The US dry milk consumption in 2023 stood at 3.19 pounds, showing a slight year-on-year decline of 1.02%. Over the last two years, there has been a notable decrease in consumption, with a cumulative drop of approximately 3.7%. From 2018 to 2023, the compound annual growth rate (CAGR) is -0.88%, highlighting a consistent downward trend.
Overall, the historical data shows considerable fluctuations with periods of both increase and decrease. Notable declines were seen from 2016 to 2018, and the overall trend from 2013 to 2023 has been a gradual decline. Going forward, the forecast for the next five years (2024-2028) points to a continued decline, with a projected 4.3% drop in total consumption and an average annual decrease of 0.88%.
Future Trends to Watch for:
- Consumer preferences shifting toward fresh and non-dairy milk alternatives.
- Potential impacts of dietary trends focusing on natural and organic products.
- Technological advancements in food processing and production efficiency.
- Economic factors affecting consumer purchasing power and choices.
