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Milk as a beverage is in decline, but milk as a product has been steadily growing as a raw material (cheese, yoghurt, etc.) The companies in trouble are those that were too concentrated in beverage milk and failed to diversify their business models to stay relevant.

Some of these companies troubles also smell badly of PE shenanigans with over leveraged debt deals and other PE card tricks.

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100% this. All that being said, it's also the market working as it should in a way... poorly (in this case, borderline sociopathically) managed companies going out of business.

As someone else said, the unwinding of large consolidated food companies is largely a good thing.

At least with my personal dietary changes over the last few years, I've started eating more cheese but putting less "milk" in my coffee.

Now that I telecommute, it's very hard for me to keep milk around for just coffee. Non-dairy milk keeps better in the refrigerator.

(But, when I'm at a coffee shop or in an office, I use real milk. It moves fast enough that it won't go bad.)

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