Traditional dairy and alt-milk aren’t dead — they’re just getting more selective.

In FY25, dairy deals didn’t make headlines like they used to — but that doesn’t mean buyers weren’t sniffing around. They’re just changing their taste. It’s less about flashy alt-dairy brands and more about who owns the pipes, plants, and probiotic tubs that actually move volume.

Buyers are favouring infrastructure over Instagram. King Island’s processing plant got snapped up by private investors, and the cone-and-wafer game (Altimate Foods) got a quiet but strategic pickup. Alt-dairy? Still popular, but no big brand buyouts — instead, the smart money’s going into formulation partnerships, hybrid blends (oat + dairy), and fermentation tech.

Looking ahead, supermarkets want margin-stable yoghurt tubs, allergen-friendly cheeses, and long-life inputs they can rely on. Private equity and asset funds are circling anything with a shelf-life, export certifications, and flexible production.

So, if you’re a founder in this space — forget trying to out-social Thankyou or Over the Moo. Instead, focus on gross margin per SKU, compliance hygiene, co-man versatility, and contract security. If your gear can run both almond milk and Greek yoghurt with minimal downtime, you’ve got leverage. If your documentation is dodgy? Expect a buyer haircut.

Final tip? Alt or traditional, it’s not the buzz that sells — it’s your ability to execute, adapt, and scale cleanly.