Milk consumption at the farm gate in Chile stood at 3.23 million metric tons in 2023. From 2013 to 2023, actual data indicated a fluctuating yet overall upward trend in milk consumption. Notably, marked increases occurred in 2015 and 2020, with year-on-year variations of 7.28% and 12.21%, respectively. However, there were periods of decline or minimal growth, particularly in 2014 and 2016. The Compound Annual Growth Rate (CAGR) for the entire period showed a moderate growth of around 2.13% up to 2023.
Projections from 2024 to 2028 indicate a consistent upward trajectory, with milk consumption expected to rise from 3.3 to 3.58 million metric tons. The forecasted CAGR for the next five years stands at 1.62%, reflecting a predicted growth rate of 8.35% over the entire period.
Future trends to watch for include:
- Potential impacts of climate change on milk production levels.
- Technological advancements improving farm efficiency and productivity.
- Shifts in consumer preferences toward plant-based alternatives impacting traditional milk consumption.
- Economic conditions affecting the dairy industry’s input costs and milk pricing.
