Dairy giant Fonterra on Friday cut its milk collection outlook for 2018/2019 for the second time this year, due to extreme dry weather in New Zealand affecting milk supply.
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Fonterra says there is room for both milk and non-dairy alternatives in its future. Photo: Getty Images

Fonterra reduced its forecast milk collection for 2018/2019 season to 1,510 million kg of milk solids (kgms), the company said in a statement.

In February, the Co-Operative had cut its forecast milk collections to 1,530 million kgMS from 1,550 million kgMS.

(Reporting by Shanima A in Bengaluru Editing by Alexandra Hudson)

Globally, consumers can’t get enough of the quality and taste of American dairy products. Foreign exports of American dairy are twice the volume of the nation’s domestic dairy consumption. Last year, about 18% of U.S. dairy production was exported, and economists forecast that percentage to grow more than 25% in 2023.

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