Australia's skim milk powder (SMP) production experienced fluctuations from 2013 to 2023, reaching 245.69 thousand metric tons in 2023. In recent years, production showed modest annual growths and declines, indicating a mature market with moderate variability. The last two years report a 0.78% and 0.75% year-on-year increase in 2022 and 2023, respectively. The compound annual growth rate (CAGR) over the last five years (2018-2023) stands at 0.8%.
Looking forward, the forecast till 2028 anticipates a gradual increase with an average annual growth rate (CAGR) of 0.61%, translating to a growth rate of 3.06% over the next five years. Future trends to watch for include:
- Global dairy demand and its impact on Australia's export potential.
- Technological advancements improving production efficiency.
- Sustainability trends and their effects on production practices.
