The consumption of milk dairy products in the US has shown a general upward trend from 2013 to 2023, with values increasing from 607.5 pounds to 665.45 pounds. Notwithstanding some oscillations, such as the decline in 2017 and a dip in 2022, the consumption figures depict an overall growth path. Year-on-year variations have ranged from -1.46% in 2022 to a peak of 2.58% in 2016. The five-year CAGR since 2019 demonstrates an average annual increase of 0.6%, suggesting moderate yet steady consumption growth.
Looking forward, forecast data from 2024 to 2028 predict a continued gradual rise, reaching 681.82 pounds in 2028. The forecasted five-year CAGR of 0.36% indicates a slower growth rate compared to historical data, yet still highlights a positive growth trajectory in the market.
Future trends to watch for include:
- Shifts in consumer preferences towards plant-based alternatives potentially impacting overall dairy consumption.
- The impact of health and wellness trends on milk product selections.
- Economic factors, such as inflation and disposable income, influencing consumer purchasing power.
