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Global dairy market: Price recovery will be slower than expected, but the outlook remains positive

A recent Rabobank report indicates that the initial surge in dairy prices seen in late 2023 and early 2024 was largely due to a period of restocking at lower prices rather than a robust uptick in consumer demand. The report suggests that the global dairy market may experience a slower price recovery than previously anticipated, particularly as China shows a reduced need for dairy imports. Despite this, the overall market outlook remains positive.


Milk prices and supply face challenges amid modest demand


The recovery in global milk prices has encountered some headwinds in Q2 2024. Earlier expectations of gradual price increases throughout the year have been tempered by a combination of weaker global demand and increased domestic milk production in China, which has led to a reduction in imports. These factors suggest that dairy prices may encounter further obstacles on the path to recovery.


May 14, 2024

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