India a Dairy Monster by 2050
India will import US$48 billion of dairy products by 2050, three times the US$15 billion projected for China and 55% of total global dairy import demand in 2050, according to a forecast by the Australian Bureau of Agricultural and Resource Economics and Sciences.
Global Demand for Dairy Imports (US$ Billions), 2007 vs. 2050
Source: Reserve Bank of New Zealand: The Significance of Dairy to the New Zealand Economy (May 7, 2014)
This is mainly coming from a standing start in 2007, so the impact on global dairy markets is likely to be significant, which is good news for Australia and New Zealand, but may drive upward pressure on milk prices.