Milk supply is projected to grow 23% over the next decade according to the Food and Agriculture Organisation (FAO). Per capita dairy consumption is expected to increase 0.4% annually to 21.9kg milk solids equivalent by 2031. The share of fresh dairy products which are unprocessed or slightly processed is expected to increase, reflecting strong demand growth in India, Pakistan and Africa.

Accordingly, the number of milking cows is projected to increase 14%, especially in Sub-Saharan Africa, India and Pakistan. Overall global milk production (cow, buffalo and goat) is projected to grow at1.8% per annum over the decade to 2031 reaching 1,060mt, faster than most other major agricultural commodities. Over 50% of projected milk growth is anticipated to come from India and Pakistan. Increases in global dairy trade will be driven mainly by strong demand from China.