In 2023, China's domestic consumption of Nonfat Dry Milk stood at 417.0 thousand metric tons. Forecasted data shows a steady increase: 425.0 in 2024, rising approximately 2.1% year-on-year to reach 461.0 by 2028. The compound annual growth rate over this period is around 2.0% annually, reflecting moderate, yet steady demand growth.
Future trends to watch for:
- Rising consumer awareness and demand for health products could further boost consumption.
- Potential fluctuations in global dairy prices impacting domestic pricing.
- Government policies promoting dairy consumption could further influence market expansion.
- Evolving consumer preferences towards plant-based alternatives might impact demand growth.