The historical data on skim milk consumption in the US indicates a consistent downward trend from 2013 to 2023, decreasing from 22.44 pounds to 6.83 pounds. The year-on-year decline has averaged around 10% over the past decade, with substantial drops in recent years.
The year 2023 saw a consumption value of 6.83 pounds, marking a significant 12.8% decrease from the previous year. The Compound Annual Growth Rate (CAGR) over the past five years (2018-2023) stands at -10.86%, emphasizing the accelerating decline in skim milk consumption.
Looking ahead, forecasted data from 2024 to 2028 suggests a further steep decline, with a five-year forecasted CAGR of -22.51%, resulting in an anticipated consumption of only 1.6 pounds by 2028. This indicates a projected 72.07% drop over the period.
Future trends to watch for include:
- Evolving consumer preferences towards plant-based milk alternatives.
- Potential increases in health-conscious behaviors impacting dairy consumption.
- Market responses and innovations from dairy producers to counteract declining demand.
