China cannot fully cover the demand for milk despite the increase in production

Published Feb 25, 2024

Tridge summary

China is predicted to become the third largest milk producer globally by 2032, with production expected to increase from 41.5 million tonnes in 2023 to 47.4 million tonnes. However, due to its large population and growing dairy demand, China will continue to be a major milk importer as domestic production may not meet future demand. Meanwhile, Ukraine's raw milk purchase price is balanced with its supply and demand. Globally, the plant-based milk market is projected to grow from $20 billion to $51.87 billion in the next decade due to dietary changes, lactose intolerance, and environmental concerns.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

China is approaching the status of the third largest producer of milk in the world. According to Rabobank data, despite the high volume of milk production, China remains the main importer of this product due to its large population and, accordingly, has a large demand for dairy products, reports DairyNews. Analysts point to a significant prospect of further growth in domestic milk consumption per capita, which is currently only a third of the world average. Rabobank predicts that milk production in China will grow from 41.5 million tonnes in 2023 to 47.4 million tonnes of liquid milk equivalent (LME) by 2032, at an average annual growth rate of 1.5%. Demand is expected to grow by 2.4% annually between 2023 and 2032, driving dairy consumption to 62.2 million LME tonnes by 2032. China will continue to play an important role in the global dairy market, widening the import deficit, which is forecast to reach 15 million LME tonnes by 2032, it said. According to Rabobank dairy industry ...

Source: Landlord