The dairy market has seen significant shifts over the last two years. These years have brought changes in production, exports, pricing, and other factors that have forced the dairy industry to adapt and innovate. Ben Laine, Senior Dairy Analyst at Terrain says the outlook for 2024 appears promising.
He says, "In 2022 strong export numbers, particularly in cheese, propelled the industry to impressive heights. However in 2023 we witnessed a slowdown in exports due to global market pricing. As the U.S. lost its competitive edge, milk prices began to plummet, reaching dismal lows."
He adds that despite lingering challenges such as high interest expenses and labor shortages, the industry should experience better margins, thanks to reduced feed costs.
See omnystudio.com/listener for privacy information.