The study, which will be carried out by Highlands and Islands Enterprise, will look at the whole range of options facing the dairy sector.
It follows a meeting in Rothesay this week between the major milk co-operative, the Scottish Government, NFU Scotland, Argyll and Bute Council, Highlands and Islands Enterprise, Bute Estates, the Bute Community Land Company, the Scottish Agricultural College and other stakeholders.
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Hide AdLast month, First Milk announced it would be closing the creamery, because it was under-utilised with reduced milk supplies coming from the surrounding area after some milk producers had ceased production.