Based on the provided data, the production of whole milk powder in Belgium in 2023 stood at 45.1 thousand metric tons. Observing the year-on-year variations reveals significant fluctuations over the past years, with a substantial decrease of 1.98% from 2022 to 2023. The production experienced considerable ups and downs from 2013 to 2023, including remarkable growth rates in certain years, such as a 53.1% increase in 2017 and a 31.36% rise in 2020. However, it also faced sharp declines, including a substantial 50.02% drop in 2021.
The compound annual growth rate (CAGR) over the last five years indicates a downward trend of -3.41%, signifying that, on average, the production has been decreasing annually. Forecast data for the next five years projects a continued decline, with a forecasted 5-year CAGR of -1.67% and an overall projected decrease in production by 8.05% by 2028.
Key trends to watch for future:
- The potential impact of external market and economic conditions on production capacities.
- Technological advancements in dairy production and processing.
- Shifts in global demand and supply chain efficiencies.
- Policy changes and sustainability initiatives affecting dairy farming and production practices.
