Sales of concentrated milk products in the US have shown varied performance over the years. From 2013 to 2023, sales fluctuated, experiencing significant growth in 2014 but also notable declines in subsequent years. By 2023, sales stood at 1.3635 billion dollars. The year-on-year growth rate for 2023 was modest at 1.54%, with an average annual growth rate (CAGR) of 1.66% over the past five years.
Looking ahead, from 2024 onwards, forecasts suggest steady growth. The expected CAGR from 2024 to 2028 is 1.08%, with an overall growth of 5.54% anticipated by 2028.
Future trends to watch for include:
- Shifts in consumer preferences toward plant-based milk alternatives.
- Potential impacts of economic fluctuations on consumer spending.
- Regulatory changes affecting dairy production and sales.
