In 2023, the production of skimmed cow milk in Canada stood at approximately 3.03 million metric tons, showing a year-on-year increase of 0.32%. The last two years have seen a slight increase, with 2021 registering a notable year-on-year growth of 7.73%. Analyzing the data over the last five years, the compound annual growth rate (CAGR) is calculated to be 0.34%, indicating a relatively stable production trend.
Looking at future forecasts, production is expected to see modest growth, reaching around 3.09 million metric tons by 2028, with the five-year CAGR projected at 0.26%. This suggests that while growth will continue, it will proceed at a slow pace.
Future trends to watch for include potential impacts of climate change on dairy farming, advancements in dairy technology, and shifts in consumer preferences towards plant-based alternatives which could influence production volumes and growth rates. Monitoring these elements will be key to understanding the longer-term outlook for the skimmed cow milk market in Canada.
