Global milk production in the next decade will grow by 1.6% every year, according to RBC

Today, Russia - one of the world's largest producers of milk and dairy products - ranks fourth in the world ranking, RBC reports, speaking about the prospects for the dairy industry in Russia in 2021-2029. Driven by rising wealth and urbanization in Africa, Asia and Latin America, demand for dairy products is likely to outstrip supply, creating shortages over the next 10 years, which in turn will almost inevitably drive up prices. At the end of 2020, global milk production amounted to about 906 million tons, an increase of 2% compared to 2019. The bulk of the world's milk is from cows. According to the Food and Agriculture Organization of the United Nations (hereinafter - FAOSTAT), cow's milk accounts for 81.1% of the world's total production. Global dairy prices declined 1% in 2020, reflecting the decline in demand due to the economic slowdown in many importing countries due to COVID-19. In 2020, global dairy exports were estimated at approximately US $ 55.75 ...