The UK's dairy and cheese processing production value has exhibited fluctuations from 2013 to 2023, with instances of both significant growth and decline. The highest year-on-year growth was noted in 2014 at 12.74%, followed by a notable rise in 2017 with 13.71%. Conversely, substantial declines were witnessed in 2018 and 2020 at -12.93% and -4.52% respectively. The annual average change over the past five years stands at 1.27%. By 2023, the production value recorded was €9.31 billion.
Looking ahead, the forecast suggests moderate growth, with an estimated annual average growth rate (CAGR) of 0.38% until 2028, accumulating a total growth of 1.91%. The projections indicate a gradual rise in the production value, reaching €9.54 billion by 2028.
Future trends to monitor include the potential impacts of economic volatility, changes in consumer preferences towards healthier options, and technological advancements in dairy processing. Sustainability practices and regulatory changes in the dairy industry will also be key factors influencing future growth.