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Global demand for milk and dairy products is becoming increasingly insatiable. In recent years, the wedge between demand and supply has continued to grow. Increasing real incomes coupled with rising willingness to spend, changing consumer dietary patterns, increasing consumer awareness regarding the nutritional values of dairy products and waning price responsiveness are the major factors influencing the market growth. On the supply side, relatively favorable weather conditions, higher export prices, improved efficiency gains and continued focus on innovation and technology has resulted in improved supplies around the globe.
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