Whole and Skimmed Milk Powder Inventory in March Increases 71.5% Compared to Same Month Last Year

Milk Consumption Slowdown First Time Over 10,000 Tons Since August 2021 Urgent Need for Dairy Product Production Measures The milk consumption slowdown that began late last year has led to an increase in powdered milk inventory, raising urgent calls for countermeasures. According to the Korea Rural Economic Institute's (KREI) livestock outlook, powdered milk inventory converted to raw milk was 132,000 tons in March, a 71.5% increase compared to the same month last year. Since milk is a fresh product that cannot be stored long-term, it must be converted to whole or skim milk powder for storage, and the inventory is growing as milk consumption declines. According to the Dairy Promotion Association's powdered milk inventory status, the powdered milk inventory was 6,148 tons in March last year but began increasing from November, exceeding 10,000 tons for the first time since August 2021. Additionally, domestic per capita milk consumption last year dropped 9.4% year-on-year to 76 kg. ...