Based on the data provided, the forecast for nonfat dry milk domestic consumption in the Philippines shows a steady year-on-year growth from 2024 to 2028. Specifically, consumption is expected to rise from 166.0 thousand metric tons in 2024 to 173.0 thousand metric tons in 2028. By comparison, in 2023 the domestic consumption stood at 164.0 thousand metric tons.
Year-on-year variations:
- 2024-2025: +1.20%
- 2025-2026: +1.19%
- 2026-2027: +1.18%
- 2027-2028: +0.58%
The compound annual growth rate (CAGR) over the five-year period from 2023 to 2028 is around 1.08%, indicating a consistent upward trend in consumption.
Future trends to watch for:
- Changing consumer preferences towards healthier food options could influence nonfat dry milk consumption levels.
- The impact of economic factors such as income growth and inflation rates on purchasing power and consumption trends.
- Potential growth of the food processing industry in the Philippines, which may increase demand for nonfat dry milk as an ingredient.
