In 2023, the production of nonfat dry milk in South Korea was 10.0 thousand metric tons. Forecasted data shows a consistent decline from 2024 to 2028, with values starting at 9.0 thousand metric tons in 2024 and 2025, decreasing to 8.0 thousand metric tons in 2026 and 2027, and reaching 7.0 thousand metric tons by 2028.
Year-on-year variations indicate a 0% change between 2024 and 2025, followed by an 11.1% decrease in 2026 and a continued 0% change till 2027. There is another 12.5% decline in production from 2027 to 2028. The compound annual growth rate (CAGR) over the last five years is negative, highlighting a long-term decreasing trend in production.
Future trends to watch for:
- Changes in domestic and global demand for nonfat dry milk, which could impact production levels.
- Technological advancements and improvements in production efficiency.
- Government policies and subsidies affecting the dairy industry.
- Potential impacts of climate change on dairy farming and milk production.
