The whole dried milk production in South Africa has shown steady growth from 2013 to 2023, starting at 10.35 thousand metric tons and reaching 20.16 thousand metric tons in 2023. The production experienced substantial growth in 2014 with a 46.47% year-on-year increase but showed more moderate growth rates thereafter. From 2019 onwards, year-on-year variation fluctuated, reflecting more stability in the industry.
From 2019, the production variations were as follows:
- 2019: 2.99%
- 2020: -2.29%
- 2021: 8.12%
- 2022: 2.59%
- 2023: 2.47%
The compound annual growth rate (CAGR) over the last five years leading up to 2023 was 2.72%. For the forecast period from 2024 to 2028, the whole dried milk production is expected to grow with a 5-year CAGR of 1.87% and an overall growth rate of 9.7%.
Future trends to watch for include shifts in consumer demand due to dietary preferences, macroeconomic factors influencing milk production costs, and technological advancements in dairy farming that could affect production efficiency. South Africa's trade policies and international market dynamics may also impact future trends.
