2024 global dairy industry outlook

[Reporter Min Byeong-jin, Livestock News] Rabobank, a global market analysis company, predicted in its quarterly dairy report released in December last year that the decline in raw milk production in major dairy exporting countries in 2023 will continue in 2024. In addition, it is believed that as uncertainty continues in all markets, including dairy farming, it will affect not only the global dairy market but also the food supply chain. Accordingly, we looked at Rabobank’s ‘2023 global dairy industry trends and 2024 outlook’ through the ‘Global Dairy Report January issue’ published by the Dairy Promotion Association (Chairman Kim Seon-young). Global crude oil production is expected to increase slightly this year. ▲Forecast for the global dairy industry in 2024 World dairy product prices continued to decline in the third quarter of 2023. In particular, cheese prices in the United States and Oceania remained unstable and showed weakness in the fourth quarter. In addition, as the ...