Milk Glut Drags Fonterra Forecast Down to $9.20/kgMS
A milk glut around the world shows no sign of easing, putting downward pressure on farmgate milk prices for the next few months.
The image of lush New Zealand pastures will soon be familiar as Fonterra makes its first consumer sales into Puerto Rico, with the launch of its Anchor and Mainland brands into the market.
Fonterra’s director global consumer export Alexander Turnbull says both the Anchor and Mainland brands are already successful in more than 20 countries across the Caribbean, and it’s exciting to roll out Fonterra branded dairy products into more countries.
Puerto Rico has the highest dairy per capita consumption in the Caribbean, with demand currently sitting at approximately 443,000 MT and continuing to grow. This demand is due to an increased focus from consumers on the benefits of high quality dairy nutrition.
Puerto Rico is a small, island state and relies heavily on dairy imports.
“Our research has shown that demand in the country for high quality butter, cream and cheese has grown by more than 10 per cent over the past five years. This coupled with the strong reputation of our brands across the Caribbean means the time is now right to enter the market,” says Turnbull.
Fonterra’s Director Caribbean and LATAM Deosaran Maraj says Puerto Rican consumers now have the opportunity to taste the difference of the iconic Kiwi Anchor butter and Mainland specialty cheeses.
“With a population of around 3.7 million and one of the highest GDP’s per capita in Latin America it is a good opportunity and we are already laying down the foundations for success.
“Our launch is off to a flying start, with two successful weeks on shelf and our Anchor UHT cream has already proven popular with local restaurants.”
