Global Milk Consumption to Reach 1.2B Tons by 2030

IndexBox has just published a new report: 'World - Milk - Market Analysis, Forecast, Size, Trends and Insights'. Here is a summary of the report's key findings.

Driven by increasing demand worldwide, the milk market is forecast to expand with an anticipated CAGR of +1.7% for the period from 2020 to 2030, which is projected to bring the market volume to 1.2B tons by the end of 2030.

Los Angeles, CA -- In 2020, the global milk market increased by 1.9% y/y to $757.1B. The market value increased at an average annual rate of +1.8% from 2010 to 2020, a new report published by IndexBox says. In the coming decade, the market is forecast to expand with an anticipated CAGR of +1.7% per year, from 1.0B tons in 2020 to 1.2B tons by the end of 2030.

The countries with the highest volumes of milk consumption in 2020 were India (188M tons), the U.S. (118M tons) and Pakistan (61M tons), with a combined 36% share of global consumption. Pakistan recorded the highest consumption growth rate over the past decade, while other countries experienced more modest paces of growth.

In value terms, the largest milk markets worldwide were India ($137.3B), the U.S. ($103.4B) and Pakistan ($53.6B), with a combined 39% share of the global market. China, Brazil, New Zealand, Russia, Germany, Turkey, France, the Netherlands, Poland and the UK lagged somewhat behind, together comprising a further 28%.

In 2020, the highest levels of milk per capita consumption were registered in New Zealand (6,314 kg per person), followed by the Netherlands (1,111 kg per person), Germany (589 kg per person) and France (531 kg per person), while the world average per capita consumption of milk was estimated at 130 kg per person.

From 2010 to 2020, the average annual growth rate of the milk per capita consumption in New Zealand totaled +1.3%. In the other countries, the average annual rates were as follows: the Netherlands (+2.3% per year) and Germany (+1.6% per year).

Global Milk Imports

After two years of decline, purchases abroad of milk increased by 0.6% to 11M tons in 2020. The total import volume increased at an average annual rate of +1.6% over the last decade. In value terms, milk supplies rose sharply to $5.9B in 2020.

Germany (2.6M tons), distantly followed by Italy (1,308K tons), Belgium (868K tons), the Netherlands (747K tons), China (733K tons), Ireland (645K tons) and Lithuania (520K tons) represented the major importers of milk, together creating 68% of total supplies. The following importers - Russia (232K tons), Croatia (200K tons), the UK (193K tons) and Romania (188K tons) - each reached a 7.4% share of total imports.

From 2010 to 2020, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China, while imports for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($1B), Belgium ($625M) and China ($598M) appeared to be the countries with the highest levels of imports in 2020, with a combined 38% share of global imports.

The average milk import price stood at $541 per ton in 2020, growing by 4.4% against the previous year. There were significant differences in the average prices amongst the major importing countries. In 2020, the country with the highest price was China ($816 per ton), while Lithuania ($367 per ton) was amongst the lowest. From 2010 to 2020, the most notable rate of growth in terms of prices was attained by Belgium, while the other global leaders experienced mixed trends in the import price figures.

Source: IndexBox Market Intelligence Platform