Global milk production has seen a marginal growth over the past three years, with a projected increase of 1.3% in 2023, primarily driven by Asia. The production costs have surged globally due to the Covid pandemic and regional conflicts, while the demand for dairy products has been weak. In 2022, the world produced 758 million tons of cow's milk, a third of which came from Asia, with India and China being major contributors. Brazil's milk production has plateaued, leading to a record trade deficit of US$1 billion in 2023. Despite a slight decrease in production costs in 2023, the price paid to producers also dropped, affecting profitability. However, both international and domestic prices are anticipated to increase in 2024.