Our company is uniquely positioned to offer excellent products that are safe and healthy. As the country's leading dairy company, we have the country’s most valuable brand portfolio, delighting our consumers, thanks to our nearly 250 distributors across the country. And yet, after nearly 27 years of nurturing this business, we still have ample room to grow. In 2014 we extended our product creation boundary to drive accelerated growth for our company and value for our shareowners. Since then, we have been successfully capturing market share from Culinary and Snacks industry. We are excited to capitalize on the growth potential we see in front of us. We believe in the strength of our system, the continued growth of the food and beverage industry, and the actions that we are taking to win in coming days.Following an exceptional milk production year in 2021 (and especially the first half of the year), FAS/Wellington is forecasting milk production to fall slightly in 2022. New Zealand’s milk production is forecast at 22.25 million metric tons (MMT), 0.5 percent less than the record-breaking volume in 2021. If realized this level would be more in line with recent growth trends, and it assumes normal weather patterns. Milk production for 2021 is now estimated at 22.37 MMT, 1.8 percent above 2020. The volume may have even been higher except cooler and overcast weather during the spring (August/September) impacted pasture growth, reducing potential production in the second half of the year. Farm gate milk prices remain strong in New Zealand, and exports have also been robust, especially to China.
