region
90
Strongest Sales Index• 141 Toledo• 140 Salt Lake• 132 Indianapolis• 131 Cincinnati/Dayton• 130 Grand Rapids
Weakest Sales Index• 61 New York• 63 San Francisco• 74 San Diego• 75 Providence
Source: IRI Market Advantage, Multi-Outlet + Convenience;52 weeks ending 4/16/2017
Index=Product development Index = Volume development relative to population with 100=average; >120 Index is high; <80 index is low
Volume Index52 Weeks End 4/16/17• 120 Plains• 112 Great Lakes• 112 West• 108 Mid-South• 103 Southeast• 100 Total U.S.• 92 South Central• 91 Northeast• 75 California
Regions With Growing Populations are Posting Dairy Milk Sales Growth
91
Strongest Sales Growth• +4.2% Boise• +3.7% Tulsa• +3.0% Oklahoma City• +2.5% Toledo• +1.6% Mississippi
Declining Markets• -8.7% San Diego• -6.4% Los Angeles• -6.2% San Francisco• -5.3% Las Vegas• -4.7% Chicago• -4.6% Milwaukee
Source: IRI Market Advantage, Multi-Outlet + Convenience;52 weeks ending 4/16/2017
Index=Product development Index = Volume development relative to population with 100=average; >120 Index is high; <80 index is low
Volume Growth52 Weeks End 4/16/17• -0.9% South Central• -0.9% Southeast• -1.6% Mid-South• -1.8% Northeast• -2.1% Total U.S.• -2.3% Great Lakes• -2.4% Plains• -2.4% West• -5.5% California
= growth less than 5%
= decline -0.1% to -3%
= decline larger than -3%
Source: Spredfast and Cision Visible, timeframe: April 1, 2016-March 31, 2017, and Wordle.net
No Single Form of Plant-based Beverage Dominates Discussion, Though Soy and Almond are Most Frequently Mentioned
Word Cloud: PLANT BEVERAGES
Source: Spredfast and Cision Visible, timeframe: April 1, 2016-March 31, 2017, and Wordle.net
Almond Milk Overlaps With Dairy Milk but Also with Animal Rights Language and Smoothie Ingredients and Instructions
Word Cloud: ALMOND MILK
Source: Spredfast and Cision Visible, timeframe: April 1, 2016-March 31, 2017, and Wordle.net
Word Cloud: MILK
Health Terms and Breastfeeding Terms Predominate in Online Discussion Surrounding Milk
Source: Spredfast and Cision Visible, timeframe: April 1, 2016-March 31, 2017, and Wordle.net
Beverage Use Controls the Conversation Surrounding Coconut Milk
Word Cloud: COCONUT MILK
Source: Spredfast and Cision Visible, timeframe: April 1, 2016-March 31, 2017, and Wordle.net
Health Claims Pop in Soy Milk Discussion, as Well as Soy Brands and a Related Product (Tofu)
Word Cloud: SOY MILK
Source: Spredfast and Cision Visible, timeframe: April 1, 2016-March 31, 2017, and Wordle.net
Breakfast Discussion, Including Cereal, Smoothies and Oatmeal, Drives Cashew Milk Conversation Online”
Word Cloud: CASHEW MILK
Source: Spredfast and Cision Visible, timeframe: April 1, 2016-March 31, 2017, and Wordle.net
Rice Milk Social Media Conversation is the Most Tilted Towards Animal Rights with Terms Such as “Baby Animals” and “Slaughterhouse”
Word Cloud:RICE MILK