Global milk production is on a quicker path and is projected to increase at 1.6% p.a. (to 997Mt by 2029) over the coming 10 years.
According to OECD-FAO Agricultural Outlook 2020-2029, this is quicker than most other main agricultural commodities. In the report it stated that while the world average growth of herds (0.8% p.a.) is greater than the world average yield growth (0.7%), the changing averages are the result of herds growing faster in countries that have relatively low yields. In most regions of the world, yield growth is expected to contribute more to production increases than herd growth.
Yield growth can be related back to factors like the optimisation of milk production systems, improved animal health, improved efficiencies in feeding, and better genetics.
Global dairy market
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Source and for more info: OECD-FAO Agricultural Outlook 2020-2029
OECD/FAO(2020),OECD-FAO Agricultural Outlook 2020-2029, FAO, Rome/OECD Publishing, Paris,https://doi.org/10.1787/1112c23b-en.