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DUBLIN, Ireland – Dublin-based Research and Markets have released a report on the growing milk market in the U.S. as a result of the raw price of milk.
The report states that milk sales have increased to $14.6 billion in 2004, up 6.6 percent from 2003. The milk market had flattened between 1999 and 2003 due to steep competition from new beverages and a decrease in the number of foods traditionally paired with milk. The report stated that sales of milk in stores including convenience store channels increased 3 percent in those years.
The government sets the price for raw milk, which has been increasing due to the lack of milk producing cows and high feed costs. The higher costs that were paid by bottlers of the milk were pushed onto consumers, resulting in an increase in sales for the year, the report stated.
The milk beverage market is defined in the report as flavored, whole, low-fat and non-fat milk, as well as milk substitutes and beverages that contain milk components.