Milk production at farm gate in Australia amounted to 3.65 billion USD in 2023. From 2013 to 2016, milk production witnessed a substantial decline, with the lowest point recorded in 2016 at 2.83 billion USD. A trend shift occurred post-2016, with gradual increments observed through 2023. Notably, the year-on-year growth rates fluctuated, peaking in 2017 at 18.42% and dipping to notable lows in 2015 and 2020 by -24.35% and -11.65%, respectively.
Looking forward, the forecast indicates a moderate and consistent growth with a 5-year CAGR of 1.4% from 2023 to 2028, suggesting a stable increment towards 3.99 billion USD by 2028.
- Potential climate change impacts on dairy farming conditions
- Technological advancements in dairy production
- Changing consumer preferences and demand for dairy
- Government policies and subsidies affecting the dairy industry
