The production of milk drinks in Malaysia showed a noticeable decline over the years from 2013 to 2023, starting at 188.45 million liters in 2013 and reducing to 73.86 million liters by 2023. The year-on-year variations indicate significant fluctuations, with notable drops of -25.53% in 2017, -28.33% in 2019, and -18.48% in 2023, despite occasional increases like 6.72% in 2016 and 9.05% in 2022. On average, the compound annual growth rate (CAGR) from 2018 to 2023 reflects an overall decline of -11.06%.
Forecast data from 2024 to 2028 predict a continued decline, down to 21.38 million liters in 2028 with a forecasted CAGR of -19.48% over the next five years. This forecast suggests an expected drop of 66.15% from 2023 to 2028.
Future trends to watch for include potential impacts of consumer preferences shifting towards alternative beverages, health trends affecting dairy consumption, and economic factors influencing production costs and demand.
