World prices for milk powder in 2024 will remain at last year’s level

Analysts predict that in 2024, world prices for dry dairy products will remain at last year’s level. The head of the Federal Center "Agroexport" Dmitry Krasnov spoke about this. He noted that record milk yields and insufficient demand from importing countries contributed to the decline in prices last year. As a result, prices for dry dairy products dropped below 2021 levels. “By the end of the year, we saw a change in this trend. In Western Europe, domestic demand increased, inventories decreased, and the price index began to rise after September 2023. If we talk about what we expect in 2024, then for whole milk powder and skimmed milk powder, according to our forecasts, prices will still be under pressure. The main forecasts are that prices will remain at the level of the end of 2023,” noted Dmitry Krasnov. He added that the main pressure on world prices for dry dairy products in 2024 will come primarily from the continued growth of China’s own production and a decrease in demand ...