From 2013 to 2023, drinking milk sales in Australia exhibited a steady increase from 2.46 billion liters to 2.69 billion liters. The year-on-year growth rate averaged around 0.91% over the last five years leading up to 2023. The total forecasted growth from 2024 to 2028 suggests a slower increase, with a forecasted average growth rate of 0.62% annually, reaching 2.8 billion liters by 2028. The long-term CAGR over the last 5 years before 2023 stood at 0.91%, indicating consistent but modest growth.

Future trends to watch for:

An increasing consumer preference for plant-based milk alternatives, which could impact traditional milk sales.
Potential government regulations and health campaigns influencing milk consumption patterns.
Technological advancements in dairy production that may affect market dynamics and consumer prices.