Based on the provided data, the domestic consumption of Nonfat Dry Milk (NFDM) in India is forecasted to grow steadily over the next five years. In 2023, the actual consumption stood at 726 Thousand Metric Tons. For the years 2024 to 2028, the forecasted values are 753, 781, 809, 837, and 865 Thousand Metric Tons, respectively, indicating a consistent year-on-year growth rate.
Year-on-Year variations are as follows:
- 2024: 3.72%
- 2025: 3.72%
- 2026: 3.58%
- 2027: 3.46%
- 2028: 3.34%
The Compound Annual Growth Rate (CAGR) from 2023 to 2028 is 3.60%, showcasing a steady upward trend in NFDM consumption.
Future trends to watch for include potential shifts due to evolving dietary preferences, health awareness, and possible regulatory changes impacting dairy production and consumption in India.
