As of 2023, the actual production of nonfat dry milk in Canada is 94.0 thousand metric tons. The forecast for the years 2024 through 2028 remains steady at 94.0 thousand metric tons, indicating no expected year-on-year variation in percentage terms. Over the last two years, there has been a cessation of growth or decline, reflecting stability in production volumes. The Compound Annual Growth Rate (CAGR) over the previous five years is 0%, demonstrating no annual average increase or decrease in production.
Future trends to watch for:
• Innovations in dairy production and processing which could influence both demand and supply.
• Changes in international trade policies affecting dairy exports.
• Potential shifts in consumer preferences towards plant-based dairy alternatives.
• Environmental regulations that could impact dairy farming practices.
