The production of skimmed dried milk in South Korea stood at 36.71 Thousand Metric Tons in 2023. Over the last two years, there were slight declines in production, with a year-on-year variation of -0.23% in both 2022 and 2023. The Compound Annual Growth Rate (CAGR) over the past five years has shown a small negative trend at -0.24%. From 2013 to 2023, the production exhibited fluctuations with significant drops in 2016 and 2020 but showed slight recoveries immediately after. Forecasts project a continuous, albeit slow, decline in production leading to 36.27 Thousand Metric Tons by 2028, reflecting a forecasted five-year CAGR of -0.19% and a five-year growth rate of -0.94%.
Future trends to watch for include potential changes in domestic and global dairy demand, advancements in dairy farming technology, and regulatory changes that could impact production levels. Emerging consumer preferences for plant-based and alternative milk products may also influence production trends.
