The production of whole dried milk in North America has shown a dynamic trend over the past decade. In 2013, production stood at 39.93 thousand metric tons, experiencing significant growth rates such as 22.43% in 2013 and 32.61% in 2014. However, the production also experienced occasional declines, such as a 6.68% decrease in 2016. From 2018 to 2023, production growth rates stabilized, averaging a year-on-year increase of approximately 2-3%, culminating at 72.62 thousand metric tons in 2023. Over the past five years, the compound annual growth rate (CAGR) has been 2.98%.
Looking ahead, the forecasted data provides an optimistic outlook, with an expected CAGR of 2.01% from 2024 to 2028. By 2028, production is anticipated to reach 82.65 thousand metric tons, representing a cumulative growth of 10.48% over five years. This suggests an ongoing albeit moderate growth trend in the industry.
Future trends to watch include potential shifts in consumer demand towards more specialized dairy products and alternative milk sources, advancements in production technology, and changes in trade policies affecting dairy exports and imports. Additionally, sustainability practices and their impacts on production efficiency could play a critical role in shaping the industry landscape.
