Industry scope and market sizes
According to the Food and Agriculture Organisation of the United Nations (FAO), global milk production in 2023 reached 939 billion litres, rising by 1.5% from 2022. Asia (c.46%) of production and Europe (23%) account for the bulk of global production. In particular, cultural and dietary reasons underpin the high production totals in these two regions. Africa produced 52.2 billion (c.6% of production) litres, with countries such as Egypt (5.9 billion), Kenya (5.8 billion) and South Africa (3.8 billion) being among the largest producers.
From a per capita supply standpoint, Europe leads the world. In particular, the amount of milk and milk products made readily available per individual, is ahead of North America and Oceania. South America, Asia, and Africa have lower supply figures because fewer dairy products are part of their staple diets, compared to the three aforementioned regions.
According to IndexBox, Africa’s dairy industry is valued at approximately $61.7
