The analysis of milk production at the farm gate in Chile reveals significant volatility over the past decade. In 2023, the value of milk production stood at 1.02 billion US dollars, reflecting a modest year-on-year increase of 1.01%. Despite some steep declines in earlier years, such as -24.01% in 2015, the industry has exhibited more stability recently. Over the last two years, the year-on-year increase rates were 1.06% in 2022 and 1.01% in 2023. The five-year compound annual growth rate (CAGR) up to 2023 was 2.3%, indicating steady growth.
Looking ahead, the forecast suggests a continued but slow growth trend with a five-year CAGR of 0.68%, reaching an estimated 1.06 billion US dollars by 2028. Factors influencing future trends include:
- Climate change impacting grazing conditions and yield
- Technological advancements in dairy farming
- Market demand fluctuations both locally and internationally
- Policy changes affecting agricultural subsidies and trade
