ABSTRACT This study used a best‐worst scale experiment to reveal consumers' beliefs about the healthiness of selected cows' milk and plant‐based milk products based on their nutrition panels. We find that while there is heterogeneity in health perceptions, consumers overwhelmingly select skim milk as the healthiest milk product. Additionally, the cows' milk nutrition panels are typically ranked healthier than the plant‐based milk products. Finally, we also conducted an additional intent‐to‐purchase experiment and find that there are significant differences in the preference shares of healthiness perceptions and intent to purchase, meaning that consumers consider more than just health in their purchase decisions.