Dairy producer Dean Foods has reported a dramatic 91 percent plunge in profits for the third fiscal quarter of 2017.
The company’s net income dropped from $14.53 million last year to only $1.38 this year, according to the brand’s press release.
Dean Foods, which is the parent company of dairy brand Dairy Pure, is turning to the plant-based market to drive growth, having invested in flax milk business Good Karma Foods earlier this year.
“Our initiatives to build strong brands and diversify our portfolio will build brand equity on Dairy Pure through new product innovation and enhanced consumer marketing,” Dean Foods CEO Ralph Scozzafava said.
Another recent report highlighted that per capita dairy consumption has also plunged by 22 percent between 2000 and 2016, as consumers choose plant-based alternatives instead.