The milk production in Vietnam has shown a robust upward trend from 2013 to 2023. In 2023, the volume of milk production stood at 1,205.3 Thousand Metric Tons, reflecting a year-on-year growth of 4.06%. Analyzing the variations, we observe that the year-on-year growth rates have fluctuated, with notable peaks in 2015 (30.06%) and significant deceleration in recent years. Over the last 5 years, the Compound Annual Growth Rate (CAGR) has been 4.58%, indicating stable yet moderate growth.
Looking forward, milk production is forecasted to continue its upward trajectory, reaching 1,450.9 Thousand Metric Tons by 2028. The forecasted 5-year CAGR from 2023 to 2028 stands at 2.91%, suggesting a more gradual growth rate compared to previous years. The projected total growth over this period is anticipated to be around 15.43%.
Future trends to watch for include:
- Technological advancements in dairy farming techniques.
- Increasing domestic demand for dairy products driven by rising income levels and urbanization.
- Government initiatives and policies supporting the dairy sector.
- The impact of global trade dynamics and potential export opportunities for Vietnamese dairy products.
